Railbird. A name given to a speculator who hung on (stood outside) a rail that formerly encircled
or partly encircled the board room (trading room) of the New York Stock Exchange. Non-members
on payment of an annual subscription were allowed to enter the exchange, although required to
remain outside of the rail. They were officially known as subscribers. The privilege obtained by
subscribers enabled them to take quick advantage of changes in prices by reason of their being
on the scene and having prompt access to their brokers.