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TeachMeFinance.com - explain Railbird historic definition... 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. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.