In some cases this was the arrogance of excellence; who, indeed, would presume to question the Delaware, Lackawanna Railroad's conduct of its affairs? In others, however, the absence of rigorous standards of public accountability gave free rein to behind-the-scenes financial maneuvering, or screened the weak position of slumping or poorly managed concerns. Regular publication of balance sheets and earnings statements has long since become routine corporate procedure. In 1892, the Exchange established its right to control the distribution of its ticker quotations. The 25 years since tickers had been installed had seen the rise of the "bucket shop," an illegal operation that is now nearly extinct. Briefly, the bucket-shop operator accepted his customer's order” and his money”but never actually bought or sold any stock.

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