This is another big ticket item that really needs some scrutinizing. The yearly tab for the subscription is $1025. Unlike the S & P Statistical Record (cancelled--see previous blog entry in May) which I actually used years ago, I have never used this, but thought it was necessary information to make available at a public library. However, noting the pristine condition of the material, I realize that it certainly isn't being used heavily, if at all.It provides a comprehensive record of dividend payments for virtually all publicly owned American and Canadian preferred and common stock shares. It also provides such information as issued stockholders rights, stock splits and dividend per share for S & P indexes. Components of the subscription include annual and quarterly dividend records with weekly updates.
So, the question is, do we need this depth of information on dividends, and at this price? I'll be interested to hear what you think.
9 comments:
It's been a long time since I last had reason to use this. Since we don't keep earlier years' editions, it doesn't help with historical data on stocks, and that's almost always what I've been asked for. I also don't recall any patrons asking for it by name--ever.
Going back to my entry for Directory of Obsolete Securities, I'd like to see us consider getting Capital Changes Reporter. I suspect that, in addition to providing the same data, it also provides cumulative information on each stock, instead of requiring that we check a series of separate monthly and annual issues, as we have to do when using SPDR. If we decide to purchase CCR, stopping our subscription to SPDR could help defray the cost.
But even if we don't go with CCR, we should drop this source. Unless we decide to keep an archive of several years, it's of very limited value.
I have been trying to grasp the necessity of this information for your average stockholder. I visited the SEC site (among others) to get a quick education, http://www.sec.gov/answers/dividen.htm , but, honestly, it has not given me the foundation to say, "Yes, let's toss it."
As a librarian, I have never consulted it, but have always thought of it as a core reference source. Maybe we should see if people are truly using it by holding it at the reference desk for a few months and keeping a record of inquiries that would justify its presence?
Nine times out of ten, this information can be found elsewhere and for free. Much of this can be found in Factiva, including a bit more history than this provides.
Stockholders generally need this information for tax reasons and generally not for the current year. As Catherine notes CCR is probably a better source for that stuff--especially the corporate actions that effect stock price (splits, mergers, etc.)
Also, if a company is public in both the US & Canada, they must file with the SEC (US, www.sec.gov) or with or SEDAR (Canada www.sedar.com). All of the inforamtion is there, but it is not organized--a patron would have to dig around.
Generally a quicker and easier method is for the stockholder to call the company--again, all US & Canadian companies that trade on an established exchange are required to provide this information when it is requested (along with any information on Corporate Actions). Many large firms have it on their web-page.
Today, the price of printed financial information seems way out of line given the availability of finding it for free (a requiremnet of listing on an exchange in both countries). At half the price, I say keep it for old-school paper lovers. For this price, I have to say CCR would be a better investment.
OOps--I forgot one thing that needs to be noted: the tax guide--green printing--is fantastic. I don't know of another source with this so clearly laid out and easy for a patron to use. However, is it being used--I don't know (I suspect the answer is no). I know many professional accountants use it at tax time, but I think they buy their own...
Since neither patrons nor staff appear to use this resource, and since much of its information is available for free online, I'd vote for removing it from the collection.
If patrons start to clamor for its return, which seems doubtful, we can just purchase the current year's edition and monitor its use.
I agree that if this information is available for free online or from another one of our databases it is not worth keeping it. As has been pointed out generally patrons are looking for historical stock information not current year, which this publication does not cover. I have never had anyone ask for this by name and have had a need to consult it myself.
GS says: I must say I have never in all these years used this particular resource. I can’t even remember anyone asking for it by title, though if someone asks what S & P stuff we have, I show this off. Has it ever been reshelved since we started counting?
Decision time: I'm going to cancel. I'm also going to look into the Capital Changes Reporter to see if we can get a trial.
Capital Changes Reporter report: I priced it and it is out of our league--at least for the amount of use it would get here. A paper subscription which is updated on a rolling basis like Value Line is $2360 and an online subscription with 2 user licenses is $2570.
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