ADMINISTRATION OF THE STOCK EXCHANGE 451 
commissions, partnerships, member offices and foreign joint- 
account arbitrage. It also has charge of all matters relating to 
the collection, dissemination, and use of quotations, and can 
approve or disapprove telephone, telegraph, or wireless con 
nections of member firms. 
The Committee on Securities (§ members), subject to the 
Constitution and Rules of the Exchange, can make rules relat- 
ing to the delivery of securities on Exchange contracts,” in- 
cluding reclamations therefor, irregularities therein, and inter- 
est and dividends thereon; and also to due bills, contracts for 
future delivery and deposits on Exchange contracts. It also 
may permit dealings on the Exchange in rights growing out of 
listed securities, and make regulations therefor. 
The Committee on Stock List (6 members) makes rules 
prescribing requirements for listing securities, and receives and 
considers all applications for placing securities on the list of the 
Exchange. Depending upon the nature of the securities in 
each case, and in accordance with detailed provisions of the 
Constitution, the Committee in some cases can list and merely 
report afterwards, and in still other cases only recommends to 
the Governing Committee that issues be listed and leaves de- 
cision in the matter to the Governing Committee. The Com- 
mittee on Stock List can, however, remove from the list any 
security at its maturity, or when its outstanding amounts have 
been so reduced as to render it advisable.'* 
The Conference Committee (11 members) is composed of 
the President, Vice-President, Treasurer, and the Chairmen of 
the Committees on Admissions, Arrangements, Business Con- 
duct, Law, Odd-Lots and Specialists, Publicity, Quotations and 
Commissions, and Stock List. This Committee hears reports 
from the various committees and others, advises with them 
concerning questions affecting the welfare of the Exchange, 
and recommends to the Governing Committee such action as 
in its opinion will prove beneficial to the Exchange. 
mi Aopendiv XV1e