540 
APPENDIX 
(If) In the summer of 1927 a special commission from the New 
York Stock Exchange, consisting of J. M. B. Hoxsey (Executive 
Assistant to the Committee on Stock List), J. E. Meeker (Economist 
to the Exchange) and R. L. Redmond (of Counsel for the Exchange), 
made a thorough investigation of foreign security practices in Europe 
in the course of studying the problem of listing foreign shares. The 
commission’s findings were published September 1, 1927, as a pam- 
phlet entitled “The Listing of Foreign Internal Securities on the New 
York Stock Exchange”; subsequently, this study was made the basis 
for the special listing requirements adopted for such securities. At 
this writing, complimentary copies of the pamphlet can be obtained 
from the Exchange by special students. 
(Ig) Owners of American bearer bonds who have been dispossessed 
of their certificates by theft or loss can usually place a “stop” upon 
them by communicating their certificate numbers to the company or 
fiscal agency charged with this service. This “stop” can be com- 
municated to such institutions as might cash coupons for the wrongful 
holder, yet it is difficult by this means to detect a thief who may in 
the meantime have sold the bond to an innocent third party. 
American law very thoroughly protects the latter party, provided 
he has purchased the stolen security in good faith. The chance of 
the dispossessed owner to recover his security therefore depends in 
practice mainly in preventing its negotiation. Yet this is also difficult 
to do if he does not discover his loss and report it to the proper 
quarters at once. 
The New York Stock Exchange does what it can to prevent nego- 
tiation of improperly acquired certificates. On receiving notification 
from a transfer office or agent, or directly from its members, the 
Exchange prints the title gf the security, amount and number (or 
numbers) on its tape, as a warning to Exchange members and banks 
that the given security (or securities) has been “stopped.” So many 
leading American companies employ the large New York trust com- 
panies as transfer or fiscal agents, that these institutions are in prac- 
tice the chief repository for security numbers which have been 
“stopped.” 
CHAPTER II 
Organized Financial Markets and Their Economic Functions 
(IIa) Stock exchanges of the world. 
(AvuraOR’S NoTE: The following list of stock exchanges has been taken 
from a careful compilation made in 1922. No especial claim is made for