Lynn Korwatch located on top of Telegraph Hill. George F. Sweeney and Theodore F. Baugh were the two individuals to present the idea of a wooden semaphore on top of Telegraph Hill. A semaphore is a system in which one uses two flags or poles and sends signals in an alphabetic code. Sweeney and Baugh expanded their system by placing a signal station on Point Lobos, which is located 20–30 miles from port in San Francisco. The reasoning behind this was that there was high demand from people wanting to know when the ships were arriving at an earlier time so that
Direct holding system relic of the past and a modern DRS form of direct holding remains for most shareholders an unrealized thing of the future. In a system that used paper certificates for securities, the doctrine of "lex loci rei sitae" (the law of the place of location of the securities) was applied to determine the validity of certain rights in or transfers of securities. In the case of bearer securities, this is taken to be the law of the jurisdiction where the certificates actually are (e.g., in a pledge, where the recipient of the collateral takes possession of the securities certificate at