chapter  XXXII
6 Pages


NEW SECURITIES; THE SALE OF INDUSTRIALS T HE subject of discussion in this chapter is still the marketing of the second group of securities, consisting of industrials and other stocks and shares of a quality inferior to gilt-edged securities. But we are now concerned

not with the scope of the market's work but with its efficiency. We have to consider, first, whether the general conditions governing the sale of these securities are such as to ensure fair bargaining between buyer and seller; and, secondly, whether the actual sale operations are reasonably effective and economical.