ABSTRACT
NEW SECURITIES I T was noticed on pages 122-3 that the market for Stock Exchange securities is separable into two distinct but interdependent parts: the one, dealing with the marketing of new securities, facilitates the transfer of new capital from capitalists
to entrepreneurs and other parties; the other, dealing with the marketing of old securities, facilitates the transfer within the group of capitalists of the titles to the capital outstanding in the hands of these entrepreneurs and other parties; together, the two parts lower the price at which capital is supplied to those who bid for its use. It is with the first part of this organization that we are now concerned.
