32
Investing at its Best and
Chapter IV.
WELL-FOUNDED CAPITAL ISSUES.
D URING the first few years of the practical appli
cation of Geographical Distribution of Capital the
Registry’s recommendations were confined exclusively
to securities dealt in on the open market, and no
attempt was made in any way to control the progress of
the stocks so recommended.
Gradually, as a constantly growing number of the
Registry’s customers adopted the system of Geogra
phical Distribution, it became more and more difficult
to supply their investment requirements effectively. The
Registry was naturally anxious to do better for its cus
tomers than the latter could have done for themselves,
when dealing with others. The Registry aimed at a
very high standard of efficiency, but soon found it
extremely difficult to supply satisfactorily the very large
demand, which the introduction of Geographical Distri
bution had created, for investments located in all parts
of the world.