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.