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the Pub'e 
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Exchange Market 
EW YORK 
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XCHANGE 
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the Public 
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Buyers on 
the Curb 
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the Stock 
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THE SPECULATING PUBLIC 
Figure 7. The Distribution of Listed Securities 
Showing their course from the issuing corporation to the permanent investor. The flow of capital from investors into 
industry occurs in exactly the opposite direction in each instance to that here indicated. 
~~ 
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