Safeguarding Invested Capital. 35 
very searching- and complete investigation into the enter 
prise concerned and the particular issue proposed. This 
inquiry is conducted by the Registry’s permanent staff 
of experts, valuers and other specialists being consulted 
on technical points, and legal or other professional 
assistance being obtained. 
On the basis of the information and opinions thus 
obtained a report is drawn up, which usually covers a 
period of several years. This report is so accurate and 
exhaustive that its conclusions form a reliable guide 
regarding the safety and desirability of the issue under 
consideration. If the report is found to be in every way 
satisfactory, an agreement to purchase the entire issue 
is entered into, every provision in such agreement being 
made to secure and protect effectively the interests of 
those who will purchase the security. 
The issue is thereupon offered for subscription and 
gradually sold, shareholders of the Registry receiving 
a special discount on the price at which the offer is made. 
The names and addresses of the purchasers are care 
fully recorded. The Registry thereafter remains in 
close touch with them, and through the operation of the 
purchase agreement also maintains its close relations 
with the enterprise behind the issue. 
Thus the interests of all the individual holders 
of such a security are welded together through the 
medium of the Registry, and being so combined are 
carefully safeguarded by means of the influence which 
the Registry can always bring to bear upon the under 
taking concerned.