“EV! YORK
“ugg
\PKE

Issuing
Corporatir

bot
bv

Waciifproons

Underwriting


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Le BT
Membe

Buyers .n
the Pub'e
Diferinn

a

Marka

Juyers on the Stoc!
Exchange Market

EW YORK
§TOCK
XCHANGE
MARKET

Buyers on
the Public
DHering

Buyers on
the Curb
Market

vyere on
the Stock
xchange
Market

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-
I
4
2

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DO
ud

Nn
T
2
5
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2
o
Nn

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.

~~
la!
Un