They, too, however, might like to get a few shares of this fine stock at a discount, and a market develops in rights. If you don't want any more stock, you can endorse your rights over to your broker, who then offers them on the floor of the Exchange, just like stock in being. Value is established by competitive bidding, although it would not be likely to rise above the amount of the discount. Otherwise, it would then be cheaper to buy existing stock at the market. The purchaser of the rights now owns the privilege of buying 10 shares at a discount”and if that isn't enough, he can stay in the market, buying rights until he has accumulated from several sources options on 100 shares, or however many he wishes. So far, the operation is completely routine.

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