I. Introduction, 321. — II. Basic arguments for a free government securities market, 323. — III. Evaluation of the free market hypotheses, 328. — IV. Technical advantages of a free market, 333. — V. "Bills only, " minimum intervention, and monetary management, 335; effects of operations in the bill market on the long-term sector, 335; internal consistency of the "bills-only" doctrine with minimum intervention, 339; implicit limitations of bill operations, 340. — VI. Conclusions, 341.

less advantageous than elsewhere in the state and followed from purely personal reasons (e.g., their parents had retired to this place). It is in this sense, or the sense that business advantage exists but that the respondent would have located in Florida anyway, that the factor appears often in the table in its secondary or later role. The factors of location that draw the different firms in the different industries to Florida therefore mirror the maximum profit location theory (i.e., the market area framework) as distinct from Weber's cost theory of location. That this connection is vital and necessary should be clear to all. We have mentioned that the survey based on this theory was extended to determine reasons for specific locations in communities. We record below without comment these community findings for those who are interested. TABLE 2.THE PRIMARY COMMUNITY FACTORS OF LOCATION MENTIONED