Taken together with his other points, I think the author is under the impression that it was the "Boiler Room" operations peddling penny stocks that were drivin

Taken together with his other points, I think the author is under the impression that it was the "Boiler Room" operations peddling penny stocks that were driving IPOs. Trading in eights was probably good for brokers skimming money from transactions, but I can't see how decimalization can be considered bad for investors.