But new stocks often have a modest discount to those of competitors who are already public.

Transit officials considered and rejected a monthly pass, calculating that few people would pay for a month's worth of travel if it meant only a modest discount.

Earlier this year, hotel operators began to feel the effects of an economic slowdown and began offering modest discounts to attract travelers.

The final terms of the deal were not clear yesterday, although people close to the talks said that Nynex had acquiesced to a modest discount.

No one nibbled at the penthouses, but the four other apartments sold at modest discounts, averaging 20 percent off the original prices.

Even today, the common sheets trade below face value, usually at a more modest discount of 10 percent to 20 percent.

No surprise that the stocks of these funds perform well and carry modest discounts, if any.

Mr. Stang said he expects future offerings to provide modest discounts from the prevailing market value.

He emphasized that G.M. had been able to sustain car and truck sales in the fourth quarter despite modest discounts.

For example, the very modest discounts offered by book clubs are virtually wiped out by postage and handling charges.