the  scale  towards

SOI

f>

y\  &
y 1  to

c:

GROSSBANKEN.

123

by  the  German  method,  has  been  freely
1.  The  public,  learning  that  the  issues
;n  underwritten  at  a  certain  commission,
~.)w  not  to  subscribe,  but  to  wait  until  the
[osed  in  the  expectation  of  getting  the
plow  the  issue  price  from  underwriters
nt  to  dispose  of  their  allotment.  In
my  investors  like  insurance  and  trust
es  have  become  underwriters  and  take
rest  in  the  issues  on  underwriting
is  as  a  firm  allotment.  Naturally,
favourable  conditions  prevailing  in
>ney  market  lately  have  also  had
deal  to  do  with  the  fiasco  of  the
ues,  just  as  much  as  in  Germany,
he  result  of  the  subscriptions  for  the
perial  and  Prussian,  Loans  has  proved
sappointing.
enerally  acknowledged  that  the  industrial
made  in  Germany  has  been  most  striking.
‘|  disregarding  any  other  factors  conducive
remarkable  development,  it  seems  to
it  was  due  in  a  large  measure  to  the
it  and  most  liberal  assistance  of  the
circles.  The  co-operation  between  the
ad  industries  has  proved  upon  the  whole
:  utary  to  both.  Therefore,  there  appears
reason  to  change  the  underlying  principle,