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Wintermuth, silent and noncommittal, had returned to the office, but took little part in the conduct of his company's underwriting affairs. And in this manner March wore itself almost out and it seemed as though the Guardian's span of life were growing rapidly shorter. On the last day of the month there was a meeting of the directors in the closed room off the President's own.
If the issuing house is one that is usually successful in its issues, the privilege of underwriting anything that it brings out is eagerly sought for.
Gunterson had at last, in the Elsass-Lothringen, found almost what he had always been seeking; his company gave him an entirely free hand, a highly desirable thing for an underwriting manager, and he did not know whether he should ever care about looking for anything else. At the psychological moment he nonchalantly displayed to Mr.
If the Salamander's loss up there is less than $600,000, I shall be surprised." "Their surplus isn't as much as that, is it? That will impair them." "On the first of January their surplus was a little less than half a million." "Oh, well," Mr. Wintermuth returned, "I suppose they'll assess their stockholders. That man Murch will probably get up an underwriting syndicate to handle it."
Gunterson remembered to have assisted in accelerating the downfall of some of the other underwriting institutions with which he had been connected. With a chill of dismay he read of what a splendid opening awaited the Guardian in the general agency of Henry Trafalgar and Company of Memphis, or Bates and Newsome of Atlanta.
While the underwriting is going on the prospectus is being prepared by which the subscriptions of the public are invited, and in the meantime it will probably happen that the newspapers have had a hint that a Ruritanian loan is on the anvil, so that preliminary paragraphs may prepare an atmosphere of expectancy.
Ruritania will have got its money less the cost of underwriting, advertising, commissions, 1 per cent. stamp payable to the British Government, and the profit of the issuing firm.
Gunterson's brother-in-law precipitated its insolvency even before its underwriting losses could overtake it; of the Planters of Oklahoma, which the Insurance Commissioner of Massachusetts one day examined with the interesting discovery that its liabilities were nearly three times its assets; and of the Constitution Fire of Washington, D.C., which ceased to issue policies by request of the United States Government.
Wintermuth now addressed himself. This was the fact that the Guardian was not disposed to pay exorbitantly for an underwriting head. It was willing to pay a reasonable salary, but it was not a corporation of unlimited resources or gigantic income, and the expense ratio had perforce to be considered.
Wayne, who had been trying for twenty-four hours to explain what underwriting meant, what were the responsibilities of brokers in such matters, what was the function of such a report as his, felt as if he had suddenly groped his way out of a fog as he talked, with hardly an interruption but a nod or a lightening eye from Farron. He spoke of Benson.
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