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Updated: May 20, 2025
In the California Insurance Company office, the position of secretary was closely akin to that of the celebrated "Pooh-Bah." Attached to the office was the duty of collecting the assessments on the capital stock, adjuster in chief, the underwriting, a court of appeal on technical points in disputed settlements, a diplomatic agency and encouragement dispensatory with and for the stockholders.
They discussed the subject of fire insurance from top to bottom; the amount of premium a company could safely accept in comparison to its resources, lines in conflagration districts, reinsurance treaties, relations with various unions, boards, and conferences, and underwriting in its relation to finance.
The Board decided to proceed to allotment, and we have accordingly allotted the applications for 8200 shares. The remainder of the 5,000,000 ordinary shares will have to be taken up and paid for by yourself under the terms of your underwriting agreement." "I expected that. I'm ready to carry out my bond."
Quoted by Radio Free Europe/Radio Liberty, Sandor Richter, a senior researcher with the Vienna Institute for International Economic Studies, concluded that the first intake of applicants will end up underwriting at least $410 million of the EU's budget in the first year of membership alone.
Jadot occupies today the same position in Belgium that the late J. P. Morgan held in his prime in America. He is the foremost capitalist. Across the broad, flat-topped desk of his office in that marble palace in the Rue Royale the tides of Belgian finance ebb and flow. Just as Morgan's name made an underwriting in New York so does Jadot's put the stamp of authority on it in Brussels.
The first move was to evade the spirit of his own written compact: "Until May 3rd, I fix up nothing with the underwriters." To get round this obstacle, he decided on the audacious plan of underwriting the entire issue himself.
Though it had been long established in New York it had not been identified with the railroad reorganization movement nor had it been prominent as an investing or underwriting institution. But now the active partner of the business, Jacob H. Schiff, set out seriously to persuade the various committees to adopt a plan of reorganization which he had devised.
The two companies named had removed their policies and supplies from the office only the previous day, their respective special agents, after an underwriting experience too painful to describe, having descended in grief and rage upon their Boston representatives when patience had ceased to be a virtue and self-preservation had become the salient motive.
The word "trust" had not become a part of their vocabulary; "restraint of trade" was a phrase which only the antiquarian lawyer could have interpreted; "interlocking directorates," "holding companies," "subsidiaries," "underwriting syndicates," and "community of interest" all this jargon of modern business would have signified nothing to our immediate ancestors.
"He's been reading 'Aurora Floyd," remarked another. "And what if I have?" cried M'Gibbon. "It's all true. Look at the newspapers! It's just your confounded ignorance that sets you snickering. I tell you, it's as much a trade as underwriting, and a dashed sight more honest." "It's rather singular," said he, "but I seem to have practised about all these means of livelihood."
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