PROMOTERS AND PROMOTING 



ployes, armies of them, may work for the 

 promoter, many of them knowing details 

 and depths of his undertaking better than he 

 does, making him, it may be, very depend- 

 ent on them. None the less, both in law and 

 in customary speech, the party funda- 

 mentally interested is the promoter, not any 

 one or ones among his working staff or any 

 of these combined. The law is very insist- 

 ent on this point, always singling out some 

 one man or firm as the responsible promoter 

 of any novel enterprise, to reap the profit 

 of it if such emerges, or to bear the blame 

 if it fails.* 



The underwriter or group of underwrit- 

 ers advancing cash for the proposed under- 

 taking and expecting recoupment by selling 

 the new corporation's securities, is another 

 entity never to be confused with the promo- 

 ter. Underwriting is usually indispensable 

 to a conversion of any magnitude. In many 

 a deal the underwriters are far the most 

 prominent factors, their profits fabulous 

 and their names heard and published 



* Alger, "The Law of Promoters", etc. 



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