The investment banker may be considered as a middleman pure and simple. To him are presented propositions of various natures pertaining to the financing of industries, commercial enterprises, railroads, etc. The investment bankers exercising the most influence are generally those which have acquired, through a long period of business operations a clientele, through which distribution of securities representing new enterprises is made possible. Apparently, it may be seen that the investment banker is limited in his operations. With the exception of the very large ones, of which there are few in number, the services of the investment banker are to-day not so widely available as in the past. This is due mainly to the fact that through successive legislation, the State and National banks have acquired powers permitting them to engage in operations similar to those by which the investment banker is characterized. However, in new enterprises, having a speculative character, or basis, upon an undeveloped field, the aid of the investment banker is most sought for and utilized. His functions may be said mainly to consist of mobilizing the investment funds of the nation and to assist in the apportionment of those funds to productive uses.