This section is from the book "Business Finance", by William Henry Lough. Also available from Amazon: Business Finance, A Practical Study of Financial Management in Private Business Concerns.
There is little to be said, if we are to speak in general terms, of the activities of local lawyers and bankers as promoters. It is enough to call attention to the fact that ordinarily they are natural leaders in organizing new local enterprises. If some western country town is establishing a new creamery or a new cannery; if in some eastern city there is opportunity for a combination of small local manufacturing concerns; if a man of inventive talent gets up a new device and begins to talk among his friends as to the possibilities of developing it - in any one of these cases the opportunity usually comes straight to the lawyer or banker who is in position to give it some of his time and thought and perhaps to carry it through to success. The number of such cases of local promotions on a small scale is surprising and probably accounts for a considerable proportion of the annual crop of new enterprises.
* Dewing's "Corporate Promotions and Reorganizations," pp. 289, 446.