Business & Finance: Tandsticksaktiebolaget

Banking houses in seven great centres of finance interchanged telephone calls, cable messages. In Manhattan, the house of Lee, Higginson & Co. knew what associated houses were doing in London, in Berlin, in Sweden, Holland, Switzerland, Belgium. At a given moment, last week, the seven groups acted together, announced a Swedish financing deal of $60,000,000.

Investors in the seven countries were invited to buy participating debentures of Kreuger & Toll Co The par value of the issue was only 45.000,000 kronor (about $11,000,000). But the market value of the debentures was six...