# Current Social and Economic Issues

## GA 332b — 13 March 1920, Stuttgart

### Prospectus for the Issue of 5% Loan Certificates

*totaling M. 10,000,000 of the company “Der Kommende Tag”, a joint-stock company for the promotion of economic and spiritual values.*

The joint-stock company THE COMING DAY was established by articles of association dated March 13, 1920, with its registered office in Stuttgart. The purpose of the company is the operation and financing of purely economic and spiritual-economic business and enterprises of all kinds, which will be oriented towards the anthroposophical world view, both in terms of their objectives and the way they are conducted, and which should be suitable for placing economic life on a healthy associative footing and shaping spiritual life in such a way that justified talents are brought into a position where they can be lived out in a socially fruitful way.

The company will differ from ordinary banking companies in that it will not only serve financial aspects, but the real operations themselves, which are supported by the financial. Therefore, capital will not be made available to other companies in the way that it is in ordinary banking, but rather from the factual points of view that come into consideration for an operation that is to be undertaken. The company will therefore have less the character of the lender and more that of the merchant who is in the know, who can realistically assess the scope of an operation to be financed and make practical arrangements for its execution. It will therefore be the case that the companies to be financed by the company will generally take the form of branches of the company. In this context, it will be important to focus, for example, on enterprises that are currently profitable in order to use their profits to support other enterprises that will only be able to bear economic fruit in the future and, above all, through the spiritual seed that is now being poured into them, which can only come to fruition after some time. The guiding principles for this will have to arise out of an insight into how the view of life that is provided by anthroposophy can be translated into economically fruitful action.

The leadership of the Society will start from the realization that economic activity can develop branches that may temporarily produce favorable results for the individual entrepreneur, but that have a destructive effect in the context of the social order. Many recent enterprises were oriented in this way. They were capitalized, and it was precisely this capitalization that undermined the social order. Such enterprises must be confronted by those that arise from healthy thinking and feeling. These can be integrated into the social order in a truly fruitful way. But they can only be supported by a social way of thinking that is inspired by anthroposophically oriented spiritual science. There is no doubt that enterprises such as those characterized here will initially only be able to overcome the social-technical and financial crises; on the other hand, they will face social difficulties as long as these, as the actual workers' question, still take the form that comes from the old mode of production, which is doomed to crisis. The workers who have a share in the new enterprises will, for instance, behave in exactly the same way towards 'wage' differences as they do towards enterprises of the old type. But in such matters, one must not underestimate how soon, under proper management, an enterprise of the kind characterized here must also have favorable social consequences. This will be seen. And the example will have a convincing effect. If a venture of this kind falters, then the workers who are involved in it will have their convictions with them when they are brought back into influence. For it is only by bringing the manual workers into line with the intellectual leaders of enterprises through a way of thinking that affects all classes of people that the forces of social destruction can be counteracted.

The company will endeavor to invest the capital at its disposal in productive values and in products for which there is a constant demand. It hopes that this will minimize the effects of financial crises.

The board of directors consists of the businessmen Konradin Haußer, Hans Kühn and Wilhelm Trommsdorff, all of Stuttgart; they are appointed by the supervisory board.

The Supervisory Board consists of Dr. Rudolf Steiner, Dornach, as Chairman, Emil Molt, Stuttgart, as Deputy Chairman, Emil Leinhas, Stuttgart, as Secretary, Jose del Monte, Stuttgart, and Dr. Carl Unger, Stuttgart. The members of the Supervisory Board perform their duties on a voluntary basis.

> The founders of the company are:  
> Konradin Haußer, Stuttgart  
> Hans Kühn, Stuttgart  
> Director Emil Leinhas, Stuttgart  
> Count Otto von Lerchenfeld, Köfering near Regensburg  
> Councillor of Commerce Emil Molt, Stuttgart  
> Manufacturer José del Monte, Stuttgart  
> Count Ludwig von Polzer-Hoditz, Gutau, Upper Austria  
> Dr. Rudolf Steiner, Dornach near Basel  
> Factory owner Dr.-Ing. Carl Unger, Stuttgart

With regard to net profit, the statutes stipulate that 5% of this be allocated to the statutory reserve fund until it reaches one tenth of the share capital; the supervisory board is authorized to order further reserves of any amount. Thereafter, a dividend shall be paid on the share capital, which shall represent an appropriate interest rate on the nominal value of the share capital, in line with the prevailing market conditions. The General Meeting shall decide on the remaining profit.

The initial capital stock is set at 300,000 marks, divided into 300 registered shares of 1000 marks each. It is intended to increase the capital stock substantially after the legal authorization has been granted.

Until then, in accordance with the resolution of the supervisory board of March 11, 1920, the issue of loan certificates up to the amount of 100,000,000 marks is planned under the following conditions:

> 1. The lenders receive loan certificates made out to the joint-stock company “Der Kommende Tag” or its order for a sum of not less than 1,000 marks.
> 2. The loan certificates shall bear interest at 5% on April 1 and October 1 of each year, be terminable by the lender by special agreement and transferable to third parties by endorsement. The transfer shall become legally binding on the company by entry in its register.
> 3. The company has the right at any time to convert the loan certificates into shares in any order in such a way that it allocates to the lenders newly issued shares of the same nominal value for the amount of the loan certificate rounded down to the nearest thousand, paying out any excess in cash. These new shares are entitled to dividends on an equal footing with the share capital. The regulation of the relationship between the voting rights of old and new shares is reserved for the General Meeting that will decide on the increase of the share capital.
> 4. If the loan certificates have not been converted into shares by April 1, 1922 at the request of the company, the company has the right to repay the loans according to a repayment plan to be determined by the general meeting.

The company hereby invites the takeover of loan certificates and requests that the completed and signed subscription form be returned to the joint-stock company “Der Kommende Tag”, Stuttgart, Champignystr. 17 (not registered).

Stuttgart, March 13, 1920.

Konradin Haußer Hans Kühn Wilhelm Trommsdorff  
(as members of the board of directors)

Dr. Rudolf Steiner Emil Molt Emil Leinhas  
José del Monte Dr. Ing. Carl Unger  
(as members of the supervisory board).