Kreuger invented another financial instrument, which continues to be used and is nowadays known as American depositary receipts. That issue was called Kreuger &amp; Toll "American Certificates". American investors had never seen an investment like this. It was part bond, part preferred stock, and part profit sharing option. The certificates enabled investors to gain exposure to a foreign company that had been paying dividends of 25 percent. It would be backed by the largest private loan to a foreign government (i.e. Germany) ever. Even in the midst of the growing panic investors went crazy for the issue and promised to buy 28 million dollars of the new securities. And this happened two days after Black Monday in 1929.