Why are U.S. investors reluctant to send their money abroad? In Manhattan, Andre Istel, a French banker and onetime delegate to the Bretton Woods monetary conference, looked no farther than the U.S. stock market to find one answer. Said he: "The shares of more than 100 American ... corporations of good standing and high yield are selling on the Stock Exchange at prices lower than the per share values of the working capital of these corporations. In other words, the purchaser of stock of these corporations acquires at no cost [his share of] their fixed assets, equipment, good will...

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