After thinking over President Truman's Point Four program for backward nations, New York Stock Exchange President Emil Schram spotted a big flaw in the idea. Point Four would wrap a protective government guarantee around private funds invested outside the U.S. What irked Schram was that there was no program for improving "the shabby treatment of capital at home."

The Point Four program by itself, said Schram, "is unsound and illogical" because "it sings the virtues of new investments so long as they are made outside the U.S." What's needed, said he, is a Point Five—"tax changes that will apply the...

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