Word: investors
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Dates: during 1930-1939
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Questioned on the efficacy of the Johnson Act to prevent American money from going to a defaulting debtor nation, Harris said that in this case the Act merely made it difficult for the French to issue the securities here, and that there was nothing to prevent the American investor from buying French securities in the foreign market just as he could buy francs...
...Supreme Court stands or has stood in the way of the efforts of the Federal Government to provide work for the unemployed, to protect home owners and farm owners from foreclosure, to guarantee the safety of bank deposits, to expand credit or restrict it, to protect the small investor on the Stock Exchange, to adjust the value and nature of the currency or to do any one of many other things in the interest of the little fellow...
...balance with the U. S. has been unfavorable to Germany, which could retaliate against bondholders who attached German balances in U. S. banks by buying goods in other countries. Many an observer feels that more toughness earlier on the part of bondholders would have mitigated the U. S. investor's sorry lot. The logical people to get tough are the bankers who floated the issues originally and now act as fiscal agents for the bonds. It so happens that many of these fiscal agents are also short-term Reich creditors, either under the standstill agreements or as holders...
Work of the Commission, said Landis, falls into three main divisions: control of the issuance of new securities, control of established securities and control of exchanges to insure fair play by both investor and trustee. Due to false reports, shoddy accounting, and inability to force reports in many cases, the disclosure of security fraud is more difficult than checking evil exchange practices...
Although Landis feels that the Commission has not been a sufficient check on securities, results of the work show possibility of permanent good: decline of manipulation and other frandulencies, improvement in accounting, and development of sales resistance in the investor...