When it comes to buying no-load stocks, the world has indeed become a smaller place. In addition to the growing number of American companies that have initiated direct stock purchase plans, hundreds of foreign companies now offer American investors a chance to purchase stock through no-load plans.
Foreign stocks can be bought in the U.S. through American depositary receipts. While some companies administer their own programs, the vast majority of direct-purchase ADRs are supervised by two large financial institutions. Here is information on how to contact the pair, as well as an additional Web site where you can find details about specific ADRs:
– J.P. Morgan, Morgan Guaranty Trust Co., 60 Wall Street, New York, N.Y. 10260-0060; 800-749-1687; Web site: www.jpmorgan.com/adr/index.html. In the no-load business since 1996, J.P. Morgan offers ADR purchase plans for more than 200 companies around the world, including British Airways, Canon Inc., Royal Dutch Petroleum and Sony Corp.
– Bank of New York, Depositary Receipts Division, 101 Barclay St., 22nd Floor, New York, N.Y. 10286; 212-815-2345 or 800-345-1612; Web site: www.bankofny.com/adr/index.htm. The Bank of New York oversees more that 140 different ADR stock purchase plans, including Elf Aquitaine, Fila, Waterford Wedgwood and NEC Corp.
– NetStock Direct–This Web site (www.netstockdirect) is devoted exclusively to no-load stock purchasing, and contains information for about 225 ADR plans, their initial purchase amounts and how to receive ADR stock purchase applications.
