The "protection"' of bondholders is a big phrase in Depression. "Protective committees" are formed, they solicit holders of defaulted bonds to deposit their securities, they try by protest and lawsuit to collect—the expenses of the effort being charged against the bond owners. So many protective committees exist today that they have been called "the bellyaching racket." Even the proposed U. S. securities bill would create a corporation to protect U. S. holders of foreign bonds. And a committee was announced last week in London, to be headed by popular Sir Harry Armstrong, who...
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