As a fine gesture toward the U. S. holders of $2,000,000,000 of defaulted foreign bonds, Congress last spring voted $75,000 to establish a Government protective committee. Secretary of State Hull, who did not relish the U. S. Government in the official role of an iron-fisted dunner, persuaded President Roosevelt to sidestep this provision of the Securities Act by sponsoring a potent, but purely private, protective agency (TIME, Oct. 30). Last week the Foreign Bondholders' Protective Council completed its organization, prepared to swing into action.
Chief purpose of the Council is to present a...
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