Business & Finance: Bond March

Last month Chicago’s swank Union League Club papered a private dining room with nearly 2,000 worthless bonds and stock certificates, called it the Million-dollar Room. Last week in Chicago a noisy rabble of 10,000 bondholders from 22 states marched down Michigan Boulevard tossing equally worthless bonds on the street, trampling them with vicious whoops. Led by Governor William Langer of North Dakota, they shouted, “We’ve been robbed.” displayed banners reading: “WE HAVE BONDS, BUT NO BREAD.” “DILLINGER AND CAPONE ARE AMATEURS.” Thousands of spectators jampacked the sidewalks as the three-mile procession rolled through the financial district, police motorcycles chattering in the vanguard. In the rear, street urchins dived after the trampled bonds, tore off the gold seals, stuffed the brightest-colored engravings in their pockets.

Peaceful, the demonstration was sponsored by the Circle of Rebuilders, a club for the holders of defaulted bonds organized by Barrett O’Hara, onetime lieutenant governor of Illinois. Before the parade a committee was elected to go to Washington to urge Federal relief for holders of the defaulted securities, mostly municipal and real estate bonds.