800.51/912
The Chairman of the Meeting for Organizing Foreign Bondholders Protective Council (Lowden) to the Acting Secretary of State
Sir: I have the honor to advise you that at a meeting of the gentlemen who were requested by the Secretary of State, the Secretary of the Treasury, and the Chairman of the Federal Trade Commission, to organize a corporation for the protection of American holders of foreign bonds, held in Washington today, the organization of such a corporation was effected under the laws of the State of Maryland, known as Foreign Bondholders Protective Council, Inc.
The names of those who will act as directors of the corporation until the first annual meeting to be held in February, 1935, are as follows: [Page 938]
- Charles Francis Adams
- Newton D. Baker
- Laird Bell
- J. Reuben Clark
- Hendon Chubb
- William L. Clayton
- John Cowles
- Herman Ekern
- Ernest M. Hopkins
- Pierre Jay
- Philip La Follette
- Mills B. Lane
- Frank O. Lowden
- Orrin K. McMurray
- Roland S. Morris
- Thomas D. Thacher
- Raymond B. Stevens
- John C. Traphagen
- Quincy Wright
Upon the incorporation of the corporation the first meetings of the members and of the directors were held and the following officers were elected:
| President | Raymond B. Stevens |
| Vice Presidents | Ernest M. Hopkins and Laird Bell |
| Treasurer | Mills B. Lane |
| Members of the Executive Committee: | |
| Laird Bell | |
| Hendon Chubb | |
| Ernest M. Hopkins | |
| Pierre Jay | |
| Raymond B. Stevens | |
| Thomas D. Thacher | |
| John C. Traphagen | |
| Counsel | J. Reuben Clark. |
The corporation will establish offices in Washington, D. C., and in New York City. For the present correspondence may be addressed to the President, Raymond B. Stevens, at 48 Wall Street, New York City.
The corporation is a non-stock, non-profit organization. It will be supported by contributions of its members and initially by advances of banks and banking firms which will be repayable if and when the corporation is able to repay them without prejudice to its ability to serve the interests of security holders. It is expected that these advances will ultimately be repaid from fees earned in connection with settlements negotiated in behalf of security holders. For the present no charges will be made against any bondholders and no deposits of bonds will be asked.
The corporation will be managed by the directors above named and their successors to be chosen by themselves. The non-voting membership of the corporation will be composed of contributing members and founders. Such membership will be open to any person interested in supporting the corporation. It is hoped that this membership may be broadly extended among banks and financial institutions throughout the United States, producers, manufacturers and merchants in [Page 939] terested in foreign trade, and to individuals interested in the success of the corporation.
For your information there is inclosed herewith a report of the Organizing Committee.5
Respectfully,
- Not printed.↩