Isidor Gerstenberg (1821-1876): Founder of the Council of Foreign Bondholders

ISIDOR GERSTENBERG was the Founder and first President of the Council of Foreign Bondholders whose principal object is the protection of the interests of holders of foreign Government, State or Municipal obligations issued in this country. This organisation developed greatly after his death and has become an institution of national importance. The vast field of its activities and undertakings, and the scope of its achievements can be gauged from the fact that the Council has been concerned in the settlement of debts aggregating over ?1,000,000,000. Similar institutions have been set up in Belgium, France, the Netherlands, Sweden, Switzerland and in the United States of America under Government auspices. Before the formation of the Council defaults were dealt with by ad hoc committees of the Stock Exchange, but their efforts ?fter proved inadequate and they were not sufficiently influential to bring pressure to bear on foreign governments which had failed to

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