File No. 893.51/168.

The American Minister to the Secretary of State .

[Telegram.—Paraphrase.—Extract.]

Currency loan. The preliminary agreement signed today. The Imperial edict and the confirmation by the Foreign Office will come in a few days. The Duke says the group may have as many associates as they please but that he will sign the final agreement with the Americans alone and will expect them to hold a majority of the bonds in order to control the issue.

Calhoun.