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J. P. Morgan and Company, the National City Bank, and the First National Bank of New York to the Secretary of State

Dear Sir: The French Government, finding themselves under very great expense for transferring funds from France to America owing to the position of exchange, consider it necessary to obtain temporary credit in this country to meet their obligations for American products and continue their purchases in this country.

We beg to advise you therefore, that we are arranging to place for them some $50,000,000. One-Year Treasury Notes, the proceeds of which are to be expended in this country.

Very truly yours,

J. P. Morgan and Co.
The National City Bank
by F. A. Vanderlip
First National Bank
F. L. Hine
, Pres.