The Acting Secretary of State to the Ambassador in France (Wallace)
8722. For McCormick No. 1258.
On June 20th the House passed the Sundry Civil Bill, including an appropriation of $200,000 for the Department of State to wind up the affairs of the Board. The House also discussed and approved the proposal to use the capital of the Russian Bureau to pay the United States share of the Russian Railway loan. As a result of its operations, the Russian Bureau will close its existence with a clear surplus of approximately $400,000 arising out of operation of ships and on June 24th we will return to the President’s Fund $4,000,000 which, under the Executive Order of June 5th, will be immediately available to the Department of State for the Russian Railway loan. This $4,000,000 is entirely separate from the loan of $1,000,000 to Stevens which is already taken care of.
We congratulate you on this happy outcome. Bon Voyage. Woolley.