819.51/233: Telegram

The Chargé in Panama ( Offutt ) to the Secretary of State

My June 30th 6 p.m. and July 15th 10 a.m.18 Star and Herald today announced that President Porras has received cablegram from [Page 692] Clarence J. Owens stating that Owens has secured necessary loan for proposed agricultural bank and that provisions of contract under which loan was secured are being sent. Owens is working in matter of this loan independently of Legation and Fiscal Agent, Ruan, requests that Department withhold its sanction of loan for bank until he has had opportunity of submitting his views on project, the conditions of which are unknown to him at present. Fiscal Agent considers loan of $1,000,000 for refunding internal debt of prior and pressing importance and earnestly recommends that Department lend its aid to negotiations therefor being conducted by Panaman Chargé d’Affaires in Washington.

  1. Neither printed.