The Secretary of State to Ulen & Company

Sirs: I beg to acknowledge the receipt of Mr. Shepperd’s letter of May 14, 1925, regarding the flotation in the United States of the bonds to be received by you from the Greek Government under your contracts of December 23, 1924, and May 9, 1925, for the construction of water works for Athens and The Piraeus.

In reply to your inquiry I take pleasure in stating that the Department of State, in the light of the information before it, offers no objection to the sale of these bonds in the American market. You of course appreciate that, as pointed out in the Department’s announcement of March 3, 1922, the Department of State does not pass upon the merits of foreign loans as business propositions nor assume any responsibility in connection with such transactions, also that no reference to the attitude of this Government should be made in any prospectus or other advertising matter. A copy of the Department’s statement of March 3, 1922, is enclosed herewith.3

I am [etc.]

For the Secretary of State:
Joseph C. Grew

Under Secretary