800.51 W 89 Italy/48

The Acting Secretary of State to Blair & Co., Incorporated

Sir: In confirmation of Mr. Young’s4 statement to Mr. Sheldon5 on August 31, in response to Mr. Sheldon’s inquiry concerning the attitude of the Department of State in regard to the flotation of Italian industrial securities in the United States, I beg to say that this Department would not view such financing with favor at the present time.

I am [etc.]

Joseph C. Grew
  1. Arthur N. Young, Economic Adviser, Department of State.
  2. Representative of Blair & Co.