J. P. Morgan & Co. to the Secretary of State

Sir: This is to confirm the information conveyed to you over the telephone by Mr. Lamont on the 17th instant, to the effect that we have been carrying on discussions with Count Volpi, the Italian Minister of Finance, in regard to the issuance in the near future of a loan of $100,000,000. for his government; the proceeds of such loan to be used for stabilization purposes. The contract covering this operation was executed to-day, the 18th, and while we are aware, as the Secretary stated, that the Department of State interposes no objection to this operation, we desire to file this letter with you for the record, and if you please, to receive in due course your acknowledgment of same.6

Very truly yours,

J. P. Morgan & Co.
  1. The agreement for settlement of the Italian debt was reached at Washington, Nov. 14, 1925. For negotiations and text of the agreement, see Combined Annual Reports of the World War Foreign Debt Commission, 1922–1926 (Washington, Government Printing Office, 1927), pp. 217–241.