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

Sirs: I beg to acknowledge the receipt of your letter of November 18, 1925, regarding your interest in a loan of $100,000,000 to the Government of Italy for stabilization purposes, and to confirm the statement made over the telephone to the effect that in the light of the information before it, the Department of State offers no objection to the flotation of this issue in the American market.

You of course appreciate that, as pointed out in the Department’s announcement of March 3, 1922,7 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 otherwise.

I am [etc.]

For the Secretary of State:
Leland Harrison

Assistant Secretary