Blair & Company, Incorporated, to the Secretary of State

Dear Sirs: We have about concluded arrangements to purchase $3,000,000 Six Months 6% Treasury Gold Notes of the Government of the Kingdom of the Serbs, Croats and Slovenes, to be dated as of March 31, 1925.

The purpose of this issue is to refund an equal amount of Seven Months 6% Treasury Gold Notes of the Kingdom which we purchased last September, and which will mature on March 31, 1925.

Will you kindly advise us at your early convenience if the State Department has any objection to our offering the above-mentioned Note issue.

Yours very truly,

Blair & Co. Inc.