The Secretary of State to Blair & Company, Incorporated

Sirs: I beg to acknowledge the receipt of your letter of September 12, 1925, regarding your interest in the purchase of $3,000,000, Six-Months 6% Treasury Gold Notes of the Government of the Kingdom of the Serbs, Croats and Slovenes, for the purpose of refunding an equal amount of Six-Months Notes purchased by you last March and maturing September 30, 1925, and in reply to your inquiry to state that this Government does not view with favor Yugoslav financing at the present time.

I am [etc.]

For the Secretary of State:
Joseph C. Grew

Under Secretary