The Secretary of State to Blair & Company, Incorporated

Sirs: I beg to acknowledge the receipt of your letter of October 9, 1925, with further reference to the recent purchase and sale by you and your associates of $3,000,000, six months, 6% Treasury Gold Notes of the Government of the Serbs, Croats and Slovenes.

The Department has given careful consideration to the points discussed in your letter, but in the light of the present situation the position of the Department necessarily remains as stated in its letter of September 23, 1925.

I am [etc.]

For the Secretary of State:
Leland Harrison

Assistant Secretary