862.51 P 95/40
Messrs. Sullivan & Cromwell to the Secretary of State
[Received September 21.]
Sir: We beg to advise you that our clients, Harris, Forbes & Co. and associates, are considering the purchase and offer to the public of [Page 728] $30,000,000 principal amount, 6½% Sinking Fund Gold Bonds, due in 1952, of the Free State of Prussia of the German Reich.
The Bankers are advised that the proceeds of the proposed issue of bonds will be expended on the development of harbors and agricultural lands of the Free State of Prussia and that said improvements will be of a productive character calculated to increase the value and earning power of the State property.
The negotiations of the Bankers for the purchase of the bonds have now reached a point where it may be necessary for them shortly to indicate their position in the matter and accordingly we trust that the Department will advise us at its earliest convenience whether any objection is offered to the flotation of the loan in question.