The Guaranty Trust Company of New York to the Secretary of State

Foreign Department

Sir: We have the pleasure to acknowledge receipt of your communication of the 12th instant, and in view of the contents thereof we have advised the President of Nicaragua, through the Manager of the National Bank of Nicaragua, Inc., that we, in conjunction with Messrs. J. & W. Seligman & Co., are prepared to make a loan of $1,000,000.—to the Republic of Nicaragua for the purposes, and under [Page 433]the terms and conditions indicated in the memorandum of the 11th of March, 1927, which was sent to you with our letter of the same date.

We are [etc.]

Guaranty Trust Company of New York,
R. F. Loree
, Vice President