852.6363/75: Telegram
The Secretary of State to the Ambassador in Spain ( Hammond )
85. Your 112, November 5, 3 p.m. In view of the circumstances which you report you are authorized in your discretion to inform the Spanish Government that while this Government has no thought of objecting in principle to the establishment of an oil monopoly in Spain, it is somewhat disturbed by reports which have reached it indicating that the capitalization of the corporation to exercise the monopoly and to pay for the property to be expropriated appears to be quite insufficient for the purpose; and that accordingly this Government is impelled to observe that it expects that the Spanish Government will grant full and fair compensation to all American interests concerned by which is meant the fair value of the property taken over and such damages as may reasonably be considered to have resulted to other property by reason of the taking. You may further state that this Government will expect for its nationals no less favorable treatment than that accorded the nationals of any other country.
You may inform the interested companies of your action in the premises.