832.51 Sa 6/128
Field, Glore & Co., International Acceptance Bank, Baker, Kellogg & Co., and Ulen & Company to the Secretary of State
[Received July 20.]
Dear Sir: The undersigned desires to call the attention of the State Department to a statement of facts submitted to the Department [Page 1026] by the law firm of Curtis, Mallet-Prevost, Colt & Mosle on our behalf under date of March 22nd, 1928,9 regarding our claim against the State of Sao Paulo, Brazil. This statement of facts sets forth very clearly the obligation upon the part of the State in an amount of approximately $380,000 which obligation the State has definitely defaulted in fulfilling.
Our attention has lately been called to the report that this same State of Sao Paulo contemplates the flotation on the American market in the immediate future of upwards of $15,000,000 of its bonds which bonds will be sold to a wide list of American investors.
It is our feeling that the facts as stated in the memorandum submitted by us should be given full consideration in connection with the reported new loan and we should appreciate it if the Department will take full cognizance of said memorandum in determining its attitude toward any such proposed loan.
We take the liberty of inquiring whether under these circumstances the Department would give its approval to a loan to a borrower known to be in default as indicated in the above mentioned memorandum. We wish furthermore to point out that we are in no way interested in the contemplated loan to the State of Sao Paulo and are in no sense competitors of the bankers who are negotiating it.
Respectfully yours,
By
International Acceptance Bank, Inc.
By
Baker, Kellogg & Co., Inc.
By
120 Broadway,
Ulen & Company
By
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