Papers relating to the foreign relations of the United States, 1930, Volume I

811.51632 National City Bank/4: Telegram

The Acting Secretary of State to the Ambassador in Brazil (Morgan)

Washington, February 28, 1930—4 p.m.

7. Department’s 6, February 27, 7 p.m. Following telegrams signed Hart,²⁷ National City Bank, Buenos Aires, dated the 27th, given to the Department by National City Bank:

“Following cable received from Moran:²⁸ ‘It is important Head Office emphasize to State Department need for urgent and strong action to prevent this case flagrant injustice of a colossal fine for transactions which Government themselves had originally approved as legal and in order. Important also to add that even clandestine transactions were approved by Government fiscal by signatures on brokers note at broker’s request after we had denied and repudiated the transactions. State Department should be ready insist upon Government permit guarantee instead of deposit in view of amount.’”

“The National City Bank of New York, São Paulo, Brazil, notified officially today have 15 days to make deposit and defense.”

Carr

27. Vice President of the National City Bank of New York.
28. Local manager of the São Paulo branch.