Lee, Higginson & Company to the Secretary of State

Dear Mr. Secretary: We have received word by cable from the Dominican Republic that an emergency law has been promulgated providing for a temporary suspension of amortization of its external bonds, but declaring its intention to continue the paying of interest punctually.

Those who hold the bonds in question undoubtedly bought them relying largely on the terms of the Convention between the United States and the Dominican Republic, and they will certainly make inquiry as to the policy of the United States concerning the temporary modification of these terms declared by the Dominican Republic.

We know that the financial difficulties of the Dominican Republic have been the subject of consideration by your Department and we shall hope to receive some statement as to your policy and action which we can communicate to the bondholders.

Faithfully yours,

Lee, Higginson & Co.