The Acting Secretary of State to the American Delegation to the Seventh International Conference of American States
23. For the Secretary of State. Your 15, November 27.73 The Executive Committee of the Bondholders’ Association has been meeting very frequently in New York. They are ready to incorporate and begin work generally when and as they solve the question of financing themselves. This has turned out to be a very great anxiety. A second refusal by Rockefeller Foundation was unexpected. A tentative plan under which banking institutions would be assessed, to be worked out with the help of the New York Federal Reserve System, is now under consideration and there is hope that it may be put through before the end of the week.
As you know, the group has even now on its own responsibility become active in regard to the Brazilian debt situation.
Stevens74 has been offered and accepted permanent chairmanship. If this question of finance cannot ultimately be solved I suppose consideration will be renewed of Title II of the Securities Act75 because default situations are tending to extend and intensify themselves.