860C.51/1361
The Ambassador in Poland (Biddle) to the Secretary of State
[Received August 17.]
Sir: Supplementing this Embassy’s telegram No. 112 of June 27, 1938,19 and earlier communications with respect to the conversion of Polish dollar obligations, I have the honor to forward herewith copies in translation of the definitive Polish legislation providing for the conversion of (1) Standard Car Finance Corporation credits of $5,669,036.98, (2) the Dollar tranche of the 7% Stabilization Loan of 1927, and (3) the 6% Dollar Loan of 1920, together with one copy only of the Polish texts of these laws.20
These laws, which became effective on July 26, 1938, the date of their publication in the official Warsaw Dziennik Ustaw (Journal of Laws) No. 52 give legislative effect to the conversion offers made by the Polish authorities to representatives of American holders of the above-mentioned obligations. The Department is fully conversant with the background of these conversions and it is hoped in official circles at Warsaw that the long and involved conversations connected with the conversion of, and resumption of payments on, these dollar securities have now been successfully concluded and the issue permanently settled.
Respectfully yours,
- Not printed.↩
- Four enclosures not printed. Translations of the Polish laws of July 14, 1938, effective July 26, 1938, for the conversion of the 7% Stabilization Loan of 1927 and the 6% Dollar Loan of 1920, are given in Annual Report, 1938, pp. 883 ff. With regard to the Standard Car Finance Corporation credits, see telegram No. 117, September 28, 1937, from the Ambassador in Poland, Foreign Relations, 1937, vol. ii, p. 539, and footnote 26, p. 540.↩