893.51/3682
The Secretary of State to the American Group
Gentlemen: The Department acknowledges, with thanks, your letter of January 11, 1922,13 with enclosures as listed therein with exception of cable number 2005, January 5, 1922, to London which seems to have been omitted. The Department will be glad to receive it at your convenience.
The Department has given careful consideration to the enclosed cables, as well as to those forwarded in your letter of January 6, 1922,13 and desires to state that it understands and appreciates the position taken by the American Group that it can not lend its aid to new financing while important existing defaults continue, particularly for loans without proper supervision and for administrative rather than constructive purposes. The Department notes your expression of willingness to reconsider if the other three Groups hold different opinions.
I am [etc.]
Second Assistant Secretary