832.51 Sa 6/98
The Secretary of State to Mr. Andrew Ten Eyck, for E. H. Rollins do Sons, New York
Sir: I beg to refer to your memorandum of February 2, 1928, in regard to possible refunding in the American market of the loan of the State of Sao Paulo, Brazil, which was brought out in London in 1926 through the Sao Paulo Coffee Institute.
After careful consideration, the conclusion has been reached that there is no change in the situation which would warrant modification at this time of the position taken by this Government prior to the flotation of the loan of 1926, namely, that the issue in the American market of a loan in connection with coffee valorization would not be viewed with favor.
I am [etc.]
Assistant Secretary