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December 22, 1935

Talk at the lunch table with Foley of Philippine National Bank; said he had seen the President the afternoon before; Quezon was much preoccupied with the Friar Land crisis. I asked Foley whether the Philippines could raise money on a bond issue to purchase these lands; he said it would be very difficult and that the Philippine National Bank would have to stand ready to take up the issue –he added that the rich men like A. Soriano and the Elizaldes would have to take part of the issue “and they won’t like it.”