893.515/575: Telegram
The Consul at Tsingtao (Sokobin) to the Secretary of State
[Received May 27—10:42 a.m.]
Referring to Department’s telegram number 135, May 21, 5 p.m., not the slightest sign of boycott has been observed in Tsingtao nor have there been noted any indications that such a boycott is contemplated. Likewise no manifestations of anti-American feeling for any reason have been shown.
American financial situation here is indeed difficult but in responsible and enlightened circles there is no special disposition to believe reasons for difficulties lie entirely or primarily in our silver program.
It appears to the Consulate most significant that the Chinese bank which failed here last week as reported by telegraph to the Department on May 23 [24], 4 p.m.1 was heavily involved in real estate enterprises and real estate loans just as the American Oriental Bank in Shanghai was likewise closely affiliated with a real estate company and I venture to offer personal opinion that real estate slump particularly in Shanghai is playing greater part in financial crisis of China than is our silver program.
- Not printed.↩