824.51/107: Telegram

The Minister in Bolivia (Cottrell) to the Secretary of State

18. Chamber of Deputies yesterday passed bill in approximate form desired by New York bankers authorizing immediate loan of $19,000,000 also additional $4,000,000 as needed for completion Potosi-Sucre railway. Bill also provides that bonds held by Ulen Contracting Corporation be refunded and consolidated with new loan making total amount $33,000,000. Of this sum $24,000,000 are to be offered to public immediately and additional $9,000,000 within next 2 years.

Little opposition looked for in the Senate where bill is expected to pass this week.6

Cottrell
  1. The loan law was promulgated by President Saavedra, May 24.