File No. 817.51/573a.
The Secretary of State to Brown Brothers & Company and Seligman & Co.
Washington , Sept. 17, 1913 .
Before signature would like to see copy of contract agreed upon between Nicaraguan Government and yourselves. We do not see any necessity for including the forty-nine per cent of the stock of railway to secure the loan of one million dollars, especially if revenues of this portion of road are pledged.