File No. 817.51/582.
Brown Brothers & Company and J. and W. Seligman & Company to the Secretary of State.
Dear Sir: Upon receipt of your telegram of the 17th instant we took the matter up with Señor Cuadra, the Financial Agent of Nicaragua, and with Mr. Douglas, legal adviser of the Nicaraguan Government.
While we regret that it has not been possible for us to eliminate from the proposed contract the security of the 49% of stock of the railroad, we are glad to inform you that an understanding has been arrived at which meets the views of Señor Cuadra and of Mr. Douglas, and which we trust will meet your approval. Mr. Douglas informs us that he will discuss the matter with you in detail, and that it will be unnecessary for us to write you further at this time.
We note your request that the proposed contract shall not be signed until after submission to you. We are anxious to do nothing in this matter which does not meet with your full approval, and we shall therefore gladly comply with your request.
We have [etc.]
J. and W. Seligman & Co.