The Minister in Bolivia ( Cottrell ) to the Secretary of State
[Received May 23—5:35 p.m.]
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
- The loan law was promulgated by President Saavedra, May 24.↩