The times., 1898-10-12
OUTLOOK IN PORTO RICO.
Most Business Inyestmenfs Are by
Foreigners.


Foreigners.
There have been organized number of
companies to direct investments in the
new possessions of America They, as
well individuals, will be interested in the
reports of correspondents about the
chances for investment A letter from
San Juan to the Chicago Record says:
Porto Ricans themselves control
larger proportion of the property and the
investments in this island, measured by
value. than do the people of any foreign
country, but this predominance is due to
the large number of small holdings
rather than the ownership of many large
concerns. Most of the commercial and
industrial undertakings of great extent
or capital are under the control of for
eign investors. if indeed they were not
originally planned and established by
them.
''As might be expected, Spanish capital
has been invested in the island to a
greater extent than that from any other
foreign country, and after the Spanish
come the investors of Germany France
Great Britain and the United States, in
the order named. 1t is a characteristic
of the first that in most instances the
Spanish investor is local resident
watching the administration of his own
enterprise which is likely TO be small but
profitable if in the cities and large and
profitable If in the country Many of the
commercial houses in retail and whole
sale trade are Spanish. the best hotels
are Spanish. some of the capital invested
In banks and mortgage loan companies
is Spanish.
1T is probable that more of this line
of investments will be on the market for
sale to Americans than any other. The
German, the Frenchman and the Eng
lishman assured of improved and more
honest forms of government with lighter
taxation under the rule OF the United
States, are looking for higher profits than
they have had in the past They have no
sentiment involved in the matter. and
will stay, unless they get prices which
make it desirable TO sell. But the Span
lard living in Porto Rico is not callous
He feels that transfer of his allegiance
will be a grief, and if he can sell out 10
fair advantage, or even at a sacrifice,
he is going to do ii. / have founu q. aw
Spanish gentlemen In business VINO are
going TO remain ana become American
citizens, but | have found many more
who are going back 70 Spain if they can.
THE cities are small part Of Porto Rico
and it IS in the hills and the valleys Of
the island that the Spaniard has most
OF his property. Furthermore. it is there
that most American investors are lkeIv
TO look for bonanzas, irrespective OF
whether or not there are such 10 be
found Most OF the plantations which
VIII go on the market-sugar, coffee, to-
bacco, cacoa, or whatever else they may
be-will be those of the Spanish owners.
They will be just as much cheaper than
those of the German or French or Eng
lish proprietor as the measurable differ
ence between the sentiment OF the Span
lard who wants 10 withdraw his capital
from the island and go home 70 Spain
and the other investor who sees prosper
ity In the change of administration and is
all the more anxious TO stay II is not 70
be forgotten that one OF the chief causes
of irritation in Cuba and Porto Rico has
been this same element of Spanish resi-
tents. Whether they have been carpet
bagging office-helders or mere investors,
It has been quite well understood that
their only intention in the island was 10
make all the money possible and then go
back 10 Spain TO spend il. They have not
been settlers as We understand the word
with the purpose of establishing home
and a household where their property
was. They have stripped the people dis
hoestly, or the land dishonesty. and then
nave gone 10 MdQIlQ or HaTlk vienna
to spend the proceeds.
In the cities the Spaniard who keeps a
retail store, whether 1t be of groceries or
dry goods or any other staple, feels that
he may be the subject of a virtual boycott
as soon as there IS anyone else with whom
to trade-not necessarily an organized !
movement but simply an inclination 10
buy from American merchants when they
come into the field. Just now there may
not be very large opportunity for Amer
lean merchants but in time IL will be one
of the best for a few of the right sort.
Under the present conditions, with a total
population in the island of only S50.000
and no large cities, the purchasing power
of the people is small, and their demands
are equally small. The element of pOpula-
ton which lives after the European and
American fashion is almost infinitesimal
TO the whole An American grocery or
dry goods store would be out of place to-
day in all but three OF four of the cities.
But as the American population begins to
enter the island il VIII demand the same
comforts and supplies with which IL was
familiar and will teach by contact the
people of Porto Rico TO want things of
the same sort. Then the retail store.
kept by man who is keen enough to un-
derstand local conditions as well as those
of American trade, viii find business wait
ing for him.
"The few who are in that line first and
learn first are the ones who are sure to be
successful. The American retail store
opened in San Juan today, for instance.
if properly run. should be successful It
would get all the best class OF business
by commanding ii. Good service. the
best goods. careful and attractive display
of the stock. and, most important of all.
the "one-price'' system, are things that
should win their way. On almost every
article of general local consumption the
United States can undesell the markets as
they have existed. Long credits will have
to go in time. both wholesale and retail.
and If the local merchants cannot adapt
themselves to the changing conditions
they no doubt will have to go. too