The evening times., 1899-04-07
New York Cotton Market
APPEALS FROM CUBA.
Both Creditors and Debtors Seeking
for Relief.

Tor ReIfef.
Creditors and debtors in Cuba are both
appealing to the Washington authorities
for relief. The creditors are afraid that
Governor General Brooke will issue an
order carrying out the plan OF the Sugar
Planters Association. This provides in
I substance for an extension of credits
through a period OF six or seven years. II
is admitted on all hands that the land
owners in Cuba cannot pay their debts
now, and If foreclosure of mortga were
permitted it would bankrupt three-fourths
OF the planters and many small property
owners. Weyler issued 4 decree extend
ing the time in which debts on city and
country property could be collected. B.anco
extended the decree for another year. Cen
eral Brooke has extended il as a temporary
measure until May /. pending a permanent
plan That is what alarms the Spaniards,
who have money loaned on plantations and
other property. They fear that the new de-
cree will bankrupt them. The argume nts
| they have forwarded TO Washington are
that the propositions of the Sugar Plant
ers' Association amount TO confiscation
OF their creditors money. They argue
against j sweeping decree of any kind by
the military authorities on the ground that
it is revolution in the Spanish code OF
civil law. and that it completely upsets
the law of hypothecation for the benefit of
a class
The Spanish laws are. as a rule. lenient
10 debtors. Much difference Of opinion ex-
lists among the officials in Cuba regarding
the provision which should be adopted.
Senior d dEsvernine General Brookes Sec
retary of the Treasury. is expected in
Washington this week 10 confer with ih'
President and the o;her officials of the Ad
ministration. He is lawyer. and is es
pecially familiar with the law of mort
cages. II is admitted that something will
have to be done for the sugar planters, but
whether the existing laws Will be modified
to the extent which they ask is doubtful.
They complain that mere extension OF
the time in which the mortgages can be
collected though IL may be for full year.
will be OF no real benefi; to them. In order
| 10 reconstruct the sugar industry they
! must know where they stand. Their rep
resentatives say that if the plan which
the sugar planters have proposed is adopt
ed they will be able to secure loans for
next year, and in the fall begin planting
/ cane on many of the plantations which
have not been worked for the last four
| years. This season little cane has been
/ planted. because the planters could not get
/ the means. 1t is therefore probable that
/ next years sugar crop will not materially
| exceed the present one.
| II the planters can secure a definite
/ STATUS tnty are All comment tney can get
! the means to plant next fall, and that will
| mean within fifteen or eighteen months
/ thereafter something like :: normal sugar
crop in Cuba. But they want five
or six years in which to pay their existing
/ debts. The interest charges on most Of tn
| sugar plantation loans are neavy, rang ng
! from 10 to is per cent. In the last few
months some Of the planters have sue
ceeded in refunding their loans and sacgr-
! ing American capital at reduced interest
but these cases have been the exceptional
ones. Most of the mortgages are held by
! Spanish capitalists. Secretary Alger il
said TO disapprove the plan which had
| been formulated by General Brooae's cabi-
| net and that is one of the reasons Why
! Senior d'Esvernine is coming to Washing
I ton. Secretary Alger's experience with
the agreement by which the Spanish Bank
of Cuba was to be permitted 10 collect the
! taxes is said 10 have made him cautious
regarding fiscal affairs in the stand. In
that instance. however. the American mill
| tary authorities were opposed to making
| the bank the tax-collecting agent. y bile in
the present case they favor soIle more
| general measure than a mere extension of
| the time in which debts can be collected.