New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-04
FIN4NCIERS 4PPROVE 1T.
Would Like to See Dominican At
fairs Strengthened Out.

New-York fiuaEcieTs whose operations IN De-
half OF the Dominican government a number Of
years ago resulted. by way of final settlement
in an award of ST 100000 by protocol. which
award is aow being collected out of the GUS
toms receipts of the republic by American
financial agent. declared yesterday that any
movement on the part Of the United States to
strengthen the government of the republic of
revolt would be heartily seconded. They say
that San Domingo can pay off her debts and
get on a sound financial basis in a short time
81 the customs service is honestly admins
tered.
In proof Of this assertion they point to the
fact that the customs receipts at Puerto Plata
had increased fully one-third since the Ameri-
can agent took charge there last October, al
though there had been practically no increase
IN trade. In other words. one-third of the just
revenues Of the government was being diverted
under native mana cement of the customs.
z D. York. general secretary of the San DOM
inican companies which have offices in the
Empire Building. said yesterday to a Tribune
reporter:
The San DOMINICAN companies consider them,
reeves out of the running. Cur claims
against the republic have been taken up bv the
government of the United States and settled nv
arbitration. The arbitration board rna6a fIil
provision for the collection Of the award and
tne whole matter is I'm the hands of the govern
TWO governments, rather than between a pri-
mingo. " i ~
American capitalists started in % straighten
GUY Inc financial tangles of the Dominican
government ten or twelve years ago. when
Heureaux was President. There were several
companies concerned, including the San Donun
SO improvement Company. the San Domingo
Elnance company, the Company of the Central
dominican Railway and the National Bank of
San Domingo Bonds previously hoate6 In En-
rope al hleh rates OF interest were called in and
new per cent bonds issued AEbanking system
vas established on firm and trustworthy basis
Flfty miles of railroad was built and is now In
operauon. For time relations between the
companies and the government were most
friendly and satisfactory The COMPANIES had
charge or the customs offices. and the collec-
Uons were honestly made and divided
When Jimenez came into the Presidency the
trouole OF the financial companies began He
repudiated the arrangement made by Heureaux
and TOOK over the custom houses. In 1901 the
american companies began an effort to assert
thsir rights. 1t finally resulted in a treaty in
1905. which left the settlement to a board of
arbitration.
On January 81. 1903 It was decided that the
dominican government should pay this govern
rnent S4.5000GO in American gold as fun in
defnnity for the REIMBURSEMENT of the rights
and properties of the American companies men
toned in the foregoing and in full settlement
OF all their claims. The terms of payment of
the Indemnity thus agreed upon We're to be re-
ferred to board of three arbitrators one TO
cs named py the PRESIDENT OF the United States.
one by the President Of Santo Domingo and
by these two jointly. John G. Carlisle Don
Manuel de j. GarVin and Judge George Gray.
ot the United States Circuit Court, finally
chosen.
They decided that ninety days after making
their award all the rights OF the three compa-
MES named, consisting of 6,33S shares of the
capital stock Of The National Bank of Santo Do
ulingo. should he delivered to the Dominican
government on the receipt Of a general release
When the Dominican government should pay
Sl.JO0,009, being part CT the principal ndebt-
edness, the allied compari should deliver their
Shares in the Dominican railway When the
principal of the general Indebtedness be re-
duced 20, S2oT6225 the ccrlpan:es should de-
liver the Dominican government bonds which
they held.
The committee awarded ger cent interest II
decided tfat the principal and interest should
be paid in monthly instsln1evitS - S33.500 for
the first two years and Sal TO; G6 monthly
thereafter TO the firanlial agent cS the United
States on the first day &C each month.
In case of default in tie monthly payments
1t was provided t,3ct the American financial
sgeat might forthwith enter into the posses
sion of the custom house at Porto Plata in the
tcn Of the customs dut=s ana pC;t dies al the
said port" John T Abbott was chosen 10 see
that the terms of tie agreement we're carried
out In October last payment was defaulted
and Mr. Abbott toalS possession OF the port of
Porto Plata. the principal port on the north
coest He found hat the government was Being
who allowed serious urGervauations and di-
verified the receipts. Since the American agent
average % per ceat more in customs than their
invoices showed.
The claim TIA. sauto Domingo IS poor and
cannot pay her jUst debts is nonsense. An hon
est administration cS the customs is all that
ss needed TIE 20 ger cent Of additional funds
which this collection would bring would be
enough TO ply 1te coulttry's Indebtedness. The
oniy objection - The installation of American
collectors seems 10 have come from native Gus
President Carlos f Morales has come 10 realize
the benefits that you'd come from american
try IS firmly on It's feet Financially.