Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1912-01-07

two new corporations were organized last
year and the year before that there were
more than 100 home corporations in ex-
istence, with an authorized capital of
s220O0.000. While the foreign corporations
registered had an authorized capital OF
SSOO'OOOOOO with a paid In capital of over
lS5,OOOO0. Last year twenty-five new for
eign corporations were organized and
their capital was sll,OOOOOO
wealth of the Porto RIcans.
When I was in Porto Rico the people
were taxed 20 death. The assessments
were high and everything under the sun
had TO pay. Today the taxes have been
cut down and the assessments are COM
paratively low. Nevertheless the value
Of the property has enormously Increased.
II Is now assessed at 1921 10000 and
this Is estimated 90. be S76, 100000 below
the actual value. The per capita wealth
OF the island Is now about $500 or 81 900
per family of five. Take q tropical island
where on the average, II the wealth were
divided every family would receive s1OO0.
and you have the conditions as they now
are In Porto Rico.
Nevertheless. the public debt Is exceed
ingiy small. Further on | shall show YOU
what the people have been doing in im-
proving their roads, in establishing
schools, and I'm other public works Not.
Withstanding all that the net debt today
IL only a little over $4,000. 600 II Is less
IMAM per cent OF the actual value OF
the poperty, and II represents an in
debtedness per head OF less than 81
whereas our average Indebtedness per
head. the United States over. Is s5s. ,rrue
Figures do not lie, and l am told these
figures are true
They Pay Their Taxes.
Moreover, when people are well off they
pay their taxes, When they are not do
ing Wen they let them run At the close
OF this year how much OF the taxes OF
mat Island do YOU think were unpaidP
Two per cent? Three per cent? Five per
cent No! Not per cent? The treasurer
reports that only one-sixteenth OF l per
cent OF the taxes are behlndhand, ana he
expects to cut this out In the next report
The same healthy condition is shown in
the banks. Az the time we took hold the
most OF the banking was done bv the
spaniards and the interest rates ran as
high as Is per cent. Today they are
comparatively low and good loans are
made az and per cent. The hanks
have increased in number and the bust.
ness IL now done by Americans Porto
Rieans. Spaniards and Canadians There
are nine large banks, and they have alto
gether cash resources OF about a. O0NOOo
while their deposits amount 10 close 20
N2,OOo'0OO, Among the banks are two
Canadian institutions which have hsep
established since we took over the island
one is branch OF the Royal hank OF
Nova Scotia. The latter was organized
In 1870
Mig Money In Sugar.
All the big industries OF the island are
growing. Sugar has always paid better
than anything else, and that is the condi-
ton today. In 1910 the value OF the crop
was more than S23,OOOO00. aud Il repre.
scented about 90 per cent Of all the ex-
ports. Al that time the island sold
enough 10 give six pounds to every man
woman and child In the United States
with a balance sufficient to furnish
taffy pulling for millions.
The sugar plantations form a great
necklace running clear around the island
The interior is everywhere mountainous
but there is belt OF low lands along the
coast, and THE Is covered with oentralies
as the plantations are called The land
here is rich and the climate Is perpetual
summer. The cane grows for twelve
months Of the year. and II Is larger ana
sweeter than that OF Louisiana
Since the tariff was taken off. IN 1901
these lands have jumped In value. At
the time / was IN Porto Rico they could
be bought for so per acre. They are
now worth $40 an acre, and the most
Of them pay big dividends on such a val
uation.
As 10 the growth Of the industry. the
sugar exported IN 1871 was worth only
S5,OOO,ooo. In 1909 IL was worth about siO.-
Oooooo. and Il has increased steadily from
year 10 year
The Porto Itican sugar plantations are
now az well managed as any OF their
kind IN the world Biany OF them are
allied 10 the sugar trust. ana all are