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Updated: May 7, 2025
Finally an Amsterdam banking house, Westendorp & Co., was interested and in 1888 and 1890 floated the second and third bond issues for L770,000 and L900,000 respectively.
Westendorp was almost ruined by this occurrence and became anxious to draw out of his Dominican entanglements. He applied to Smith M. Weed and Brown and Wells, New York attorneys, to negotiate a sale of his bonds to the United States government, transferring also his right to collect the Dominican customs.
President Heureaux therefore considered himself fortunate when the Dominican government was able, in 1890, in connection with a bond issue, to make contracts with the banking firm of Westendorp & Co., of Amsterdam, for the construction of the section of the railroad from Puerto Plata to Santiago. Belgian money was furnished and Belgian engineers made the plans.
For the purpose of providing for the service of the loan a collection office known as the "caisse de la regie," or simply "regie," under the management of Westendorp, took charge of the customhouses with the obligation of paying a certain amount to the government monthly and devoting the remainder to payment of interest and sinking fund of the loans.
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