In order to obtain more positive information with reference to outstanding Dominican indebtedness, for use in connection with the pending fiscal treaty, the American government in the early part of 1905 commissioned a financial expert, Prof. Jacob H. Hollander, of Johns Hopkins University, to proceed to Santo Domingo and make an investigation of financial conditions. Prof. Hollander, in an elaborate report, found the amount of the claims pending against the Dominican Republic on June I, 1905, to be $40,269,404.38, distributed as follows: Bonded debt........................ $17,670,312.75 Liquidated debt...................... 9,595,530.40 Floating debt........................ 1,553,507.79 Declared claims...................... 7,450,053.89 Undeclared claims.................... 4,000,000.00 -------------- Total indebtedness................. $40,269,404.38 The bonded debt, as above designated, comprised the public indebtedness represented by outstanding bonds; the liquidated debt consisted of items secured by international protocols or by formal contracts; the floating debt consisted of admitted indebtedness, neither funded nor secured, but evidenced by public obligations; the declared claims were claims presented for reimbursement or indemnity but not expressly recognized by the government; and the undeclared claims were claims of the same nature not yet formally presented. A brief description of each of these items will afford an idea of the general character, of Dominican financiering and a better understanding of Dominican history. _Bonded Debt_. The bonded debt held by Belgians and French and amounting to $17,670,312.75, was the final outcome of eight consecutive bond issues floated by the Republic, as follows: Interest per Term Date Amount cent years Name_ 1869 L 757,700 6 25 Hartmont loan 1888 L 770,000 6 30 Westendorp loan 1890 L 900,000 6 56 Railway loan 1893 L2,035,000 4 66 4 per cent consolidated gold bonds 1893 $1,250,000 4 66 4 per cent gold debentures 1894 $1,250,000 4 66 French-American reclamation consols 1895 $1,750,000 4 66 1897 L1,736,750 2-3/4 102 Obligations or de Saint Domingue L1,500,000 4 83 Dominican unified debt 4 per cent bonds