THE CUBA REVIEW 



21 



FINANCIAL AND RAILROADS. 



Havana Electric Annual Report. kilometers. From Bayamo another ex- 



The Havana Electric Co. has issued its tension will be built to Manzanillo, 



report for the year ended Dec. 31, 1908. about 45 kilometers. 



The income account compares as fol- The concession represents a subsidy of 



iQ^g. about $1,500,000, which may be reduced 



1908. 1907. 1906. a quarter of a million if the government 



Gross (Ry.) *i.937.797 $1,810,888 $1,621,209 ^ advantage of its right to make the 



^"P"^^^^- ''' 97i.,2.3 9ai.7.3- 1,031,373 ^^^^^^^-^^ ^5^00 instead of $6,000 per 



Net (Ry.) $966,u72 $846,156 $580,836 kilometer 



OtUer inc. (stage.) 64,311 78,796 40.863 ^^^^j^f ^\;^ ,„^d will develop OUe of the 



Total income ...$1,030,383 $924,952 $630,699 richest sections in Cuba. 

 Charges and taxes. 454,781 558.877 ^98,313 ^j^^ contract provides for a reduction 



Surplus $575,602 $366,075 $132,386 jn the subsidy to $5,000 per kilometer 



Dividends *374,634 275.000 200,000 .^ deemed advisable, and grants the gov- 



Surpius $200,968 $91,075 $67,614 ernment a special train and special rate 



^i7i908 includes 6% on the preferred and 1% on for each soldier of one cent per each 



the common stock. The balance. $200,968. is equal kilometer for all troops transportea when 



to an additional 2.67o on the $7,463,000 common needed, 

 stock outstanding. 



1908. 1907. 1906. 



Operating mileage 50 50 50 



Gross^earnings per mile of^^^^^^ $36,217 $31,406 Cuban Securities Attractive. 



Net earn, per mile of road 19,168 16,923 12,25i , . , 



Manager Steinhart's report states the The permanent treaty between the 

 total trackage at present to be 57.35 United States and Cuba, known as the 

 j^jjgg "Piatt Amendment," has been the prin- 

 The construction of necessary new cipal cause for the investment in Cuban 

 lines are contemplated and plans have government and other securities by con- 

 been drawn for the company's new ofifice servative investors. The force of this 

 building, which will soon be erected, treaty, especially as regards the debt- 

 One hundred and forty-nine stages or making power of Cuba, was not thor- 

 guaguas are in daily active service in the oughly appreciated until the United 

 city and suburbs. States government, on transferring the 



control of the island of Cuba to the 



Havana Electric Railway Earnings. Cuban people on January 28 last, made 



The Havana Electric Railway's gross it plain, through Governor Magoon, that 



earnings during the week ending March the United States understood that this 



14 were $39,596.20. as against $38,742.60 treaty forbade the government of Cuba 



tor the corresponding week in 1908. from assuming or contracting any public 



During the week ending March 21 the debt in excess or in addition to the debt 



earnings were $38,323.85, as against $39,- already contracted or authorized by now 



707.55 in the corresponding week of 1908. existing laws, and that no further indebt- 



edness would be recognized by this 



Cuba Railroad Extension. government as valid. It is believed that 



On March 25 President Gomez signed the control which must continue to be 

 the document obligating the government exercised by the United States over 

 to subsidize the Cuba Railroad to the Cuban affairs, as well as the fact that the 

 extent of $6,000 per kilometer for the revenues of Cuba are more than ample 



new extension to be built from Marti, to provide for the service of its debt 



southeast to Bayamo, thence east to will make Cuban government issues at- 

 Jiguani, Baire and Palma Soriano, 200 tractive to investors. 



QUOTATIONS FOR CUBAN SECURITIES. 



Supplied by LAWRENCE TURNURE & CO., New York City, April 14, 1909. 



Bid. Asked. 



*Repnblic of Cuba 5 per cent, bonds 103 103 J4 



Republic of Cuba 6 per cent, bonds 100 loi 



Republic of Cuba 5 per cent, new bonds (interior loan) QSVi 94/4 



Havana City first mortgage 6 per cent, bonds 105 106 



Havana City second mortgage 6 per cent, bonds 104 106 



Cuba Railroad first mortgage S per cent, bonds 98 100 



Cuba Railroad preferred stock 62 66 



Cuba Company 6 per cent, debentures 80 90 



Havana Electric consolidated mortgage 5 per cent, bonds 89 90 J4 



Havana Electric preferred stock 86 88 



Havana Electric common stock 49 50 



Matanzas City Market Place 8 per cent, bonds ctfs 103 104 



* All prices of bonds quoted on an "and interest basis." 



