22 



THE CUBA REVIEW. 



FINANCIAL AND COMMERCIAL MATTERS. 



Sale of the Cuba Eastern. 



A decree of foreclosure and sale of the 

 Cuba Eastern Railroad, signed by Judge 

 Hough, was filed July 29, at New York, in 

 the United States Circuit Court by Frank 

 Gledhill and Henry H. Parmelee, who suc- 

 ceeded the Knickerbocker Trust Company 

 as trustees under the first and refunding 

 six per cent, fifty-year gold bonds mortgage 

 for $2,859,000, dated March 1, 1907. 



In March, 1907, the defendant road issued 

 $2,859,000 of first and refunding mortgage 

 bonds. The mortgage was duly delivered 

 to the Knickerbocker Trust Company to- 

 gether with title to all the road's property, 

 including franchise, privileges, etc. 



On March 31, 1909, the trust company re- 

 signed its trust and the plaintiffs, Gled- 

 hill and Parmelee, were appointed trustees 

 an its stead. 



The complainant states that the Eastern 

 iRailroad of Cuba has defaulted in the pay- 

 Tnent of the interest coupons of the first 

 -mortgage bonds due March 1, 1908, as well 

 • as on those due September 1, 1908, and 

 March 1, 1909. The amount of the prin- 

 -cipal of the bonds and the amount of inter- 

 »est due make a total of $3,185,878.50. 



Besides the property of the Cuban Eastern 

 IRailroad Co. to be sold, the decree of fore- 

 closure describes: $1,154,000 first mort- 

 gage 50-year 5% gold bonds of the North- 

 eastern Cuban Railroad Co., with March, 

 1908, coupons and all other coupons ma- 

 turing subsequent thereto, attached ; $126,- 

 000 first mortgage 6% gold bonds of the 

 Cuban Eastern Terminals Co., with Feb- 

 ruary, 1908, coupons and all other coupons 

 maturing subsequent thereto, attached; 

 $450,000 (par value) of 6% debenture bonds 

 of the Northeastern Cuban Railroad Co., 

 with February, 1908, coupons and all other 

 coupons maturing subsequent thereto, at- 

 tached. 



The road owns forty-two miles of track- 

 age and leases fifty-three, making a total 

 of ninety-five miles. 



The properties are to be offered for sale 

 as an entirety by Henry Melville who has 

 been appointed special master by the court, 

 and the auction is to take place in the Post 

 Office Building in New York. 



Canada and Cuba. 



With banking, railroad building, elec- 

 tric railway service, insurance and ship- 

 ping in Cuba, Canadian interests are 

 most prominently identified. In other 

 fields of effort, Canadians also have con- 

 tributed materially to the advancement of 

 Cuba. 



Canadians are grasping trade oppor- 

 tunities offered, particularly in those 

 lines of which, to use a recent state- 

 ment of Sir William Van Home, "the 

 Americans have lost sight." The Do- 

 minion Government, foreseeing the 

 growing character of Canada's trade 

 with this Island Republic, established 

 a Canadian Trade Commissioner at Fla- 

 vana. The total trade of Canada with 

 Cuba last year was in the vicinity of 

 $2,000,000, a very satisfactory initial 

 showing. — Halifax Morning Chronicle. 



The Cuba Railroad Company. 



Statement of earnings and expenses for 

 the month of June, 1909: 



1909. 1908. 



Gross earnings .. .$196,704.41 $145,567.12 

 Working expenses. *105,057.53 92,663.19 



Net profits $91,646.88 $52,903.93 



Fixed charges for 



month 34,773.61 32,353.04 



Surp. for month $56,873.27 $20,550.89 



Gross earn, from 



July 1 $2,157,165. 12$2,039,467.95 



Net prof. fr. July 1. 950,088.81 721,287.59 

 Fix. chgs. " " 399,290.26 365,863.34 



Surplus " •" $550,798.55 $355,424.25 

 * Included in working expenses are 

 the following expenditures for extraordi- 

 nary replacements: 



This month $8,000.00 



To date 96,000.00 



Lower Prices Wanted. 



General Carlos Garcia Velez, the Cu- 

 ban Minister to the United States, made 

 recently an extended trip through the 

 Middle West, studying conditions affect- 

 ing prices of American goods in Cuba. 

 The Minister found that the prices of 

 corn, lard, flour and other products are 

 about doubled by the time they reach 

 Cuba. This is partly due to transporta- 

 tion and freightage, and the Cuban gov- 

 ernment is understood to be anxious to 

 bring about a remedy in this line so that 

 prices may be lowered. 



Storage Charges. 



Through a circular issued by the Cuban 

 Treasury Department, July 17, the sums 

 of 3, 314 and 7 cents per hundred kilos 

 are fixed as the charges to be applied for 

 storage of goods placed at the general 

 stores of the custom houses. 



