THE CUBA R E V I E W 



17 



"They have a very hirge clTapter of the 

 American Institute of Banking, and a large 

 development is being made in educational 

 lines, and while American banking is not 

 in full control of the situation at the pres- 

 ent time, yet it seems very probable that 

 in a few years they will be the controlling 

 force.'" 



The association at the same meeting 

 oflficially declared their belief that their 

 trip to Cuba "has done more to extend 

 the influence and reputation of Chatta- 

 nooga's industrial resources than any one 

 thing which has been undertaken l)y this 

 association, and we look forward to a large 

 extension of our export trade and a closer 

 and more intimate knowledge of the people 

 and trade of our adjoining country and 

 neighbor. 



"The trade interests of both countries 

 cannot help but be benefited materially by 

 this trip." 



The Cuban Consular Agent J. W. 

 Rawlings was presented with a beautiful 

 loving cup. 



HAVANA ELECTRIC MERGER 



Speyer & Co. gave notice March 12th to 

 the preferred and common stockholders of 

 the Havana Electric Railway Company and 

 to the holders of the stock of Compania 

 de Gas y Electricidad de la Habana that, 

 at the request of the holders of a large 

 amount of the stock of each of these com- 

 panies they have agreed to act as deposi- 

 taries under a plan of amalgamation and 

 agreement, looking to the formation of a 

 company to hold the stock and ultimately, 

 if feasible, to a united ownership of the 

 physical properties. 



The plan has been formulated by repre- 

 sentatives of both companies and has been 

 approved by directors of Compania de Gas 



y Electricidad de la Habana and by a com- 

 mittee representing the Havana Electric 

 Railway Company. 



Participation under the plan is dependent 

 upon the deposit of stock on or before 

 April 1st with Speyer & Co. or with their 

 agent in Havana, Banca EspanoJ de la Isla 

 de Cuba. Copies of the plan fnay be ob- 

 tained from the bankers. 



It is expected that the consolidation will 

 result in substantial savings in operating 

 expenses and greatly increase the' revenues, 

 and it is the expressed: opinion of the 

 management that the earnings of the new 

 company will warrant the full dividend on 

 the new preferred stock, besides showing 

 a surplus for the common issue. 



The Havana Gas and Electric Light 

 Company, which is the English translation 

 of the Spanish title of the lighting cor- 

 poration, practically controlls all of the 

 lighting, both gas and electric,, in Havana, 

 and a merger with the lighting company 

 commended itself to the traction interests 

 as the simplest solution of their intention 

 of entering the lighting business. The 

 new corporation will be called the Havana 

 Electric Railway, Light & PoWer Company. 



The announcement of the merger re- 

 sulted in a new high record price for the 

 preferred shares of the Havana Electric 

 Company in the New York Stock Market 

 on March 13th. They sold at 115, having 

 previously sold at 110 on advance news of 

 the probable consolidation of ,the Hghting 

 and traction business of Havana. The 

 Havana Electric Railway shares have never 

 been very actively traded in, says the Nezv 

 York Times financial editor, and previous 

 to the sale at 110 none of the preferred 

 stock had changed hands in a long time. 

 For the common stock 105 was bid. The 

 latest actual sale was reported on October 

 1, 1911, at 98. 



Bridge on the plantation railway of the Central Resulta, Santa Clara Province. 

 Punta en la linea del Central Resulta a Sagua la Grande— de Juan de Dios Oi'ia. 



