24 



THE CUBA REVIEW 



HAVANA ELECTRIC RAILWAY REPORT 



A SUCCESSFUL YEAR's BUSINESS GROSS AND NET EARNINGS 



MOST FAVORABLE FIGURES FOR SEVEN YEARS 



On December 31, 1911. the Havana Electric Railway Co. closed a most successful 

 fiscal year, the earnings, after meeting all charges and preferred stock dividends, leaving 

 a surplus available for the common stock equal to 8.84 per cent on the $7,4()3,630, 

 ■outstanding, as compared with 7.34 per cent in the year previous and fi.Gl per cent in 

 1909. The report shows that the property was greatly improved during the year, several 

 additions having been made in the various departments. 



Gross and net earnings per mile during the last fiscal period have been most note- 

 worthy when compared with previous years, as the following table shows : 



1906 1907 1908 1909 1910 1911 



Gross railway earnings per track mile $31,406 $35,218 $38,448 $40,908 $44,128 $48,016 

 Net railway earnings per track mile 12,252 16,923 19,168 22,360 23,600 25,535 



per cent per cent per cent per cent per cent per cent 

 Ratio operating exp. to gross earns. 60.98 53.27 50.15 45.34 46.52 46.82 



Stage lines: 1910 1911 



Gross earnings $384,376.37 $403,451.57 



Operating expenses 308,431.44 307,617.11 



Net earnings $75,944.93 $95,834.46 



The gross earnings of the railway since 1905 are likewise given in the report of the 

 ■company just issued and these follow: 



1905 1906 1907 1908 1909 1910 1911 



$1,477,063 $1,570,301 $1,810,888 $1,937,797 $2,106,761 $2,272,603 $2,588,049 



The gross receipts from the stage lines (guaguas) operated by the company also show 

 gradually increasing income. The number of vehicles in use is given as 181 and the 

 total number of animals used in the service as 1,512. The tables of earnings follow : 



1905 1906 1907 1908 1909 1910 1911 



$329,500 $348,801 $332,234 $339,009 $381,886 $384,376 $403,451 



In the appended table will be noted the gross and net earnings, dividends paid and 

 surplus yearly from 1905 to 1911, both fiscal periods inclusive : 



Gross earns. Net earns. Divs. paid Surplus 



1911 $2,991,502 $1,472,198 $747,818 $222,219 



1910 2,656,980 1,291,339 747,821 96,939 



1909 2,488,647 1,237,598 598,548 292,420 



1908 2,276,807 1,030,383 374,635 209,967 



1907 2,143,122 910,387 275,000 91,075 



1906 1.919.103 664,443 200,000 *31,932 



1905 1,542,870 785,796 370,920 



The following very interesting chart, which forms a part of the company's report, 

 pictures the growth and earnings of the Havana Electric for the last decade. 



I902 i9o3 i9o4 i905 l9o6 i9o7 l9o6 i9o9 l9lO i»ii 



.871,697 1,084,.^08 l,2;3.5,W-5 1,477,00:3 1,. 570,301 1,810,888 1,9.37,797 2,106,761 2,272,603 



<oRO<S6 Earmimss uess Opcqatimq Expem5e& 



2,-588, 0.50 



512,267 442,676 526,-5;38 719,990 0r2,.591 846,1-55 

 Figures in American currency. 



966,072 



1,151,.524 1,215,304 



l,376,;3(i3 



