THE CUBA REVIEW 



RAILROADS, FINANCIAL AND COMMERCIAL 



CONSOLIDATION OF UTILITY COMPANIES 



The Havana Electric Railway, Light & 

 Power Co., of which $15,000,000 6 per cent 

 preferred and $ir),00(),000 common stock 

 was recently listed on the Stock Exchange, 

 is a consolidation of the Havana Electric 

 Railway Co. and the Havana Gas & Elec- 

 tricity Co., as already mentioned in the 

 June Ci;ba Review. 



The new company was incorporated un- 

 der New Jersey laws, in March, 1912. 

 Stocks of the new company were exchanged 

 on the basis of $110 par value preferred, 

 and $2.5 par value common, for each $100 

 par value preferred of Havana Electric 

 Railway, $140 par value common for each 

 $100 par value Havana Electric Railway 

 common ; and $110 par value preferred, 

 and $25 par value common for each $10 

 par value of Havana Gas & Electricity 

 stock, to provide funds for improvements 

 and extensions of the properties, and to pay 

 expenses of consolidation ; $2,900,000 pre- 

 ferred and $1.7.")(),iiO() common are to be 

 sold. 



The new company operates about fifty- 

 nine miles of street railway lines in Ha- 

 vana and vicinity, and ISO guaguas (stages) 



Frank Steinhart, former United States consul- 

 general to Cuba, and now general manager of the 

 Havana Electric Company. 



on the streets of the city. It also will 

 operate a gas plant with a capacity of 

 .390,000,000 cubic feet a year, and electric 

 power plants of 7,200 kilowatt capacity, 

 with coal yards, wharves, and an ofifice 

 building. The street railway has $9,554,000 

 consolidated mortgage 5 per cent bonds 

 outstanding, while the gas and electric 

 company has $10,674,183 bonds outstanding. 

 ■The railway company has paid 6 per cent 

 on its preferred, and 6 per cent on its com- 

 mon stock for the last two years, while 

 the gas and electric company has paid 8 

 per cent dividends on its stock. The plan 

 of consolidation was assented to by 97 per 

 cent of the stockholders of the gas and 

 electricity company, and 95 per cent of the 

 stockholders of the street railway company. 

 Earnings of Havana Gas & Electricity 

 first quarter of 1912, and twelve months 

 ended December 31, 1911, show: 



Eirst Quart. 12 Months 

 1912 1911 



Gross earnings $659,853 $2,991,553 



Net earnings 353,996 1,472,250 



Net income 228,703 960,036 



Earnings of Havana Gas & Electricity 

 Co. for first quarter of 1912, and twelve 

 months ended December 21, 1911, were : 

 First Quart. 12 Months 

 1912 1911 



Gross earinngs $513,161 $2,208,607 



Net earnings 331,373 425,454 



The income statement of the combined 

 companies for the first quarter of 1912 

 shows net earnings of $685,396 ; deductions 

 for bond interest, taxes and other cliarges, 

 $211,358 : surplus for the quarter, $474,038. 

 The combined profit and loss surplus of 

 the companies, as adjusted Januarv 1, 1912. 

 was $2,138,432. 



A cable report announced the death on 

 June 17th of Sr. Juan Lopez Sena, editor 

 of El Avisador Comercial. the well known 

 commercial daily of Havana. Senor Sefia 

 died at Santander, Spain, where he had 

 gone to spend a short vacation. 



He has been president of the Produce 

 Exchange and of the Cuban Press Asso- 

 ciation. He was considered an authority 

 on Cuban commercial subjects. The body 

 was brought to Cuba for interment at Colon 

 Cemetery, Havana. 



The United Kingdom's importetion of 

 unrefined sugar from Cuba, for the first 

 five months of 1911 and 1912 compares as 

 follows : 



1911 1912 



2,625 tons 59,462 tons 



