THECUBAREVIEW 25 



HAVANA ELECTRIC RAILWAY. LIGHT & POWER 



COMPANY 



THIRD REPORT OF THE DIRECTORS FOR THE YEAR ENDED 

 DECEMBER 31. 1914 



At the Annual ]Meetinj2; of the shareholders of the company, duly held on the twenty-first 

 day of Ma}^, one thousand nine hundred and fourteen, and with the consent of the liolders of 

 98,42-1 shares of Preferred Stock, it was resolved that the Board of Directors be authorized to 

 issue at such time as to them might seem fit, the Company's Mortgage Bonds, for a total 

 amount not exceeding twenty-five million dollars, in order to consolidate in whole or in part the 

 outstanding bonded and floating indebtedness of the company, to provide fimds for the acqui- 

 sition of other properties, for the future extension of the business and properties of the company, 

 for the completion of its lines of railway and other properties under construction for the pur- 

 chase of additional rolling stock and for other corporate purposes, and at a Special Meeting 

 held by the Board of Directors on the twenty-fourth day of Juh, nineteen hundred and 

 fourteen, and with the specific consent of the holders of more than a majority of the Preferred 

 stock of the company, it was resolved that the General Mortgage 5% Sinking Fund Gold 

 Bonds be issued and used for the following purposes: 



Four million dollars, face amount of said bonds, for general corporate purposes. 



SLx million dollars, face amount of said bonds, in exchange for or to acquire the six million 

 dollars par value outstanding six per cent. General Consolidated Obligations or Bonds of the 

 Compania de Gas y Electricidad de la Habana; 



Six hundered thousand dollars, face amount of said bonds, in exchange for or to acquire 

 the (English) mortgage bonds issued by the Compania de Gas y Electricidad de la Habana; 



Seven million five hundered thousand dollars, face amount of said bonds, in exchange for 

 or to acquire seven million five hundred thousand dollars face amount of the Consoliclated 

 Mortgage 5' c Gold Bonds of the Havana Electric Railway Company; 



Two million five hundered dollars, face amount of said bonds, or so many thereof as may 

 be necessary to assist the Company in refunding the General Consolidated Obligations or 

 Bonds, the English Bonds and the Havana Electric Railway Company Consolidated Mortgage 

 Bonds; and 



Four million four hundered thousand dollars, face amount of said bonds, together with all 

 the bonds other wise reserved and not needed or used for the purposes for which thej' are 

 reserved, are to be issued at the rate of not exceeding seven hundred and fifty thousand dollars, 

 face amount, per annum for betterments, improvements and acquisition of new j^roperty and 

 to be issued only for an amount of principal ecjual to eighty per cent, of the cost thereof. 



The past year has witnessed more construction work and greater development of the 

 physical plant than any other in the history of the property. 



The Consolidated Power Plant, for which ground was broken in 1913, was substantially 

 completed and carrying three quarters of the total load at the end of 1914. The rest of the 

 load will be taken up l^y this plant and all the old power plants will be permanently shut down 

 as soon as the cable connections to the electrical distributing sj^stem can be furnished, which 

 will be early in 1915. 



The new power plant is situated in a part of the property known as the Tallapiedra Tract, 

 bounded by Alambique, Diaria and Aguila streets and the ba^' of Havana, 8^4 acres (35,000 

 square meters) in area and with a frontage of 600 feet on the harbor. The plant building is 

 placed so as to leave open spaces all around it for passage and for fire protection and bteween 

 these and the streets, room for warehouses, shops and other Iniildings. The track is crossed by 

 the zone of communication, 25 meters (82 feet) wide, containing the double track surface and 

 elevated lines of the Havana Terminal Railroad. Along the entire water front a very substan- 

 tial reinforced concrete wharf is being constructed and a complete track system is being laid for 

 the service of the power plant, the w^harf, store houses, etc., connected to the tracks of tlae com- 

 panj' and those of the Havana Terminal Railroad. 



The nev.' power plant starts with a capacity of 37,500 kw., equivalent to 50,000 electrical 

 h. p., in three steam turbine generators served by twenty-four 600 h. p. water tube boilers with 

 automatic stokers. There is a complete equipment to receive coal from lighters or ships at the 

 private wharf of the plant and deliver it into the furnaces and to remove the ashes and load 

 them into railroad cars, all without hand laljor. The electrical equipment is prepared to de- 

 liver current directly to the railway and the lighting and power systems, formerly supplied by 

 the three old separate generating plants. The building is thoroughlj^ adapted to the needs of 

 the plant which it houses and contains space for additional capacity and provision for extensions 

 as far as the needs thereof can now be foreseen. The architecture is in a high degree artistic 

 and worthy of its importance to the company and to the community it serves. 



During the latter part of July the general offices of the Company were all assembled for 

 the first time, in the building at Monte, No. 1, which has been refitted to that end. It is now 



