18 



THE CUBA REVIEW 



FINANCIAL AND RAILROAD MATTERS 



responsible for recent sharp market fluctua- 

 tions in the value of the securities of the Ports 

 Company. 



EARNINGS STEADILY INCREASE 



Sir William Van Home, president of the 

 Cuba Railway, returned from Cuba about 

 June 1st, where he spent almost a month. 



Regarding conditions on the island, he 

 spoke as follows: 



"Cuba is in an excellent financial position 

 and the present government is as good as 

 could be had. A number of Cuban sugar 

 planters have suffered losses through the 

 prevaihng low prices of sugar but these men 

 are in almost every case the owners of plants 

 which are now out of date and, therefore, 

 unalsle to compete with more modern equip- 

 ment, but the island, as a whole, is growing 

 richer every day. 



"The Cuba Railway has every year since 

 its formation, been able to report largely 

 increased earnings. I think it wiU maintain 

 this record for a long time to come. The 

 railway has been a splendidly successful 

 enterprise." 



CONGRESSIONAL RAILROAD INQUIRY 



It is asserted that the Cienfuegos, Palmira 

 and Cruces Electric Railway and Power 

 Company, which some years ago obtained a 

 concession and subsidy from the _ Cuban 

 Government is failing to carry out its obli- 

 gations. A petition for data in the case was 

 filed in the Cuban House on May 6th, by 

 several Congressmen of Santa Clara province. 



The petition for data is addressed to the 

 President, and calls for information as to 

 whether or not the company is empowered 

 to exploit an urban railway, what is the 

 amount of the subsidy granted and whether 

 or not it has performed any of the improve- 

 ments which it obligated itself to do under 

 the terms of the subsidy. It also calls for 

 information as to the rights of the company 

 to issue bonds and stock based upon the 

 concession. 



In the opinion of the petitioners the con- 

 cession is illegal and the moment they 

 receive the data they will call for the annul- 

 ment of the concession and custom franchises 

 enjoyed by the company. 



The Cuban Central Railroad has ordered 

 fourteen passenger and one freight locomotive 

 from the American Locomotive Company, 

 says the Brooklyn Eagle. 



Ingenio "Rio Canto" ended its labors for 

 the season on May 17. It began grinding on 

 February 24th, and made 6,500 bags. 



HAVANA ELECTRIC RAILWAY, 

 LIGHT AND POWER CO. 



The balance sheet, as of December 31 last, 

 compares with the previous year as follows: 



Assets: 1913 1912 



Properties $48,892,065 $21,397,670 



Insular Railway Co . . 575,967 



Stage lines 176,408 



Cash 1,449,079 



Securities owned .... 5,028 



Material and supplies 615,113 

 Prepaid ins. and taxes 52,992 

 Prepaid import, chgs. 28,161 



Sundry debtors 285,651 



Paid on account work 



course construction 144,287 

 Deposits with govern- 

 ment authorities.. . 54,067 

 Due from consumers . 407,202 

 Capital stock reserved 



for conversion of 



unexchanged shares 



of Havana Electric 



Railway Company 



and Compania de 



Gas y Elecericivad 



delaHabana 117,078 



3,446,543 



17,253,955 



151,085 



5,017 



152,262 



442,717 



Total $52,803,097 $42,849,250 



Liabilities : 



Common stock $14, 



Preferred stock 14, 



Funded debt 19, 



Int. due and accrued . 



Adv. bv Hav. Elec. 

 Ry. Co 



Unpaid dividends.. . . 



Insular Ry. Co. un- 

 divided profits. . . . 



Accrued taxes 



Consumers' deposits . 



Sundry creditors 



Special reserve 



Unexchanged shares 

 Hav. Electric Ry . . 



Unexchanged shares 

 Campania de Gas y 

 Electricivad de la 

 Habana 



Surplus 1 



948,546 

 999,937 

 940,879 



318,088 



14,489 



7,059 



71,855 



261,527 



148,362 



661,821 



46,340 



70,738 

 313,457 



$15,000,000 



15,000,000 



10,672,918 



227,039 



302,986 



11,868 



35,826 

 225,584 

 376,340 

 701,940 



294,749 



Total $52,803,097 $42,849,250 



The report states that the amount expended 

 for maintenance, repairs and operations 

 during the year was $2,489,832. In addition 

 to this there was e.xpended for new construc- 

 tion $1,649,285. 



EARNINGS TEN PER CENT 



Twelve months ago the directors of the 

 Cuba Railroad Co. were able to declare a first 

 divitlend of 4% on the common shares. On 



