THE CUBA REVIEW 



21 



Havana Electric's 1909 Earnings 



By placing the common stock on a 6 per 

 cent, basis at the last meeting, the directors 

 of the Havana Electric Railway Co. indi- 

 cated that business is in all respects satis- 

 factory. 



Havana Electric's annual report for 1909 

 wrill not be issued until the early part for 

 June, when the annual meeting will be 

 held. A summary of the company's earn- 

 ings, giving gross, net, dividends paid, and 

 final surplus for the past five years with 

 1909 estimated, is shown as follows : 



Gross Net Dividends Surplus 



1909....$2,062,468 $1,145,988 $598,548 $336,354 



1908.... 1,937,797 996,072 374,634 200.968 



1907.... 1,810,888 846,156 275,000 91,075 



1906-... 1,631,209 589,836 200,000 *31.932 



1905.... 1,504,837 728,785 370,921 



* Deficit. 



It will be seen that if gross earnings ex- 

 ceed $2,000,000 as estimated, the company 

 will experience the best year in its his- 

 tory. 



In January, 1909, the company declared 

 the initial dividend on the common stock, 

 of 1 per cent, quarterly, on the $7,463,703 

 outstanding. This placed the total amount 

 paid for dividends during 1909, including 

 the regular 6 per cent, on the $5,000,000 

 preferred stock, at $598,548. Dividend 

 disbursements for the present year, if the 

 6 per cent, rate is maintained on both 

 stocks, will mean an annual payment of 

 $727,822. 



With the common .stock hovering around 

 98, the price is higher, with one exception, 

 than at any other period. High and low 

 prices for preferred and common stock for 

 the past six years have been shown as 

 follows : 



Common Preferred 



High Low High Low 



1910 97>^ 88^ 99 94J^ 



1909 103 39 100 83^ 



1908 40 20 84 70 



1907 47 24^ 861^ 72 



1906 53 33^ 97M 77%. 



1905 381^ 15 82 50 



Earnings for the current year give prom- 

 ise to exceed the record of 1909. For the 

 first four months of 1910 the company has 

 earned $681,938 gross, an increase of 

 $39,616 over the corresponding period of 

 the previous year. — Wall Street Journal. 



N. Gelats & Co., the well known Havana 

 bankers have given notice that Narciso and 

 Juan Gelats y Batet have been admitted as 

 managers of the firm. 



New Gas Company Formed 



The Gas and Electric Company of Ha- 

 vana will have a rival, as it is understood 

 that a new company with American back- 

 ing is to install another gas and electric 

 lighting system in Havana. Emeterio 

 Zorrilo, the general manager of the com- 

 pany, declares that the gas and electricity 

 now furnished Havana is not inferior to 

 that which is furnished in New York; 

 neither are the prices, relatively speaking, 

 dearer, while they are lower than the rates 

 charged in St. Louis and New Orleans. 

 He agrees to deposit $100,000 in the Na- 

 tional Bank of Cuba to prove these state- 

 ments, providing Mr. George F. Butler, one 

 of the gentlemen of the new organization, 

 does the same. An application by the new 

 company has been filed with Mayor Car- 

 denas for a concession. It promises the 

 best kind of service at lower rates than 

 those now prevailing. Regarding the new 

 company the N'eiv York Tribune of April 

 24th contained the following : 



"A new gas company to operate in Ha- 

 vana is being formed by George P. Butler 

 and his associates, Krauthoff, Harmon & 

 Mathewson (55 Wall Street, New York 

 City), who are attorneys for the Consoli- 

 dated Gas Company, will act in the same 

 capacity for the new company, it is said, 

 and the leading interests in the concern 

 will be men who have been prominent in 

 the gas and street railway properties of 

 New York, Pittsburg and Chicago." 



The Havana Electric Railway Company 

 declared on April 14th a quarterly dividend 

 of $1.50 per share on the common stock, 

 "vhich is an increase of 50 cents over the 

 previous quarter. The dividend is payable 

 May 14th. The company also declared the 

 usual quarterly payment on the preferred 

 stock, payable on the same date. 



On April 9th the new edifice of the 

 branch bank of the National Bank of Cuba 

 at Matanzas was opened. Many distin- 

 guished representatives of the city were 

 present, 



A postal treaty to be effected between 

 France and Cuba, relative to the exchange 

 of postal money orders, is now under con- 

 sideration at the department of posts and 

 telegraphs. 



A deed was recently signed, by which 

 Speyer & Co., of New York, who made 

 the $35,000,000 loan to pay the Cuban libe- 

 ration army, and that of $16,000,000 to 

 build Havana's sewers, become possessors 

 of all the bonds of the Santiago de Cuba 

 Light and Power Company, says the Nezu 

 York Herald. The seller is the Banco 

 Espahol de la Isla de Cuba. 



Senor Charles Sotolongo has been ap- 

 pointed manager of the new branch at Hol- 

 guin of the National Bank of Cuba. 



Holguin at the last census had 7,592 in- 

 habitants, It is an old city. 



