. The Cuba review. 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 $ par value commo
. The Cuba review. 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 $ 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 $;)(),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. â 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 stockhol
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