The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-12-27
A FIGHT FOR PLUMS.
Bidders Run Havana Street Car Stock
Up From So to 1875


New York. Dec. "a special to the
Herald from Havana says:
a four cornered contest between rich
syndicates is now going on here with
the possession OF Havana's streets for
rapid transit purposes as the prize. The
contest has developed into three against
one, the Harvey syndicate having gain
ed 50 great an advantage that the 9th
ers have combined
Should this combination fail there viii
be organized, under the law of New
jersey, the Havana Street Railway
company. issuing stock amounting to
five millions and bonds for three mil
lions.
In the meantime prosecution is
threatened against representatives Of
the Harvey syndicate and the officials
Of the company now owning the Ha-
vana street railways, the civil authOri-
ties having avowed the intention of
stopping what they pronounce a bold
robbery
The Havana street railways are own
ed by the FerrO Carrl UrbanO company,
which operates about . miles in all
These lines. which are equipped in
medieval style, have never been de-
veloped- The company has been robbed
in various ways and yet IL has paid
seven TO nine per cent annual dividends
on a capital of 81, 600. 0o0-
TiburiciO Castaneda, representing an
English syndicate, made a deal in No
Vember with the directors OF the Ur-
banO company TO take over the property
at So cents on the dollar Before the
deal was consummated PercivaI Farou-
har representing the Harvey syndicate
of New York came to Havana and be-
gan so vigorous a fight that the English
syndicate proposed consolidation which
was accepted.
After this consolidation it was
thought best to raise the offer for Ur-
banO stock from s. 10 90. This offer was
accepted and ten days was given for
the money TO be paid
Richard Narganez. representing the
American Indies company. entered a
protest and placed II General CasIel-
lanOs' hands d guarantee TO pay par
for the UrbanO stock.
Tom Johnson. the iron manufac-
turer and former Congressman. OF Cle-e-
land and Brooklyn, who IS associated
with Chicago capitalists, instructed his
representative to raise the bid to 1C2
with a promise to go higher if neces-
sary. A Havana bank has posted a mill
lion dollars to make good any offer
Johnson makes
In the meantime Canadian capitalists.
headed by Mckenzie & Co. Toronto
bankers, promised TO bid 125 Urbano
stock
In spite Of the higher bidding Farqu-
hart determined TO hold the whip hand
for the Harvey syndicate
Then the minority stockholders ap-
pealed to Civil Governor DeCastro, who
declared the alleged sale invalid and
Illegal prohibited its completion and or
dered a public sale OF the Urbano com
pany TO be held Dec. 90.
Alvares. president of the Urbano
company who is a Spanish senator. de-
fed DeCastrO and said the sale would
be completed DeCastro will issue a
proclamation saying that Alvares' sen
atorship viii not save him from arrest
If he signs the pa peTs Of sale Var
rants for arrest are held againstAlveres'
secretary. Pendas, and CeTrO, the at
tOrney. who must complete the sale for
the UrbanO company. and CaSIenada-
FarQuhar and SealdO. who Will sign for
the purchasers DeCastrO viii adyer-
tise for bids for the UrbanO company
AIvares and Castenada have taken
the papers in the case and gone to
VedadO where they are not under
Spanish jurisdiction As they must re-
turn to Havana TO sign the papers Dec
%. their arrest has been ordered for
that date
If the Harvey syndicate succeeds in
acquiring the property the lines viii be
equipped with a modern electric plant
and the lines extended 70 Mariana
beach, where a pleasure resort viii be
esta blished- The fIure earnings are Is
tinated at one million dollars annually.