Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-11-09
UNDERWRITERS.
TO DEVELOP CUBA.
Big Company Formed Under a Cana
dian Charter.

dian Charter.
From the Philadelphia Press, Today.
The first movement of organized Amert-
can capital toward the development of the
internal traffic and natural resources of
Cuba signalized yesterday in the de-
parture from this city on the United Fruit
Company's steamer Admiral Sampson of
a party of capitalists and prospectorS deS-
tined for Santiago by way of Jamaica. In
the party We're Sir William c. Van Horne,
X. G. Nj. e., chairman of the executive
board of the Canadian Pacific railway; r.
B. Van Horne, his son; Or. L. w. Shep-
hard of Montreal and Percival Farquhar
of 50 Broadway, New York.
These men the representatives of an
organization which has been temporarily
effected under a Canadian charter, with
capital of S10OO0,000, the full amount of
which has been subscribed in London New
York and Philadelphia, principally, and
also in Montreal The project has been in
the formative stage for more than year,
but it's practical contamination has been
delayed pending the issue of the national
campaign in the United States, which has
been brought to a close with an effective
Endorsement of the policy OF the republican
administration.
The enterprise owes Its inception to Sir
William Van Horne, whose genius as
tinancier and manager Of great undertake
ings needs no greater testimony than the
construction and successful operation of
the great trunk line of the Canadian Pacific
Dominion of Canada from the province of
Quebec to Vancouver's Island. The project
OF Cuba development company was car
ried first to London, where large proper
ton of the capital has been subscribed
The American subscriptions We're placed
largely by Percival Farquhar, former
Pennsylvania, now in the banking bust
ness in New York.
The full amount of 10000, 600 of capital
was more than subscribed conditionally
upon the result of the American election,
and now that the policies of the existing
administration have triumphed before the
people, the enterprise becomes a fact and
will be carried into effect at once.
A large share Of the capital has been sub
scribed in this city. Messrs. Widener. Ell
kins and Dolan, George d. McCreary and
]. ]. Sullivan are among the Philadelphians
in the project. William c. Whitney, r. A.
C. Smith and few others are among the
New York subscribers.
One of the local stockholders Of the de-
velopment company said yesterday that its
plans would first be devoted to the develop
ment of traffic and afterWard to the min
ing and plantation industries of the inte-
rior. While there are a number of short
lines of steam transportation in Havana
province, there is only one railway running
through the other provinces. The construc-
ton of steam roads and the extension of
traffic facilities across the length and
breadth of the island will be the primary
undertaking of the new combination Of
capital.
next. Tracts of land have been bought, or
secured on option, and privileges will be ac-
quired for lines of transportation. One of
the remote plans of the company is the
erection and equipment of electric lighting
plants and the construction of local lines
of electric railways.
The company has acquired an option on
line of railway extending from the port
of Santiago to the mines of the Ponupo
Manganese Ore Company, of which George
D. McCreary of this city Is president. This
line, it is said, will form a link in the pro-
jected railway extension Of $50 miles into
the interior
The eastern part of Cuba. where the &C
tivities Of the development company will
begin, is rich in mineral resources, and
the acquisitions of the company there in
lands are already of considerable magni-
tude. While the organizations capital is
0OOO 600, a local stockholder said last
night that it will be increased from time
to time until it may reach $4,000, 600 The
subscribers to the preliminary installment of
capital were themselves willing to take
double the amount,