The Washington times., 1906-11-04
American Holdings in Cuba

holding OF over 100000 acres. Twenty
nine American colonies have been es-
tablished in Cuba since the close Of the
war II the extreme western provinces
Of Pinar del Rio there are eight OF these
colonies; in Havana province, one; In
Matanzas two; in Santa Clara. one
IN Puerto Principe. five; In Santiago de
Cuba. ten: in the Isle OF Pines. one.
The most important single enterprise.
however. IS that OF the Cuban Com
pany. New Jersey corporation. at the
head Of which is Sir William Van
Horne, a native OF Illinois, who was
knighted by Queen Victoria IN Tecognl-
tion OF his work in building the Cana
dian Pacinc railroad This company
alone owns about $1,000 acres Of land.
and has invested some SIS. 10000 in a
trunk line railroad which. with its vari-
Gus connections. extends from one end
OF the islaad 90 the other. The road
affords communication between Havana.
the CHEF northwestern port. and San
tiagu. the chief southeastern port. in
thirteen hours instead Of the many
days formerly required 70 make the
journey half around the island by
steamer
The entire eastern end Of Cuba Is con
trolied lndustriaiIy by Americans. bur II
IS IN Havana that the results OF Amer
can influence are most Immediately and
conspicuousiy apparent 10 the casual
tourist, and IL was IN Havana. natural
~, that these Influences were first feIr
FIrst and most important among them
vas the reform in the financial ana cur
Fency systems OF the country which
made II possible for foreign capitaI 20
mo saie and profitable investment
there. When the American occupa ton
Desah' the currency or the island. in ad-
uitlon 10 some S-J.tud,0UsJ IN spanish pa-
per only very IuadequateIy secured by
deposits Of silver consisted of Sparisb
american and Mexican coins. which cir
cuiated with equal freedom and 10 rbc
eIeat confusion Of strangers.
American and British gold and paper
We're al a premium above Spanish gold.
and al stIlI greater premium above
the silver. while paRe= money had q diff
leIeht az q siili lower value There u-e-a
ONLY Nv" chartered banking institutions
iN the island, one OF them. The Spsn-
Il" h"hk ot Cuba, an agency OF the
Lahk OF Spain IN Madrid, which had
headquarters in Havana and branches
IN All The larger cites. had also the ex-
elusive right 10 issue public notes. and
was correcting agent for the Spanish
government Tor all iHsernal revenue. f5r
HiCA service II received a commission
~ Per cent on all bills presented,
whether collection WAS accom- plfsha5 ,r
not Spanish gold was the basis of ali
transactions except ia retail business
and fHf4 nc
Spanish silver was used The familiar
use OF checks and pass books was nm
known. and checks 60 ss555utIr5ts of less
than 800 could not be drawn.
The Trust Company OF Amr-foa q.
New York banking Institution or large
experience. was appointed fiscal agent
ui the United States Government. and
Immediately set about a reform. Gold
was made the standard OF value and
several millions IN Spanish coin vyere
sent 20 the United States fer recofnare
or 10 be exchanged for American money.
me banking system was so thoroughly
ana successfully revised and brought
up 20 date that nearly S5.OO0OO0 OF
American capital has since found invest
ment IN the island IN banking enter
prlses, and the amount is steadily in
creasing. Within the past few months
New York interests have orgaDizad thA
Banco de la Havana. with a capitaliza-
ton Of Sj.O00.O0O. One-fourth Of fbs
amount has already been paid in bv
American investors. and the remaining
three-fnurths are Cuban, French. and
English, but the control Is entirely
from New York.
The next most important or the MI
mary causes OF Cuba's prosperity vera
the work OF repaving Havana's streets.
the work or sanitation TO which Col
George i. Wa-ing sacrificed his life.
and the eradication OF yellow fever
from the city OF Havana. where. for a
century and a half, by actual record.
the disease had never failed 10 aDDsar
annually When that was accomplished
Havana. already The Paris OF America.
the sayest and most quantity beautiful
or Spanish-American cities took on a
fresh dash Of color. II IS said that not
fewer than $500 Americans registered
in Havana last winter. besides thou
sands Of foreigners from other parts OF
the world, who find in the sunny climate
and equabie temperature OF :As island
no mean rivals 10 The blue italian skies.
IT now seems likely that Inc season of
1867. with It's dash OF military splendor
and excitement. due 10 the presence OF
american troops and ships OF war. VIII
be an especially brilliant one.