TH E CUBA REVIEW. 



21 



FINANCIAL AND COMMERCIAL MATTERS. 



Cuba Railroad Annual Report. 



In the Cuba Kailroad report for the 

 past year ended June 30, 1909, the surplus 

 is shown to be $550,799, equal to 5.50 per 

 cent, on $10,000,000 preferred stock, as 

 compared with 3.55 per cent, last year. 



President Van Home said that "Good 

 crops and the settlement of political con- 

 ditions had resulted in a revival of busi- 

 ness in Cuba during the last half of the 

 year and increased railway earnings. 

 The ratio of working expenses to gross 

 earnings was 55.95 per cent., as compared 

 with 64.63 per cent, the previous year. 

 The working expenses include $96,000 for 

 extraordinary replacements not pertain- 

 ing to the business of the year. 



"The coming sugar crop promises to 

 be an exceptionally large one and the to- 

 bacco crop has already become an im- 

 portant source of earnings. New traffic 

 is developing on all sections, and the 

 coming year should afford gratifying re- 

 sults." 



The income account for the year end- 

 ed June 30, 19'09, follows: 



Gross $2,157,165 $2,039,468 



Expenses 1,207,076 1,318,180 



Net $950,089 $721,288 



Charges 399,290 365,863 



Surplus 550,799 $355,425 



Previous surplus ... 1,093,287 698,031 



Total surplus. ..$1,644,085 $1,053,456 

 Mail earn, adj 39,830 



P. & L. surplus.. $1,644,085 $1,093,286 



Cuban Bonds Oversubscribed. 



Speyer Bros, stated at London on Sep- 

 tember 8 that the subscriptions to the 

 $5,500,000 Republic of Cuba 4^ per cent, 

 gold loan had reached a total of $20,- 

 000,000, and had attained a premium of 3 

 per cent. Speyer & Co., of New York, 

 also announced that the subscription lists 



for the $5,500,000 bonds had been closed 

 after having been many times oversub- 

 scribed. 



Cuba's exportation of tobacco from 

 January 1 to July 31, 1909, and the total 

 for the same period in 1908 is as follows: 



Countries. Bales. Cigars. Cigarettes. 



United States.... 173,908 77>349,6o3 742,054 



N. of Europe.... 789 1,088,200 1,500 



France 1,209 8,578,400 37, 480 



Spain 1,793 4,424,491 268,207 



Mexico 4 169,870 612,820 



Other cuuntiits... 119 840,400 4,529,175 



Total, 1909.... 177,822 92,450,964 6,191,236 

 Total, 1908 135,059 91,815,151 7,375,873 



Cuba Eastern Railroad. 



Henry Melville, special commissioner 

 appointed under the decree of foreclosure 

 and sale in the suit brought in the United 

 State Circuit Court by Frank Glebhill 

 and other stockholders against the East- 

 ern Railroad of Cuba, filed his report on 

 Sept. 1 of the sale of the property of 

 the defendant corporation. 



The property was sold at public auc- 

 tion to I. McD. Garfield and Chauncey 

 Anderson for the sum of $25,000. 



Prior to the sale, the purchasers, in 

 compliance with the decree of the court, 

 deposited with Commissioner Melville 

 first mortgage bonds of the Eastern 

 Railroad of Cuba, amounting to $500,000" 

 par value. A mortgage on the property 

 was held by the Knickerbocker Trust Co, 



Cuba's First Mortgages. 



First mortgages in Havana and the 

 surrounding country, as well as the in- 

 terior cities and plantations, show con- 

 siderable activity. City mortgages on 

 good security with good title are paying 

 8 to 10 per cent, per annum. Country 

 mortgages on tobacco lands and cane 

 lands in nearly all the provinces pay 

 from 12 to 18 per cent, per annum, with 

 one-third valuation on the property and 

 the title unquestioned. 



QUOTATIONS FOR CUBAN SECURITIES. 



Supplied by LAWRENCE TURNURE & CO., New York City, Sept. 3, 1909. 



Bid. 



*Republic of Cuba 5 per cent, bonds 1 03 



Republic of Cuba 6 per cent, bonds 98 



Republic of Cuba 5 per cent, new bonds (interior loan) 95 54 



Havana City first mortgage 6 per cent, bonds 106 



Havana City second mortgage 6 per cent, bonds 105 



Cuba Railroad first mortgage 5 per cent, bonds 98 



Cuba Railroad preferred stock 65 



Cuba Company 6 per cent, debentures 85 



Havana Electric consolidated mortgage 5 per cent, bonds 91 



Havana Electric preferred stock 87 



Havana Electric common stock 68J4 



Matanzas City Market Place 8 per cent, bonds ctfs 103 



* All prices of bonds quoted on an "and interest" basis. 



Asked. 



104 



■96 

 108 

 107 

 100 

 none 



95 



92 



90 



104 



