26 



THE CUBA REVIEW 



EARNINGS OF THE HAVANA ELECTRIC RAILWAY, LIGHT & POWER CO. 



Month of August : 1919 1918 1917 1916 1915 



Gross earnings $815,869 $713,637 $592,461 $513,376 $465,554 



Operating expenses 387,693 335,996 269,110 192,546 190,877 



Net earnings 428,176 377,641 323,351 320,830 274,677 



Miscellaneous income 4,387 3,674 6,221 8,482 7,622 



Total net income 432,563 381,315 329,572 329,311 282,299 



Surplus after deducting fixed charges.. 280,993 217,265 175,004 196,695 175,278 



S Months to August j/sf : 



Gross earnings 5,932,530 5,327,811 4,418,945 3,899,892 3,665,433 



Operating expenses 2,931,895 2,442,106 1,924,883 1,505,065 1,500,467 



Net earnings 3,000,635 2,885,705 2,494,062 2,394,827 2,164,966 



Miscellaneous income 71,359 92,494 97,404 89,089 68,866 



Total net income $3,071,994 $2,978,199 $2,591,466 $2,483,916 $2,233,832 



Surplus after deducting fixed charges $1,855,390 $1,685,691 $1,331,408 $1,458,514 $1,363,502 



CUBAN FINANCIAL MATTERS 



THE PREVAILING PRICES FOR CUBAN SECURITIES 



As quoted by Lawrence Turnure & Co., New York. 



Bid Asked 



% % 



Republic of Cuba Interor Loan 5% Bonds 79 81 



Republic of Cuba Exterior Loan 5% Bonds of 1044 92 92y 2 



Republic of Cuba Exterior Loan 5% Bonds of 1949 82 84 



Republic of Cuba Exterior Loan 4y 2 % Bonds of 1049 77 y 2 78 



Havana City First Mortgage (V ', Bonds 100 104 



Havana City Second Mortgage 6% Bonds 100 104 



Cuba Railroad Preferred Stock 75 78 



Cuba Railroad Co. First Mortgage 5% Bonds of 1052 80 83 



Cuba Company 6% Debenture Bonds s ~ 93 



Cuba Company 7% Cumulative Preferred Stock 90 100 



Havana Electric Ry. Co. Consolidated Mortgage 5% Bonds 85 88 



Havana Electric Ry., Light & Tower Co. Preferred Stock 107 



Havana Electric Ry., Ligbt & Power Co. Common Stock 100 



Matanzas Market Place 8% Bond Participaton Ctfs 100 None 



Cuban- American Sugar Co. Preferred Stock 107 



Cuban-American Sugar Co. Common Stock 300 400 



Guantanamo Sugar Company Stock $80 $82 



% % 



Santiago Electric Ligbt & Traction Co. 1st Mtge. 6% Bonds SO 83 



GUANTANAMO & WESTERN 

 RAILROAD CO. 

 M. H. Lewis, President of the Guan- 

 tanamo & Western R. R. Co., has sold 

 $1,500,000 bonds of that company to bank- 

 ing interests in New York, Boston and 

 Havana. 



SANTA CECILIA SUGAR CORP. 

 On November 1 the Santa Cecilia Sugar 

 Corporation paid quarterly dividends on 

 its preferred and common stock of 1%% 

 and 1 V± % respectively, and has redeemed 

 and cancelled under sinking fund pro- 

 visions $100,000 of its bonds, reducing the 

 issue to $600,000. 



