Cuban Investments 



2nd. Investments in securities based on in- 

 ternal enterprises, the profits of which are pred- 

 icated on an increase of business, either directly 

 or indirectly made possible by internal conditions, 

 or the natural prosperity of this country. 



3rd. Investments with securities of a more 

 conservative nature than either of the foregoing 

 and in no way based upon the direct results of 

 conditions existing in Europe, but more particu- 

 larly on the permanent development of the United 

 States and neighboring countries not at war. 



