Cuban Investments 



U. S. INDUSTRIAL INVESTMENTS 



With the opening of the New York Stock 

 Exchange, after several months inactivity, by 

 reason of the upheaval in Europe, a new era 

 in industrial investment was begun for the 

 United States' investor. The activity of this 

 period will go down in the history of this country 

 as perhaps the most intensive of any in our 

 investment experience. 



Primarily, the anticipatory profits made pos- 

 sible by large purchases of munitions and sup- 

 plies, was the cause of this activity. 



Secondly, the vast increase in credit, made 

 possible by our holdings of gold, and. 



Thirdly, the incident development, which auto- 

 matically became necessary in order to supply 

 the great manufacturing and transportation 

 demands put upon us. 



Investments in this character of securities 

 must necessarily, to a certain degree, parallel th6 

 history that will be written on governmental 

 loans described above and a study of the se- 

 curities market, will plainly demonstrate that the 

 activity in this class of investment is slowly but 

 gradually waning, because the holder of such 

 securities is beginning to realize that there must 

 come a day of reckoning when paper profits will 

 serve no definite purpose. 



As an illustration of this point, let us take the 

 railroad securities of the United States and in a 

 terse way analyze the situation, which comparison 

 should form a basis for fair judgment on other 

 industrial securities at the present time. 



