Cuban Investments 23 



Minimum value of improved real 

 estate, to be mortgaged under 

 new loans made with the pro- 

 ceeds of present issue of Series 

 "B" bonds (including mortgages 

 made from cash proceeds now on 

 hand from $i ,000,000.00 of bonds 

 already sold and proceeds of 

 $3,000,000.00 bonds now offered), 

 never less than, and as a rule 

 well over double the amount 

 loaned, about 8,000,000.00 



Total value of property mortgaged 



and to be mortgaged 24,500,000.00 



Or more than three times the 

 amount of bonds outstanding, 

 without taking into account the 

 fact that the bonds are further 

 secured by the entire assets of 

 the Cuban Mortgage Bank, in- 

 cluding its fully paid capital of 

 $5,000,000.00. 



The fixed interest charges on the 

 total amount of bonds will be: 

 5% on $3,788,511.68 Series "A" 189,425.58 

 6% on $4,000,000.00 Series "B" 240,000.00 



Making a total of 429,425.58 



