28 THE CUBA REVIEW 



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



Month of September : 1919 1918 1917 1916 1915 



Gross earnings $792,317 $714,096 $617,641 $507,562 $443,502 



Operating expenses 390,720 323,241 260,586 187,561 183,372 



Net earnings 401,597 :i!tl,455 357,055 320,001 260,130 



Miscellaneous income 8,251 15,463 9,046 10,840 8,052 



Total net income 409,848 406,918 366,101 330,841 268,182 



Surplus after deducting fixed charges.. 263,853 228,464 212,745 201,587 161,344 



g Months to September joth : 



Gross earnings 6,724,847 6,042,507 5,036,586 4,407,453 4,108,935 



Operating expenses 3,322,615 2,765,347 2,185,469 1,692,626 1,683,839 



Net earnings 3,402,232 3,277,160 2,851,117 2,714,828 2,425,096 



Miscellaneous income 79,610 107,957 106,450 99,929 76,917 



Total net income $3,481,842 $3,385,117 $2,957,567 $2,814,756 $2,502,013 



Surplus after deducting fixed charges $2,119,243 $1,914,155 $1,544,153 $1,660,101 $1,524,847 



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 1944 90 91 



Republic of Cuba Exterior Loan 5% Bonds of 1949 84 87 



Republic of Cuba Exterior Loan 4ya% Bonds of 1949 75 77 



Havana City Fir.^t Mortpage 6^f Bonds 100 104 



Havana City Second Mortgage 6% Bonds 98 103 



Cuba Railroad Preferred Stock 73 76 



Cuba Railroad Co. First Mortgage 5% Bonds of 1952 70 78 



Cuba Company 6% Debenture Bonds 87 95 



Cuba Company 7% Cumulative Preferred Stocl: 85 95 



Havana Electric Ry. Co. Consolidated Mortgage 5% Bonds 84 96 



Havana Electric Ry., Light & Power Co. Preferred StoclJ 108 108% 



Havana Electric Ry., Light & Power Co. Common Stock 99 101 



Matanzas Market Place S% Bond Participation Ctfs 100 None 



Cuban-American Sugar Co. Preferred Stock 106 112 



Cuban-American Sugar Co. Common Stock 385 415 



Guantanamo Sugar Company Stock $75 $80 



Santiago Electric Liglit & Traction Co. 1st Mort. 5% Bonds 72% 80% 



Republic of Cuba Gff Treasury Bonds of 1929 95 97 



CUBA CANE SUGAR CORPORATION at par for these debenture bonds is offered 

 The stockholders uf the Cuba Cane to stockholders <; preferred and common) 

 Sugar Corporation, at a meeting held in of record at the close of business on WeB- 

 New York on November 25th, gave the nesday, December 3d, 1919, and each stock- 

 authorization necessary to carry into effect holder will be entitled to subscribe at the 

 the plan of the directors to authorize the rate of $100 par value of the debenture 

 issue of $25,000,000 in par amount of Ten- bonds for each four shares of stock (pre- 

 Tear Seven Per Cent. (7%) Convertible f erred and common) held by him of record 

 Debenture Bonds. The right to subscribe at that time. 



