T H E C U B A R E Y I E W 29 



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



Month of November : 1919 1918 1917 1916 1915 



Gross earnings $879,741 $690,704 $643,403 $517,627 $481,315 



Operating expenses 399,802 332,865 284,492 194,101 178,828 



Net earnings 479,939 357,839 358,911 323,526 302,487 



Miscellaneous income 6,163 5,220 9,961 16,676 32,704 



Total net income 486,102 363,059 368,872 340,202 335,191 



Surplus after deduct, fixed chgs. 331,084 179,605 218,532 206,385 227,442 



// Mo7iths to November joth : 



Gross earnings 8,476,209 7,466,653 6,315,811 5,457,438 5,053,635 



Operating expenses 4,131,849 3,439,731 2,751,646 2,083,932 2,051,487 



Net earnings 4,344,360 4,026,923 3,564,165 3,373,506 3,002,148 



Miscellaneous income 92,663 120,024 128,320 127,620 124,705 



Total net income $4,437,023 $4,146,947 $3,692,485 $3,501,126 $3,126,853 



Surplus after deduct.fixedchgs.$2, 764,185 $2,314,077 $1,994,373 $2,080,108 $1,934,769 



CUBAN FINANCIAL MATTERS 



THE PREVAILING PRICES FOR CUBAN SECURITIES 



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



Bid Asked 



Republic of Cuba Interor Loan 5% Bonds 78% 80% 



Republic of Cuba Exterior Loan 5% Bonds of 1944 91 92 



Republic of Cuba Exterior Loan 5% Bonds of 1949 82 89 



Havana City First Mortgage 6% Bonds 95 100 



Havana City Second Mortgage 6% Bonds 94 100 



Cuba Railroad Preferred Stock 6-3 70 



Cuba Railroad Co. First Mortgage 5% Bonds of 1952 67 7.3 



Cuba Company 6% Debenture Bonds 80 90 



Cuba Company 7% Cumulative Preferred Stock 79 90 



Havana Electric Ry. Co. Consolidated Mortgage 5% Bonds 85 86 



Havana Electric Ry., Light & Power Co. Preferred Stock 100 110 



Havana Electric Ry., Light & Power Co. Common Stock 90 95 



Matanzas Market Place 8% Bond Participation Ctfs 100 100 



Cuban-American Sugar Co. Preferred Stock 101 110 



Cuban- American Sugar Co. Common Stock 360 400 



Guantanamo Sugar Company Stock .$65 $70 



Santiago Electric Light & Traction Co. 1st Mort. 6% Bonds 70% 78% 



THE CUBAN-AMERICAN SUGAR COM- On Preferred Stock a quarterly divi- 



PANY <l6i^<l of 1%%. 



PREFERRED AND COMMON DIVIDEND. ^u Commou Stock a quarterly dividend 



of 21^%. 



The Board of Directors have declared ^, , ^ ^-^ ^ ^^, j. .^ ^ 



^, „ „ . ,..-,-, , , . -1 -, Checks for the payment of the dividends 



the following dividends payable April 1, .,, , ., , 



H^^rx ^ . r, , 1 ^ n ^ ^1 1 will be mailed. 

 1920, to stockholders of record at the close 



of business March 15, 1920 : "^^^^ transfer books will not be closed. 



