THECUBAREVIEW 21 



CUBAN FINANCIAL MATTERS 



PREVAILING PRICES FOR CUBAN SECURITIES 



As quoted by Lawrence Turnure & Co., New York 



Bid Asked 



Republic of Cuba Interior Loan 5% Bonds 52 88 



Republic of Cuba Exterior Loan 5% Bonds of 1944 93 9o 



Republic of Cuba Exterior Loan 5% Bonds of 1949 91 913^ 



Republic of Cuba Exterior Loan 4:14% Bonds of 1949 80 S3 



Havana City First Mortgage 6% Bonds 103 107 



Havana City Second Mortgage 6% Bonds 101 105 



Cuba Railroad Preferred Stock 90 94r 



Cuba Railroad First Mortgage 5% Bonds of 1952 93 95 



Cuba Co. 6% Debenture Bonds 97 100» 



Cuba Co. 7 I Cumulative Preferred Stock 100 105 



Havana Electric Railway Co. Consolidated Mortgage 5% Bonds of 1952.. 82 88 



Havana Electric Railway, Light & Power Co. Preferred Stock 100 J^ 101 



Havana Electric Railway, Light & Power Co. Common Stock 83 8G 



Matanzas Market Place 8% Bond Participation Certificates 100 102 



Cuba-American Sugar Co. Collateral Trust 6% Bonds of 1918 100 101 



Cuba- American Sugar Co. Preferred Stock 105 106 



Cuba-American Sugar Co. Common Stock 110 120 



Santiago Electric Light & Traction Co. First Mortgage 6% Bonds 90 95 



All prices of bonds quoted on an and interest basis. 



THE CUBA RAILROAD COMPANY 



To the Shareholdei.'i: August 25, 1915. 



Your directors beg leave to submit the following report of operations for the year ended 

 30 Jime, 1915, and a general balance sheet at that date. 



The gross earnings of the railway for the year were $5,206,714.15, as compared with 

 $5,164,670.84 for the year before; an increase of .$42,043.31, or 0.8%. 



The net earnings were $2,727,539.85, as compared with $2,470,921.75; an increase of 

 $256,618.10, or 10.4%. 



The proportion of working expenses to gross earnings was 47.61%, as compared with 

 52.16% the year before. 



The railway and its equipment and appiu'tenances have been well maintained and are 

 in excellent condition. 



Fourteen sugar centrals were in operation on your lines at the end of the last crop, and 

 seven more are in proce.ss of construction for the coming crop. These will require large addi- 

 tions to your rolling stock, for which provision has been made. 



Your company, having been granted a concession for the construction under subsidj^ of 

 a railroad from Placetas del Sur to Casilda, active construction was at once commenced and on 

 August 1, 1915, the line between Placetas and Fomento, a distance of 27 kilometers, was com- 

 pleted and put into public service. The remainder of the line will be completed well within 

 the contract requirements. 



Two half yearly dividends of three per cent, have been declared on the common stock of 

 the company, one of which was paid on 1st May last; and the other is payable on the 1st 

 November next. 



The thanks of the directors are due to the operating officers of the company, whose zeal 

 and efficiency have contributed so largely to the favorable results of the year. 



For the Directors: 



W. C. VAX HORXE, 



Presidents 



