34 THECUBAREVIEW 



Deduct: 



Loss on sugar and molasses carried over from Juno 30, 1015 $14,")02.4S 



Loss on miscellaneous operations o,197 .02 



S 19.789.50 

 $1,060,769.27 



Deduct: _ „, „. 



Provisions for depreciation of mills and etiuipment and for replanting of cane $174, 194. /.i 



Profit for year $8S6,."j74.o2 



The above statement inrludes the estimated proceeds of sugar made in Julj', 1916, and 

 the producing, mjuuifacttiring and shipping expon.ses in respect thereof. 



Gl'ANTAXAMO RAILROAD COM FAXY— BALANCE SHEET, JUNE 30, 1916. 



.\SSETS j LL\BILITIES 



Capital Aisets: Capital Stock: 



Cost ot road, real estate, buildings, rolling stock, |Authorized, 10,000 shares. S 100 each SI, 000. 000.00 



equipment, etc S1.977.9&4.63 Le«« 11 shares unissued.. 1,100.00 



Working Atset$: 



Fuel 82,722.41 



Materials and supplies 26.4.53.09 



Insurance unexpired 4.574.20 



Current Assets: 

 Cash, accounts receivable, etc 



THE SUGAR REVIEW 



Specially urilten for the Cuba Rerieiv by Willett & Gray, New York. 



Our last review for this magazine was dated August 8, 1916. 



At that date Cuba Centrifugal sugar 96° basis was quoted at 4 15-16c. per U). cost & freight. 

 The chief matter of importance occurring during this period, has been the severe decUne in raw 

 sugars. .\s is natural in a bull market, practically everybody are buj-ers, and when the time 

 comes for these buyers to resell sugars, they find everybody in the same position, that us to say, 

 also with sugars to sell, which, of course, means a scarcity of buyers. Starting on the Sugar 

 Exchange, when holders of September options decided to close out their options before the 

 time when thej' would be compelled to take actual sugars, buyers were difficult to find and 

 sugars were offered at concession after concession. The decUnes were rapid on the Exchange, 

 sometimes as much as Hc- a pound a day. As a number of these Exchange operators also held 

 and carried in warehouses at New York actual sugars against their options, the decline in 

 option sugars also had a disastrous effect upon actual sugars. On August 8th, Cuba Centri- 

 fugals, as noted above, were quoted at 4 15-16c., declined a few days later to 4%c. and then to 

 A%c. The market continued nominal for several days, A^^th holders continually offering at 

 concessions and on August 28th, the market finally broke to 43^c. Even at this concession in 

 price, buj-ers continued to hold off and further declines were estabUshed until 35^c. c. & f. was 

 reached on August 30th. At this figure, the decUne was checked, as several refiners showed 

 interest at this price, but no more sugar t)eing obtainable, refiners increased their bids by one- 

 eights until 33>8C- '\vas touched, when one cargo wus taken by the Federal Sugar Refining Co. 

 A further advance was established to 4.00c. yesterday and A}/ic. c. & f . today, at which latter 

 price the market closed. 



