THE CUBA REVIEW. 



IS 



FINANCIAL. 



QUOTATIONS FOR CUBAN SECURITIES. 



Supplied by LAWKENCE TURNURE & CO., New York City. 



BID 



Republic of Cuba 5% Bonds 991^ 



Republic of Cuba 6% Bonds 97 



Republic of Cuba 5% Internals 90 



Havana City 1st Mortgage 6% B jnds 103 



Havana City 2d Mortgage 5% Bonds 103 



Cuba R. R. 1st Mortgage 5% Bonds 81 



Cuba R. R. Preferred Stock 28 



Cuba Company 6% Debentures 60 



Havana Electric Cons. Mortgage 5s 80 



Havana Electric Preferred Stock Nominal 



Havana Electric Common Stock Nominal 



ASKED 

 102 

 100 



91 

 106 

 1051/2 



84 



35 



65 



82 



Cuban Government Bonds, 



There is now an international market for 

 the Interior Loan 5 per cent, bonds of the 

 Republic of Cuba, which have recently 

 been in good demand. Since their issue in 

 the autumn of 1905 large amounts have 

 been taken by London banking houses for 

 lodgment with investment trust, insurance 

 companies and private investors in England 

 and Scotland. Two of the most reputable 

 Paris banking houses have recently made 

 purchases, although the bonds had prob- 

 ably been introduced into the French mar- 

 ket previously. 



Througihout the western section of the 

 United States St. Louis and Chicago firms 

 have placed substantial parcels, and the 

 American syndicates originally interested 

 have marketed virtually their entire hold- 

 ings. 



Thus a market has been established and 

 close quotations are nearly always obtain- 

 able. 



The bonds have both principal and in- 

 terest payable in United States gold, and 

 while no definite maturity date has as yet 

 been established, $100,000 have been drawn 

 for the sinking fund since July last for 

 payment at par and accrued interest. 



The United States government of inter- 

 vention authorized these drawings, and in 

 addition by the payment of interest has 

 certainly appeared to recognize and approve 

 the debt. 



However, the main strength of Cuban 

 government issues is due to the permanent 

 treaty with the United States, known as 

 the "Piatt Amendment," which provides an 

 efifectual safeguard against the incurring of 

 any debt by Cuba which it is unable to care 

 for. The issue of interior bonds amounts to 

 about $13,000,000, but interest on the en- 

 tire Cuban debt ($50,000,000) calls for only 

 $2,500,000 annually. The total revenues of 

 the island for the calendar year 1906 

 amounted to $27,800,000 and those for 1907, 

 not yet tabulated, are said to be consid- 

 erably greater. From, the surplus in the 

 treasury U. S. Provisional Governor Ma- 

 goon recently authorized the lending of 

 $5,000,000 cash to local bankers to aid in 

 financing the sugar crop. These are time 



loans and Cuban Interior Loan bonds are 

 acceptable as collateral. 



It is not to be overlooked that should it 

 become necessary for the United States to 

 remain permanently in the island, the price 

 of Cuban government bonds would be great- 

 ly benefitted. 



But whether or not this government re- 

 tains control the foreign bondholders may 

 be relied upon to see that the provisions of 

 the "Piatt Amendment" are rigidly en- 

 forced. 



The Trust Company of Cuba. 



The directors of the Trust Company 

 of Cuba declared a dividend of 6 per 

 cent, for the year ending December 31, 

 1907, an increase of i oer cent, over the 

 dividend paid last year. 



The company is now two years old. 

 In 1906 a dividend of 5 per cent, was de- 

 clared. In 1907 the profits were $52,- 

 040.01 as against $31,500 in the previous 

 year, and a surplus shown o $22,000. The 

 annual statement for the year ending 

 Decem-ber 31, 1907, shows an increase in 

 deposits from $166,000 at the close of 

 1906 to $450,000 in IQ07. Deducting a 

 deposit from the government of $100,000 

 the increase is over 200 per cent. 

 National Bank of Cuba Dividend. 



The directors of the National Bank of 

 Cuba have declared a semi-annual divi- 

 dend of 4 per cent. This is the same 

 semi-annual divid'end which the stock- 

 holders of that institution have received 

 for several years. 



Royal Bank of Canada. 



The Royal Bank of Canada, with head 

 branch office in Havana, has established 

 another branch at Mayari, Oriente Prov- 

 ince. Other branch offices will be 

 opened at Sagua la Grande and Caibar- 

 ien, Santa Clara province. 



National Revenues. 



According to the Treasury Depart- 

 ment the estimated revenues for the fiscal 

 year of 1907-08 of the Republic of 

 Cuba will be $25,466,325, of which 

 amount the Custom House receipts are 

 figured at $23,046,000. 



