THE CUBA REVIEW 



21 



FINANCIAL MATTERS 



CONDITION OF THE CUBAN TREASURY 



The condition of the Cuban treasury on 

 June 30, 1914, is officially stated as follows: 



Cash on hand, May 30 $1,972,957 



Income during June 3,717,486 



In collector's hands 106,959 



Total $5,797,402 



Expenditures during June $3,615,294 



Cash on hand 2,075,149 



In hands of collectors 106,959 



Total $5,797,402 



HAVANA COMPANY'S BOND ISSUE 



Regarding the mortgage or deed of trust 

 for an amount not to exceed $25,000,000 

 upon the properties and franchises of the 

 Havana Electric Railway, Light and Power 

 Company, the Vice-president Sr. Emeterio 

 Zorilla made the following statement: 



The reason for the new issue is mainly for 

 the purpose of unifying the obligations of the 

 company- when the Gas Company and the 

 Havana Electric Railway became fused. 

 These obligations are as follows: $4,000,400 

 of the old Gas and Electric Company; 

 $6,000,000 of the Consolidated bonds of the 

 company, not guaranteed by any mortgage, 

 $700,000 which mortgage the Vedado plant 

 and $9,200,000 in bonds of the Havana Elec- 

 tric Railway Company. The Company pays 

 out $1,550,000 interest on these obligations." 



"The company in order to provide itself 

 with the special capital needed for improve- 

 ments, and to be in psoition to bring about 

 the unification of its obligations at a fixed 



interest, is now to proceed and make the new 

 bond issue with which it will bring about the 

 amalgamation of the debts and proceed to 

 carry out the improvements demanded. The 

 bond issue is to remain, of course, in the 

 hands of the trustee which is to be the Guar- 

 antee Trust Company of New York, to be 

 delivered only against cancelled obligations 

 or against certificates of work performed. 



CUBAN TELEPHONE COMPANY EARNINGS 



The earnings of this company for June, 



and for the six months ending June 30, 

 compare as follows : 



1914 1913 



Earnings, June $96,845 75,175 



Six months, gross 554,791 423,524 



Subscribers to date 19,964 13,444 



PROPOSED CUBAN NATIONAL BANK 



A project of law has been presented to 

 the Congress of the republic for the creation 

 of a national bank for the emission and 

 coinage of Cuban money in gold, silver and 

 copper. This money will have the same 

 value as the American money. This project 

 of law establishes guarantees for the emission 

 of bank notes. These measures are caused 

 by the scarcity of money which is felt in the 

 Cuban market. 



The creation of a currency bank, with the 

 privileges enjoyed by the Spanish Bank of 

 the Island of Cuba up to the close of the 

 colonial regime, was urged by President 

 Menocal in his message. 



The President urged that the bank should 

 enjoy an exclusive concession for fifty years 



PREVAILING PRICES FOR AMERICAN SECURITIES, NEW YORK 



Bid Asked 



Republic of Cuba Interior Laon 5 per cent Bonds 933--2 94 



Republic of Cuba Exterior Loan 5 per cent Bonds of 1944 101 



Republic of Cuba Exterior Laon 5 per cent Bonds of 1949 98 98 J^ 



Republic of Cuba Exterior Loan 4M per cent 93 95 



Havana City First Mortgage 6 per cent Bonds 101 104 



Havana Citv Second Mortgage 6 per cent Bonds 98 102 



Cuba RR. First Mortgage 5 per cent Bonds 99 102 



Cuba RR. Preferred Stock 97 100 



Cuba Company 6 per cent Debenture Bonds 95 99 



Cuba Company 7 per cent Cumulative Preferred Stock 105 110 



Havana Electric Ry. Cons. Mortgage 5 per cent Bonds 91 93 



Havana Electric Ry. Light and Power Co., Preferred Stock. 89 92 



Havana Electric Ry. Light and Power Co., Common Stock 72 95 



Matanzas Market Place 8 per cent Participation Certificates 100 103 



Cuban-American Sugar Co. Collateral Trust 6 per cent Bonds 92 94 



Cuban-American Sugar Co. Preferred Stock 81 83 



Cuban-American Sugar Co. Common Stock 23 25 



Santiixgo Electric Light & Traction Co., First Mortgage 6 per cent bonds 9S^ 983^ 

 All prices of bonds quoted on an "and accrued interest basis" and as of July 30th. 



Note. — The above are necessarily nominal and unreliable, as the European situation has disorganized all 

 markets. — L. T. Co. 



