OPER.A.TING Expenses: 



Maintenance $713,369.13 



Transportation 2,652,356.26 



General 319,450.26 



Gasoline Omnibuses 4,417.22 



Total Operating Expenses $3,689,592.8 



Net Earnings from Operation for 1922 2,066,845.6 



$5,756,438.4 



Interest $616,188.0 



Taxes 54,146.0 



Trigo Annuities 3,373.0 



Reserved for Depreciation and Contingencies 743,118.9 



Net Income for the Division for 1922 650,019.5 



$2,066,845.6 



Earnings: 



Cars $5,716,832.09 



Miscellaneous 34,192.35 



Gasoline Omnibuses 5,414.03 



Gross Earnings $5,756,438.4 



$5,756,438.4 



Net Earnings for the Division for 1922 $2,066,845.6 



$2,066,845.6) 



The Prevailing Prices for Cuban Securities 



As quoted by Lawrence Turnure & Co., New York 



Bid Asked 



Republic of Cuba Interior Loan 5% Bonds 83 8 



Republic of Cuba Exterior Loan 5% Bonds of 1944 97 99J< 



Republic of Cuba Exterior Loan 5% Bonds of 1949 90^/^ 91^/; 



Republic of Cuba Exterior Loan 43^% Bonds of 1949 82 83J/, 



Havana City First Mortgage 6% Bonds 99 103 



Havana City Second Mortgage 6% Bonds 85 95 



Cuba Railroad Preferred Stock 70 75 



Cuba Railroad First Mortgage 5% Bonds of 1952 85^ 85^^ 



Cuba Company 6% Debenture Bonds 90 93 



Cuba Company 7% Cumulative Preferred Stock 90 92 J/; 



Havana Electric Railway Co. Consolidated Mortgage 5% Bonds of 1952 90% ... 



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



Havana Electric Railway Light & Power Co. Common Stock 86J^ 87 



Cuban American Sugar Co. Preferred Stock 91 96 



Cuban American Sugar Co. Common Stock 24^^ 25 



Guantanamo Sugar Co. Stock 6 6^^ 



