CUBA: Pay Day

The faith which U. S. investors have had in Cuba's $80,867,000 worth of defaulted Public Works bonds, a faith which has inched the bonds from a record low 19¾ in 1933 to 74⅞ early this year, was climaxed politically in Havana last week. The bottom of 19! was hit soon after Dictator Gerardo Machado was forced to flee the island following the 1933 revolt. Eight years before he had embarked on an ambitious construction program which called for a 7O0-mile highway skewing the island; and streets, schools, public buildings for Havana. It was largely financed by $60,000,000 borrowed...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!