| Type | Bond |
|---|---|
| Represented Quantity | 1 |
| Nominal | 1000 US-$ |
| Coupon Rate | 6% |
| Place of Issue | New York, United States of America |
| Date of Issue | May 1, 1915 |
| Printing Firm | American Bank Note Company |
| Language | English |
| Year of Acquisition | 2021 |
| Condition | EF |
Description
The Manati Sugar Company was incorporated in 1912. The company built and owned the Manati mill along with land and directly and indirectly over 220 miles railroads and warehouses, wharfs etc. It also seems to have owned the port of Manati till it was nationalized in 1924. Like many other sugar companies active in Cuba it was unable to pay a dividend on its common shares from 1926 - 1938 (and likely thereafter). In 1932 the company was placed in receivership and was reorganized. It belonged to the Rionda family's sphere of influence with Manuel E. Rionda as Chairman of the Executive Committee and at least four other family members amongst the directors in 1938. The companiy's assets were nationalized after the Cuban revolution and a 2014 list puts Manati at rank 12 of US-companies ranked by value of lost assets with their assets valued at 48.6 mln US-$ then.
Typical design for the period for this first mortgage gold bond. Vignette with a harvesting scene. The bonds had only a life of 5 years which was unusually short - and would mean they would be repaid…
Sources: Manual of Sugar Companies, 1938. Farr & Co, 20 Apr 2014, K2 - The Boston Globe at Newspapers.com visited on 22.5.2022