28 THE CUBA REVIEW 
and a director of your company, and the death, on August 23, 1920, of Don Emeterio 
Zorrilla, second vice-president and director. 
To each member of the board Messrs. Davis and Zorilla had endeared themselves, 
both by their genial personality and by the most valuable services rendered to your 
company in faithful devotion to its affairs since its organization. 
The vacancy in the board of directors as vice-president and as general counsel, 
occasioned by the death of Mr. Davis, was filled by your board of directors through the 
election, May 27, 1920, of Mr. R. R. Loening; and the second vice-presidency, made 
vacant by the death of Mr. Zorilla, was filled by the election, on October 14, 1920, of 
Mr. Antonio San Miguel, formerly the third vice-president. Mr. Dionisio Velasco of 
your board was elected, October 14, 1920, third vice-president to succeed Mr. San 
Miguel. Mr. Zorilla’s place on the board of directors remained unfilled during the year. 
Messrs. Davis, Symmes & Schreiber, of New York, were appointed associate counsel 
May 27, 1920. 
The accounts of your company, as in former years, are audited monthly by Messrs. 
Deloitte, Plender, Griffiths & Co. 
For the board of directors, 
F. Srermnnart, President. 
Havana, Cuba, April 21, 1921. 
BALANCE SHEET, DECEMBER 31, 1920 
ASSETS 
Properties, Plant and Equipment, as per December 31, 
BLO, TEpOrt....... «seer eneee eee $57,084,626 .06 
emeaaaitions during Y car...) eee eee 1,150,653.35 $58,235,279 :41 
memenements (at cost)...... 0... « see eee eee 312,861.88 
Current Assets: 
ascein banks and on hand...) 0.2) oe $994,162.31 
Accounts and notes receivable after providing for bad 
anc doubtful debts. .... ...... 2. sae 2,282,369 .01 
Materials, Merchandise and Supplies on hand......... 1,649,256 .99 
Mieperials in transit....:..... so .fee eee 660,348 .62 5,586,136 .93 
Payments in Advance, Deferred Assets and Charges, étc.: 
Advance payments on contracts.................... $296,636 .34 
Insurance paid in advance, deferred charges, ete...... 39,464.34 336,100.68 
Capital Stock of Havana Electric Railway, Light & Power 
BeMPONY..... 25... .c05-- 5s ee $17,522.74 
Held in reserve in respect of the following: 
Capital Stock of Havana Electric Railway 
Company, Outstanding: 
To be exchanged for capital stock of 
Havana Electric Railway, Light 
& Power Company.............. $14,975.00 
Capital Stock of Compania de Gas y Elec- 
tricidad de la Habana, Outstanding: 
To be exchanged for capital stock of 
Havana Electric Railway, Light 
& Power Company........... Ae: 2,547 .74 17,522.74 
NotEe.—A Moratorium was declared by the Government of the Repub- 
lic of Cuba on October 10, 1920, and is still in force. 
$64,470,378 . 90 
