DOE SG Urb As Vii avo, Wy 29 
June 30, 1921 June 30, 1920 
Mocomotiviessass ations en aa 181 169 
Passenger traimucars\s22.. 4.2202 es ess nt 146 135 
Slee piINCdCATSHiye ns kre ein. ad eis 28 24 
Freight cars and cabooses.................. 6231 5458 
Maintenance of way cars................... 142 136 
IBUSINESSICATS Sens he eee SAS 2 2 
During the first months of the fiscal year the work of maintaining and improving 
roadbed and track was unusually difficult because of the shortage of labor which had been 
enticed to occupations which could afford to pay higher wages than could be paid by the 
railroad company. Latterly, owing to the collapse of the sugar business in Cuba, 
ordinary unskilled labor has been readily available at much cheaper rates, and the work 
of maintaining and improving track and roadbed has been taken up with renewed vigor. 
An unusual amount of work on sidetracks in the way of improving and lengthening them 
and adding new tracks has been done. Tie renewals were heavier than in the previous 
year. The work of installing facilities for burning fuel oil has been completed. The work 
of converting the locomotives is progressing as rapidly as seems consistent with general 
conditions. ‘The policy has been followed of not converting a locomotive to make it avail- 
able for burning fuel oil until it is in a thorough state of repair. Owing to the labor 
difficulties attendant upon the general industrial conditions of the year 1920, the work of 
repairing locomotives necessarily progressed slowly. In order to expedite this work ten 
Iccomotives were sent to the American factory of the Baldwin Locomotive Works, where 
they were thoroughly overhauled. The repair work at the shops in Camaguey is now 
progressing normally and as fast as the repairs are completed the locomotives are being 
converted for the purpose of burning fuel oil. 
The work at the shops which had been begun prior to July 1, 1920, was vigorously 
continued during the year and is now approaching completion. Work on the construc- 
tion of the branch line to Santa Cruz del Sur was discontinued early in the autumn of 
1920, owing to the general business depression, and has not yet been resumed. A further 
extension to December 15, 1923, for the completion of this line has been obtained from 
the Cuban Government. 
In September, 1920, Mr. J. M. Gruber, a former Vice-President of the Great Northern 
Railway Co., was elected Vice-President of the Cuba Railroad Company in charge of 
operations, with headquarters at Camaguey. He assumed his duties shortly before 
October, 1920. With the approval of the President, he has appointed Mr. A. C. Reed as 
General Manager. Mr. Gruber’s ability and experience have resulted in marked improve- 
ment in the condition of the company’s property and the quality of the service which it 
renders. This is already apparent to shippers and passengers. Its benefit to your com- 
pany appears in the reduced cost of operation. Mr. Gruber has succeeded in obtaining 
the loyal cooperation of his subordinates, who, with him, are entitled to special commen- 
dation for their zeal and effectiveness in the face of the most trying industrial and financial 
experience that your company has ever been obliged to face. 
During the year the membership of the Board of Directors has been increased from 
nine to eleven, the resulting vacancies being filled by the election of Messrs. Perey A. 
Rockefeller and William H. Woodin. 
The usual dividend on the preferred stock was paid in August, 1920. No dividend 
was paid on February 1, 1921. No dividends on the common stock or on the stock of the 
Camaguey & Nuevitas Railway were paid. 
The prosperity of your company during the current fiscal year depends almost wholly 
upon the condition of the sugar industry, which in general is dependent upon the Law of 
Supply and Demand and specifically depends upon the nature and extent of the financial 
aid which the American banks will feel warranted in extending to the Cuban sugar indus- 
try. Today neither the size of the coming sugar crop, nor the extent of the demand of 
the near future for sugar, nor the future attitude of the financial wor!d towards the making 
of the new Cuban sugar crop can be forecast. The only facts involving your company’s 
