THE CUBA REJ'IEir 



•J] 



A restrictive endorsement shall be one which, without transferring the ownership 

 of the instrument, specifies in its wording the destination to be given it by the endorsee. 

 The following shall be considered restrictive endorsements: 



"Only for credit (or deposit) in the account of " 



"For deposit in Bank in account of " 



"Deposited in Bank for account of " 



"To the credit of in the Bank " 



An irregular endorsement shall be one which, aside from being merely restrictive, 

 lacks any of the requisites of a regular endorsement. 



Article XIX. — Whenever a member bank shall deposit or present for collection a 

 check on another bank, the check shall be stamped on the back thereof with its regular 

 endorsement, which shall consist of the name of the endorsing bank, that of its branch 

 or agency, and the date of the endorsement. And the endorsing bank, by such endorse- 

 ment, shall be liable to any member bank as to the authenticity of all endorsements 

 prior to that of the endorsing bank. Whenever a member bank shall include a check 

 in the exchanges of the Habana Clearing House, it shall be understood that the remitting 

 bank guarantees the authenticity of all endorsements which the instrument may contain. 



OFFICERS 



The following are at present the Officers of the Association: President, Xarciso 

 Gelats y Durall; Vice-president, Joseph H. Durrell; Treasurer, Joseph R. Wilson; Sec- 

 retary, Enrique Lavedan y Navarrete; Manager, Pedro A. Figueredo. 



The Clearing House Committee is composed of Messrs. Narciso Gelats ( N. Gelats 

 y Ca.); Joseph H. Durrell (National City Bank of New York); and Joseph R. Wilson 

 (American Foreign Banking Corp. of New York). 



CLEARINGS 



The monthly clearings and balances from April 25, 1921, to May 31, 1922, have 

 been as follows: 



1921 Amounts Balances 



April (6 days) $17,905,868.62 84,534,171.76 



May 70,511,569.12 19,084,473.80 



June 49,614,873.22 12,156,594.96 



July 37,295,103.15 8,444,901.36 



August 40,612,575.32 8,782.740.46 



September 36,.394,031.05 8,337,321 .65 



October 33,048,513.25 6,099,899.75 



November 33,510,344.51 6,765,281.24 



December 35,733,691.45 6,772,848.81 



1922 



January 46,481,220.61 1 2, 164,86.>. 32 



February 46,300,733.51 8,831,198.42 



March 63,158,421 . 82 13,475,683 . 53 



April " 57,495,014. 23 10.603,986 . 23 



May " 59,429,410.78 12,416,711.11 



Havana Electric Railway, Light & Power 

 Company 



A semi-annual dividend of $3.00 per 

 share on the Preferred Stock and a divi- 

 dend of $3.00 per share on the Common 

 Stock, will be paid on November 15, 1922, 

 to stockholders of record at the close of 



business on October 25, 1922. Checks will 

 be mailed. 



Stock transfer books will be closed from 

 October 26th to November 15. 1022. both 

 inclusive. 



H. Kr.\emer, Treasurer. 



