24 _ PANAMA RAIL ROAD COMPANY.

Effective August 24, 1917, Colonel Earl I. Brown resigned the position
of General Purchasing Officer of this Company and was succeeded by
Major Benedict Crowell, who resigned on November 11, 1917, to accept
appointment as Assistant Secretary of War and who was succeeded by
Mr. A. L. Flint on December 11,1917. |

During the year, a series of changes occurred in the Board of Directors
as follows:

H. A. A. Smith elected August 31, 1916, vice H. H. Rousseau, resigned
July 24, 1916.

Hugh Rodman, elected January 26, 1917, vice C. A. Devol, westemed|
December 19, 1916.

Charles R. Williams, elected March 3, 1917, vice George W. Goethals,
resigned March 1, 1917.

Theodore H. Dillon, elected July 20, 1917, vice W. H. Rose, resigned
June 21, 1917. |

Respectfully submitted,

New York, N. Y., EA DRAKE,
November 30, 1917. Vice-President.