During the year several changes have taken place in the executive force.

The Hon. Ashbel Green, the company's General Counsel, died, much regi-etted, on Septem¬
ber 4, 1898, and was succeeded on October 1st by the Hon. Samuel E. Williamson, who bad
for many years been General Counsel of the New York Chicago & St. Louis Eailroad.

The resignations of Mr. William Buchanan, Superintendent of Motive Power and Eolling
Stock; Mr. Walter Katte, Chief Engineer; Mr. Alfred Skitt, Manager of the Marine Depart¬
ment; and Mr. James D. Layng, General Manager of the West Shore Eailroad, took effect
during the year. The last-named office was abolished ; Mr. William J. Wilgus was promoted
to succeed Mr. Katte; Mr. Walter B. Pollock was promoted to succeed Mr. Skitt; and Mr.
Arthur M. Waitt, who had long been connected with the Lake Shore & Michigan Southern
Eailway, was selected as the successor of Mr. Buchanan.

For the Board of Directors,

Chauncey M. Depew,

Chairman.

S. R. Callaway,
New York, August 24, 1899.