After thirteen years of service as president I was elected chairman of the board of directors. Mr. Samuel R. Callaway succeeded me as president, and on his resignation was succeeded by Mr. William H. Newman, and upon his resignation Mr. W. C. Brown became president. Following Mr. Brown, Mr. Alfred H. Smith was elected and is still in office. All these officers were able and did excellent service, but I want to pay special tribute to Mr. Smith. Mr. Smith is one of the ablest operating officers of his time. When the United States Government took over the railroads he was made regional director of the government for railroads in this territory. He received the highest commendation from the government and from the owners of the railroads for the admirable way in which he had maintained them and their efficiency during the government control. On the surrender of the railroads by the government, Mr. Smith was welcomed back by his directors to the presidency of the New York Central. The splendid condition of the Central and its allied lines is largely due to him. During his service as regional director the difficult task of the presidency of the New York Central was very ably performed by Mr. William K. Vanderbilt, Jr. Though the youngest among the executive officers of the railroads of the country, he was at the same time one of the best. Among the efficient officers who have served the New York Central during the time I have been with the company, I remember many on account of their worth and individuality. H. Walter Webb came into the railway service from an active business career. With rare intelligence and industry he rapidly rose in the organization and was a very capable and efficient officer. There was Theo. Voorhees, the general superintendent, an unusually young man for such a responsible position. He was a graduate of Troy Polytechnical School and a very able operating officer. Having gone directly from the college to a responsible position, he naturally did not understand or know how to handle men until after long experience. He showed that want of experience in a very drastic way in the strike of 1892 and its settlement. Being very arbitrary, he had his own standards. For instance, I was appealed to by many old brakemen and conductors whom he had discharged. I mention one particularly, who had been on the road for twenty-five years. Voorhees's answer to me was: "These old employees are devoted to Toucey, my predecessor, and for efficient work I must have loyalty to me." I reversed his order and told him I would begin to discharge, if necessary, the latest appointments, including himself, keeping the older men in the service who had proved their loyalty to the company by the performance of their duties.