[3] Among the German members were Dr. von Gwinner; Dr. Karl Testa, representative of the German bondholders on the Ottoman Public Debt Administration; Dr. Alfred von Kaulla, a director of the _Württembergische Vereinsbank_, and original concessionaire of the Anatolian Railways; Dr. Karl Schrader, a member of the Reichstag; Dr. Kurt Zander, general manager of the Anatolian Railway Company. The directors nominated by the French interests were Count A. D’Arnoux, Director General, and M. Léon Berger, French member, of the Ottoman Public Debt Administration; MM. J. Deffes, G. Auboyneau, P. Naville, Pangiri Bey, and A. Vernes, of the Imperial Ottoman Bank, the last-named being vice-president of the Bagdad Railway Company; M. L. Chenut, a member of the Ottoman _Régie Générale de chemins de fer_. The Turkish members of the Board were Hamdy Bey, representative of the Ottoman bondholders on the Public Debt Administration; Hoene Effendi, under-secretary in the Ministry of Posts and Telegraphs; and two Constantinople bankers. The Swiss were Herr Abegg-Arter, president of the _Schweizerische Kreditanstalt_, of Zurich, and M. A. Turrettini, of _L’Union financière de Genève_. The Austrian was Herr Bauer, of the _Wiener Bankverein_, and the Italian was Carlo Esterle, of the Italian Edison Electric Company, of Milan. There were few important changes in the personnel of the Board of Directors between 1903 and 1914, perhaps the most notable being the election of Dr. Karl Helfferich, in 1906. _Cf._ _Reports of the Bagdad Railway Company_, 1903, _et seq._ [4] _Cf._ _Parliamentary Debates, House of Commons_, fourth series, Volume 120 (1903), p. 1371. During the Great War a conspicuous German general complained that the Swiss in charge of the operation of the Railway was more interested in the commercial than in the strategic value of the line and did not coöperate with the military authorities. _Cf._ Field Marshal Liman von Sanders, _Fünf Jahre Türkei_ (Berlin, 1919), p. 40. [5] _Verhandlungen des Reichstages, Stenographische Berichte, XII Legislaturperiode, 1 Session_, Volume 231 (1908), p. 4253c. [6] _Supra_, p. 77. [7] Paul Imbert, “Le chemin de fer de Bagdad,” in _Revue des deux mondes_, Volume 197 (1907), p. 672. The _Deutsche Bank_, with its capital and surplus of about $75,000,000, was the foremost of the German banks. Associated with it in the Bagdad Railway enterprise were a number of other financial institutions, including, it is said, the _Dresdner Bank_ and the _Darmstädter Bank_, ranking second and fourth respectively among the great banks of the German Empire. Riesser, _op. cit._, pp. 642–644. [8] _Supra_, Chapter IV, Note 48; Fraser, _op. cit._, pp. 48–49; Jastrow, _op. cit._, p. 94; _Report of the Bagdad Railway Company_, 1904, p. 3; 1905, p. 4. [9] Von Gwinner, _loc. cit._, p. 1088. [10] _Corps de droit ottoman_, Volume III, pp. 221–228.