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The Republic of Panama<br />
A remarkable record of progress<br />
has been made by the nation since<br />
it was Founded on November 3, 1903<br />
The friendly relations between the United States and Panama are exemplified by the warm greetings of the two Chief ExeClttives.<br />
This pictme was taken aboard the U. S. S. Houston in August 1938 when President Juan D. Arosemena, of Panama, visited<br />
President Franklin Delano Roosevelt. Gen. E. M. Watson, military aide to President Roosevelt is in the center.<br />
W<br />
HEN the Republic of Panama was bor.n<br />
in 1903 only a seer could have foretold<br />
the rapid development which has been<br />
made by the nation as a whole and the unprecedented<br />
growth and expansion of its two<br />
principal cities, Panama and Colon.<br />
Panama, youngest of the American nations,<br />
is geographically one of the most favorably<br />
located. The territory which forms the country<br />
is rich in historical background, and at many<br />
periods during the American colonization and<br />
expansion it was one of the most prosperous and<br />
important sections of the New World. However,<br />
at the time the new Republic was formed its<br />
fortunes were at a low ebb because of many<br />
factors, both political and physical.<br />
The prosperous days which had been enjoyed<br />
on the Isthmus while the flood of emigrants to<br />
Page Cllie hundred and three
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