Gooawin.] ^y^ [Dec. 16, 



President made his first report in 1847. This document contains a clear 

 and business like statement of the means of the Company, and of the 

 plans for their immediate use. And not only so, it wisely suft'gests and 

 urges their increase, also without incurring any debt, — the avoidance of 

 which was a fixed principle in all his administrative arrangements ; and 

 it sets forth such far reaching views of future growth and enlarge- 

 ment that it looks almost like history written before the time. 



His motives for throwing himself into this enterprise, and the motives 

 ui^on which he invited others to participate in it, appear in his report 

 addressed to the stockholders in September of the next year (1848), in 

 which he earnestly urges them to increase their subscriptions. '* The 

 absolute necessity," says he, "of this road to the trade of Philadelphia 

 is universally acknowledged. The completion of the Cincinnati and 

 Sandusky road brings that city within three days ride of New York for 

 eight months in the year. 



"The trade of the Ohio river, which once belonged to Philadelphia, is 

 now diverted to New York bj this new channel of the lakes. 



"Hundreds of passengers daily pass over that road to New York. 

 Where the travel goes, there goes the trade. * * * * 



" You are engaged in a great struggle for the trade of the West. To 

 obtain it a portion of your earnings must be devoted to open the highway. 

 Once open, it will maintain and enlarge itself. Railroads and Canals 

 have built up New York ; and so well convinced are the citizens of their 

 value, that they are now making a third avenue to the lakes, both the 

 others being crowded with trade. 



"Boston has been built up by the same means, and if we expect to 

 maintain our position, we must follow their example." 



In fact even Baltimore had got the start of Philadelphia ; and if the 

 Pennsylvania Central had not been opened just when it was, not only the 

 trade of Ohio and the far West, but even that of the western part of our 

 own State would have been irretrievably diverted to Baltimore, on the 

 one side, and New York on the other. 



Such were the circumstances and motives under which this great work 

 was undertaken. When Mr. Merrick, again compelled by the pressure 

 of his own private business, retired from the Presidency, Sept. 1, 1849, 

 the road was opened for travel from Harrisburg to Lewistown, and nearly 

 completed to t)ie base of the Alleghanies, the western division was begun, 

 and a small portion in use, the whole route was surveyed and the cost of 

 construction estimated, and negotiations had been successfully concluded 

 for connection with the cities of Ohio and with the avenues of the more 

 distant West. The Board of Directors in the following November, thus 

 refer to Mr. Merrick in closing their report : 



" The distinguished gentleman who had, with signal ability, admin- 

 istered the affaiis of the company from the date of its organization, was 

 constrained, by reasons altogether personal and private, to tender his 

 resignation in August last, and it was reluctantly accepted by the Board. 



