1870.] Ovo [Gooilwin. 



The following was his reply : 



" Philadelphia, Feb. 23d, 1856. 



" Gentlemen : I was duly honored with your letter of the 21st inst., 

 urging my accej^tance of the Presidency of the Sunbury and Erie Eailroad 

 Company. The peculiar circumstances in which that work had recently 

 been placed, gave a weight to the application made to me, which was well 

 calculated to overcome all considerations but those of public duty. With- 

 out, however, the expression of such a wish, on the part of my fellow 

 citizens, as indicated in your letter, I should have felt constrained to de- 

 cline the offer ; but the reasons urged by you, in addition to those 

 presented by the gentlemen who tendered the appointment, caused me to 



yield a reluctant assent. 



********* 



"Accepting this trust at your solicitation, as rei^resentatives of the 

 public feeling and interests of the city, and relying upon your co-opera- 

 tion, I remain. 



Very truly and respectfully, 



S. V. MERRICK." 



Mr. Merrick began at once with an energetic reformation and remodel- 

 ing of the whole organization and administration of the road. But 

 scarcely had he addressed himself to the Herculean task,when the terrible 

 commercial crisis of 1857 swept over the country, prostrating even many 

 old establishments, and utterly paralyzing new enterprises, completely 

 thwarting all plans for securing aid, public or private, arresting the pro- 

 gress of the road, and bringing the Company to the verge of bankruptcy. 

 In fact, it was saved only by large advances from Mr. Merrick's own 

 private resources — advances equally difficult and dangerous for a business 

 man at that time to make. At the risk of ruining himself, and by almost 

 superhuman efforts, he carried the Company through the storm. His own 

 health was prostrated ; and, after remaining in the Presidency nearly two 

 years — as long, in fact, as he had ever anticipated being able to continue 

 in it — he sent in the following letter of resignation : 

 "T'o tJte Board of Managers of the Sunbury and Erie Railroad Company: 



Gentlemen: I have long contemplated declining a reelection to the 

 post of President of this Company in February next, as it interferes too 

 much with my own affairs to warrant further continuance. Believing 

 tliat the interests of the Company will be promoted by the immediate 

 election of some other gentleman who will devote himself to the impor- 

 tant interests at stake, I beg leave to tender my resignation. 



The field is now open for an energetic prosecution of the work as soon 

 as the returning tide of prosperity shall have fairly set in upon the com- 

 merce of the country, and I may indulge the hope that a brighter day 

 may soon dawn on the Sunbury and Erie Railroad. 



With eveiy wi.sh for the final success of the enterprise, I remain, very 

 respectfully, 



S. V. MERRICK, President:' 



