First Annual Report of the Directors of the Pennsylvania Rail-Road Company to the Stockholders. October 30, 1847.

8vo, pamphlet, publishers printed wrappers, 20 pp. Crease in the middle, corners and extremities chipped a bit, small hole in the middle of front wrapper, not affecting text, wrappers darkened and faded, some mild foxing in the margins; otherwise very good. Somewhat typical report to shareholders, but this was published a year after the railroad was founded. The company actually shows a surplus of funds, and there is a very positive tone concerning future prospects and railroad construction. Interestingly, the company points to problems facing other companies who had to borrow money at very high fixed interest rates to to develop their business. Sabin 60358.