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GEO. W. WHEAT & CO., PRINTERS, NO. 8 SPRUCE STREET.

I recent

248924 ANNUAL REPORT.

NEW YORK, Mix 20, 1872.

To the Stockholders of the Texas and Pacific Railway Company.

GENTLEMEN:

I take pleasure in reporting to you that by a supplement to the Charter, approved May 2, 1872, the necessary powers have been conferred to enable the Company to build and equip promptly its line of Railway between the Mississippi Valley and the Pacific Coast. A duly certified copy of the Act of Congress will be submitted for your acceptance as part of the franchises and vested rights of the Company.

I have also to report that the terms of merger and consolidation between your Company and the Southern Pacific Railroad Company, and the Southern Trans-Continental Railway Company, have been agreed upon, and the deeds executed by the latter two companies, and ratified by their Boards of Directors. They will to-day be submitted for your approval. The terms are satisfactory to all parties, and the consolidation will be of great advantage in expediting the construction of our lines, and in forming important connections to New Orleans, to the Atlantic seaboard, via Vicksburgh and Memphis, Cairo and St. Under the provisions of the laws of Texas relating to our Company, we are required to have the roads in running order to the point of junction, at or near Fort Worth, by January 1st, 1874, and also to file an agreement, and map fixing the point of junction of the said Southern Pacific Railroad and the Southern Trans-Continental Railway, before June 1st, 1872. This agreement and map have been made, duly approved and forwarded to Austin to be filed within the required time.

Gen. G. M. Dodge has been appointed Chief Engineer of the Company and is now organizing the Engineer Corps for the field. His high professional reputation, and practical experience in the construction of Pacific Railways, are the best guarantees for the manner in which his work will be performed.

The Land Department of the road will be organized as xoon as possible, and the necessary steps taken to make available the liberal donations set apart by the Governinent of the United States and the State of Texas.

The construction and Land Bonds authorized by your charter are being prepared, and no apprehension is felt as to their sale at good prices.

The Treasurer's Report will show the financial condition of the Company

The experience of the past winter has shown clearly the necessity for a route to and from the Pacific coast that will be free from snow blockade, and other obstruction, throughout the entire year. The growing trade of our country with Mexico and the countries of the East, as well as the local resources of the territory which the road will traverse, give promise of ample returns upon all needful investment. The heavy emigration that has passed into Texas since the war will doubtless increase with the extension of railways and with the facilities afforded by them for the shipment of grain, cotton, cattle, and other products; all of which must furnish within a very limited period a large and remunerative traffic. When

When you add to all these sources of traffic the great development of mineral wealth consisting of gold, silver, copper, iron and coal, that is known to exist in exhaustless quantities in the country to be traversed by the roads of the Company, it is only a question of time as to your securing liberal rewards for the investment required, and while so doing you will also provide for the world at large another valuable medium for the movements of commerce.

We have strong assurance of aid from the cities, counties, and towns on the line, by donations of bonds, lands, &c.; with these and the assets of the Company, it is hoped and believed that before the next meeting of the Stockholders, a gratifying progress will have been made. It is the intention of your Board to secure the financial aid required to press the work to the earliest possible completion; this course is demanded no less by your own interests than by those of the country at large.

THOMAS A. SCOTT,

President.

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