THIRD

ANNUAL REPORT

OF THE

BOARD OF DIRECTORS

OF THE

TEXAS AND PACIFIC RAILWAY COMPANY

リ

TO THE

STOCKHOLDERS,

August 11th, 1874;

AND

SUPPLEMENTAL REPORT,

March 29th, 1875.

PHILADELPHIA:

REVIEW PRINTING HOUSE, N. W. COR. FOURTH AND WALNUT STS.

1875.

THIRD ANNUAL REPORT

OF THE

TEXAS AND PACIFIC RAILWAY COMPANY.

To the Stockholders of the

NEW YORK, August 11, 1874.

Texas and Pacific Railway Company:

GENTLEMEN:-In order to meet the requirements of the State of Texas, it has been thought best by your Board to make the fiscal year of the Company close with the end of May, so that the report herewith submitted will embrace the operations of the Company for the thirteen months ending May 31, 1874.

At the time of your last annual meeting the new work upon your line had been limited to grading, bridging, and distributing ties ready for the iron. But the work of construction was pushed rapidly forward until the road had been completed between Dallas, the point of junction with the Houston and Texas Central, and Texarkana, where it connects with the Cairo and Fulton and Iron Mountain roads for St. Louis, Memphis, Cairo, and the eastern seaboard.

This effected, a prompt and rapid means of communication was furnished to and from southern and south-eastern Texas, and additional value thereby imparted to the products of that section of country. Cotton and other valuable staples, instead of being subjected to delay and damage