FOURTH

ANNUAL REPORT

OF THE

BOARD OF DIRECTORS

OF THE

TEXAS AND PACIFIC RAILWAY COMPANY

TO THE

STOCKHOLDERS.

August 10th, 1875.

PHILADELPHIA:

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

1875.

To the Stockholders of the

Texas and Pacific Railway Company.

GENTLEMEN:-So many unfounded statements have been recently made in the public press and elsewhere, in regard to your Company, its charter powers and franchises, its property and alleged complications with other corporations, that it has been thought advisable by your Board, to give at this time a short history of the company, and of its corporate grants and acquirements, in addition to the usual yearly report of operations for the past twelve months.

The orginal act of incorporation under which your company organized, was passed by Congress in March, 1871, and supplemental acts, vesting additional powers in the company, were passed in 1872, '73 and '74, and the first Board of seventeen (17) Directors were chosen in May, 1871, only four (4) of whom are now connected with the management.

The charter authorized the construction of a railway on the 32d parallel of latitude from Marshall, Texas, through to the Pacific coast, with the right to acquire by purchase, consolidation, or otherwise, the property and franchises of any other railroad company or companies previously chartered on the same route; conditioned that the "indebtedness, or other legal obligations of said company or companies, "shall be assumed by the Texas Pacific Railway Company, "as may be agreed upon; and no such consolidation or pur"chase shall impair any lien which may exist on any of the "railroads so consolidated or purchased; but said company

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