amount received during said year for transportation of passengers was $383,563.93, and of freight, $291,908.97. The expenses on account of the road and fixtures for said period were $376,278.11. The indebtedness of the company is $5,750,000. Seventy and twenty-six hundredths miles of this road have been completed in a first-class manner, and have been accepted. The road commences at San Jose, California. The entire cost of the road and fixtures, together with the lands for stations, &c., since the organization of the company, is estimated at about $12,000,000.
The amount of stock of the Texas and Pacific Railway Company subscribed is $2,000,000, of which $200,000 has been paid in. The company has neither bonded nor floating debt. It is progressing rapidly with its surveys, having a number of corps in the field, but as the final reports have not been received, no definite description can be given of the line of road surveyed and fixed upon for construction. The receipts of the company from 15th April, 1871—the date of its organization—to the 1st July, 1872, have been $204,392.05, and the disbursements amount to $125,056.87, leaving a balance in hand of $79,335.18. The line of this road will be "from a point at or near Marshall, county of Harrison, State of Texas; thence by the most direct and eligible route, to be determined by said company, near the thirty-second parallel of north latitude, to a point at or near El Paso; thence by the most direct and eligible route, to be selected by said company, through New Mexico and Arizona, to a point on the Rio Colorado, at or near the southeastern boundary of the State of California; thence, by the most direct and eligible route, to San Diego, California, to Ship's Channel, in the bay of San Diego, in the State of California, pursuing, in the location thereof, as near as may be, the thirty-second parallel of north latitude." The act of Congress of May 2, 1872, (17 Statutes, 59,) requires "that the said Texas and Pacific Railway Company shall commence the construction of its road at or near Marshall, Texas, and proceed with its construction * * * * so "as to have at least one hundred consecutive miles of railroad from said point complete and in running order within two years after the passage "thereof, and so continue to construct, each year thereafter, a sufficient number of miles, not less than one hundred, to secure the completion of the whole line within ten years after the date of said act: "Provided, however, That the said company shall commence the construction of said road from San Diego eastward within one year from the passage of this act, and construct not less than ten miles before the expiration of the second year, and, after the second year, not less than twenty-five miles per annum in continuous line thereafter between San Diego and the Colorado River until the junction is formed with the line from the east at the latter point, or east thereof." The name of this companywas changed by the said act from "Texas Pacific Railroad Company" to "Texas and Pacific Railway Company."
The report of the Atlantic and Pacific Railroad Company for the
