This small collection of papers was assembled early in 1952 when Southern Pine Lumber Company considered purchasing the Texas State Railroad, which was then leased by the Texas & New Orleans Railroad Company (T&NO). At the heart of the collection is a twenty-nine page audit report for the years 1943-1950. The report begins by reviewing an earlier audit of the years 1921 to 1943 and provides a three page narrative history of the railroad’s construction and operation to 1950. Interestingly, the audit questions T&NO’s reported operational losses during the lease years. Also included in the papers is an itemized list of additions and retirements to track facilities made by T&NO between 1921 and 1951.