| {This letter was probably sent to
each share holder} |
|
|
| Houston April 3rd 1861 |
| |
| Sir, |
| On the 2nd inst. the Road bed, track,
franchise and chartered privileges and other appurtenances of the
Houston & Texas Central Railway Company were purchased by us at
Sherriff's Sale under execution. The Company was unable to meet its
liabilities, and a sale could not be avoided. We purchased the subject
to mortgages and bonds on the road to the State and others amounting
to $1,175,000 besides the interest accrued and due. While we purchased
for our own protection and benefit (being large Stockholders and
auditors of the Company) and are the lawful owners of the road,
yet we desire that all our late associates who were bona-fide
holders of paid up Stock, shall be entitled to equal advantage if any
there are, with ourselves. We have advanced in our purchase more than
10% on the amount of our stock and propose that you and such
stockholders shall be associated with us on equal terms by paying 10%
on the amount of your stock within six months from this date. This
fund is needed to pay the interest due on the State loan, and other
mortgage debts on the road now pressing subject to which we purchased
and also that class of debts to road laborers which ought to be met
promptly. |
| The lands and other assets of the old
Company ought to be, if prudently managed sufficient to pay their
general debts not secured on the road. |
| If it should be otherwise then we desire
to pay the deficiency whenever the earnings of the road will justify
but assume no obligation to that effect without the consent of the
Stockholders who may unite with us. It is our earnest desire and
intention to place the road on a firm and reliable foundation to
conduct its business on a cash basis, to revive public confidence and
faith and to urge on the completion of the road as rapidly as prudence
and fair dealing will enable us. |
| Desiring your co-operation and that you
will notify us whether you accept our proposition. |
| We are Resply &c. |
| W. J. Hutchins |
| D. H. Paige |
| {Also published in the Hempstead
Courier 4-6-1861} |
|