| {This is a printed letter,
probably sent to each share holder} |
| |
|
Houston, Sept. 9, 1861
|
| |
| Sir, |
| On the 3rd of April last, we invited all
the holders of bona fide paid up stock in the Houston & Texas
Central Railway Company, to unite with us in the formation of a new
Company, on terms proposed in our circular of that date. Most of the
stockholders responded favorably, but very few have as yet made the
cash payment of ten per cent. which was to have been made in six
months. That time has nearly expired, and meantime, we have been
running the road at great disadvantage, compelled to reduce the
service and discharge hands, and yet we have not only not made a
dollar of profit to ourselves, but are actually in advance for the
expenses of the road. This has been the result of the unexpected and
extraordinary state of affairs in our State, and especially the actual
want of money in the country. The same cause has prevented most of the
stockholders who were disposed to accept our proposals from making the
necessary payment. In view of these facts we have determined to extend
the time for payment until the 3d of April next, 1862, that all may
thereby be better able to comply, and that none may have cause of
complaint. We do this without legal obligation, from a sincere desire
that the interest of the road and public may be ultimately promoted,
and to this end we shall reserve the right so to frame a plan of
organization of the new Company, as to insure in future a prudent and
economical management of its affairs. |
| W. J. Hutchins |
| For self and D. H. Paige |
|