TX, H&TC 9/9/1861

{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

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