Morning journal and courier., 1885-08-10
New York, West Shore and Buffalo
 Railway C0mpany.

Being convinced that the interests of the New York Central and Hudson River Railroad Company
 and or the bondholders of the New York, west
 Shore and Buffalo Railway Company would be best
 promoted by the former company securing a lease
 of the railroad of the latter company and working
 such railroad in harmony with it's own system we
 opened negotiations to secure this result.
 These negotiations have reached point at which
 we are prepared to lay the following proposal be-
 fore the bondholders of the West Shore Company,
 in order that each one of them who may now so
 elect. shall have equal opportunity to share with us
 the benefit of our contract hereinafter mentioned,
 and with the view also of promoting unanmity and
 speedy termination of pending difficulties. The New York Central and Hufson River Rail
 road Company has executed contract with us agreeing, upon reorganization of the New York, West Shore and Buffalo Railway Company, to take
 possession of the property of the reorganized com pany, under lease, and to guarantee the princi- pal and interest of the bonds hereinafter men, toned which are to be secured by mortgage upon that property.
 The conditions of the contract as follows: FIRsT-That the securities to be issued by the | reorganized company shall be limited to ---..---..-...-.-.-- 50. .OOOsOOO
 Four per cent mortgage bonds and 1O,OOO,OOO Capital Stock, the bonds to be dated January 1,
 1886, and to mature at the expiration of the lease,
 say in 475 years Or upon default in payment of in terest for two consecutive years
 SECOND-That of the mortgage bondS. ...----...-........--- S2 ,. .OOO.OOO Shall be offered in exchange for the O,OOO,OOO
 First mortgage bonds of the present company, with
 past due coupons attached-hat is say, $1 OOG of the new guaranteed bonds for S2,000 of the old. THIRD-That the remaining $e5, 100000, except such amount as may be necessary for reorganiza
 ton shall not be issued except at the request of the New York Central and Hudson River Railroad Company, to provide for prior liens, necessary terminals, and such other property and for such other purposes as the Directors of the New York Central and Hudson River Railroad Company may
 from time to time think necessary for the security
 development, and operation of the property leased FOURTH-That the capital stock of the reorga.
 nized company shall be surrendered to the New York Central and Hudson River Railroad Company as consideration for it's lease and guarantee FIFTH-That the leased property shall be de Hvered priur to January 1, 1886.
 We therefore offer to the first mortgage bond holders of the West Shore Company the opportuni ty to avail themselves Df our agreement with the New York Central and Hudson River Railroad Company upon the blowing conditions FIRST-That their bonds shall be deposited with us, with the agreement hereto attached duly exc cuted by the depositors.
 SECOND That at least majority of the whole issue shall be deposited,
 Pending the deposit of such majority temporary receipts will be given for the bonds. After ma jority shall have been secured temporary receipts will be exchanged for engraved receipts, negotia ble in forms countersigned by the Union Trust Company, in whose custody the bonds will remain
 until required by Us for purposes of reorganization In case majority shall not be secured and a re organization perfected within the time required
 under the contract with the New York Central and
 Hudson River Railroad Company the bonds will be
 returned free of expense upon surrender of the ceipts duly assigned.
 It is right that we should add that very large proportion of the bonds required have already as
 scented to the proposed plan. Upon receiving the assent of majority in amount of the present West Shore bonds immediate steps will be taken which, we advised, will secure prompt reorganization
 and prevent further depreciation and waste of the property.
 The right is reserved to terminate at any time the
 privilege of Accepting the offer hereby made.