New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-06
Financial.
% wALLsr. NEwYonk Juiy ~ iees
TO THE FIRST MORTGAGE BoNDHoLDERs o.
THE
NEW-Y0RK, WEST SHORE AND BUFFALO
RAILWAY COMPANY:

Being convinced interests Of the New York Cen
trail and Hudson River Railroad Company and Of the bond
holders OF the NewYork, West Shore and Buffalo Railway
Company would DO best promoted company 60
curing lease of the railroad Of the company work.
ing such railroad harmony with own system We
opened regulations to secure this result
These negotiations have reached point at which
prepared lay the following proposal before tho bondhoders
Of tho West Shore Company order that each Of them
who may elect shall have equal opportunity share
with the benefit Of contract hereinafter mentioned ana
with the view also Of promoting unanimity and speedy
termination Of pend in difficulties.
The New.York Central and Hudson River Railroad Com
has executed contract with Ing reor
ganzation OF the West shore snl Buffalo Rail-
Company toake possession of the property OF tho
organized under lease and tho prn
cpa and interest Of the bonds hereinafter mentioned which
are to be secured BY mortgage upon that property.
The conditions Of the contract follows,
FIRsTrhat the securities t. be issued by reorsanized
Company shall be limited to $50. QUO 600
Four per cent Mortgage Bonds. and 1OOOO,OOO
Capital Stock the bonds TO be dated January 1885, and 10
nature at the expiration OF the leas In AIS
default In payment OF interest for two consecutive
years.
sECOND-Thatof the Mortgage Bonds ... s25 100000
Shall be offered in exchange for 100000
First Mortgage Bonds OF the Company with due
coupons atsched-thats say OF guaranteed
bonds for s., 900 OF the OLD
THIRD-That the remaining s25OOOO0O except such
amount be for shall Be
issued at the request Of the NewYork Central and
Hud River Railroad Company provide for prior ensl
terminals and such and for SUCH
other purposes Directors OF the NewYorK Contra and
Hudson River Railroad Company may from time time think
the security development and Of the
property leased
FOURTHThat the capital stock OF the reorganized CONF
shall be surrendered the Newly Central and Hu
River Railroad Company consideration for its lease
aud guarantee
FIFrHThat tho leased property shall be delivered pros
to Jan. l. 1885.
We therefore offer the rst mortgage bondhoders Of the
West Shore Company the opportunity avail themselves 81
agreement with NewYork Hudson
Railroad Company upon the following conditions +.
FIRsT-Thst their shall be deposited with with
the agreement hereto attached duly executed By the do
positora
sECONDThat at least majority of tho whole shah
be deposited.
Pending the deposit Of such majority temporary receipts
will be given for the bonds After majority spal have
been secured temporary receipts will be exchanged for
engraved receipts negotiable in forms counterssned by tbs
Union Trust Company In whose custody the ponds will re-
until required by for the purposes Of reorgan
zaton.
In case majority shall not b secured and reorsanJ
with tho New.York Central Hudson River Railroad
Company the bonds will be returned free Of upon
surrender Of the receipts duly assigned.
1t should add that worry large proportions
required already assensd to the proposed
Upon receiving the Of majority in amount Of
present bonds immediate will DO taken
which, advised. will prompt re)rganzation
and prevent further depreciation and waste Of the
property.
The right reserved terminate any time the privilege
Of accepting hereby male.