Morning journal and courier., 1885-08-13
New York, West Shore and Buffalo
 Railway Company.

Being convinced that the interests of the New York Central and Hudson River Railroad Company and of the bondholders of the New York, West Shore and Buffalo Railway Company would be best promoted by the former company securing 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 ns the benefit of our contract hereinafter mentioned and with the view also of promoting unanimity and a speedy termination of pending difficulties.
 The New York Central and Hudson River Rail road Company has executed contract with us agreeing, upon a reorganization of the New York, West Shore and Buffalo Railway Company, to take possession of the property of the reorganized com pany, under a 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:
 F1RST-That the securities to be issued by the reorganzed company shall be limited to
 ---.-.-.-....-...-. ............-..$ 5O, ,OOO, ,OOO Four per cent mortgage bonds and 100000 Capital Stock, the bonds to be dated January l. 1Ss6 and to mature at the expiration of the lease say in 475 years upon default in payment of in terest for two consecutive years.
 SECOND-That of the mortgage
 bonds. ..........................$ $2 {, 1000, ,OOO Shall be offered in exchange for the 5O,OOO,OOO First mortgage bonds of the present company with past due coupons attached-that is to say $ OOG of the guaranteed bonds for &, 900 of the old
 THIRD-That the remaining $25, 900 900, except such amount as may be necessary for reorganiza tion shall not be issued except 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 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 yuarantee FIFTH-That the leased property shall be de livered prior to January l. 1886.
 We therefore offer to the first mortgage bond holders of the West Shore Company the opportuni ty to avail themselves ,f our agreement with tho New York Central and Hudson River Railroad Company upon the blowing conditions: FIRST-That their bonds shall be deposited witt us with the agreement hereto attached duly exc cuted by the depositors.
 SECOND-That at least majority of the whol, issue shall be deposited.
 Pending the deposit of such majority temporary receipts will be given for the bonds. After a ma jority shall have been secured temporary receipts will be exchanged for engraved receipts, negotia ble in forms eountersigned by the Union Trus Company, in whose custody the bonds will remail until required by us for purposes of reorganization In case majority shall not be secured and a IT organization perfected within the time required under the contract with the New York Central ant Hudson River Railroad Company the bonds will b.
 returned free of expense upon surrender of the re cepts duly assigned
 It is right that we should add that a very larg pIoportion of the bonds required have already as sented to the proposed plan. Upon receiving tn assent of majority in amount of the present Wes Shore bonds immediate steps will be taken which we are advised, will secure prompt reorganization and prevent further depreciation and waste of tn property.
 The right is reserved to terminate at any time tn privilege of accepting the offer hereby made.