New-York tribune., 1885-08-16
DREXEL, MORGAN & CO.
- wAILsr. NRw.YoRx. July 70 lsuu
10 THE FIRST MORTGAGE BoNpHoLDERs oI
THE
NEW-YoRK, WEST SHORE AND BUFFALO
RAILWAY COMPANY;

erus convinced that the interests Of the New York Cs
trs Hudson River Railroad Company and Of the boAd
holders Of tho Nsw-York West shoro and Buffalo Ravs4
Company would be best promoted BY the former company ~
curing lease Of the railroad Of the latter and
ing such railroad in harmony with les own System. vs
opened negotiations to secure this result
These negotiations have reached point at which
lay the following before tho bondhold
the wcs Shore COMPANY order that zach OF eA
who may eect shall have equal opportunity 10 share
with tho benefit Of contract hereinafter mentioned and
with the visw also Of promoting unanmity aud speedy
Termination Of pendin difficulties
The NewYork Central and Hudson River Railroad cox
pany contract with ing reoe
ganizaton York. West shore ami Buffalo Rail
way Company to take possession property OF the
organized company under and 20 guarantee the pa
cipa Of bonds hereinafter mentioned wh
to be secured by mortgage upon that property
The conditions Of the contract arc ~ follswsi
FIRsTThas the 10 be ssued By tho reogari3ee
Company ell 10 limited
-Four per Mortgage Bonds, and 1OOOOOOo
Capital Stock the bonds to be dated January iss and 70
mature az the expiration of ths lease say in ATS years.
upon default payment Of interest for two consecutive
years.
sECoND-Thstof the Mortgage Bonds. s25 zoe
Shall be offered In exchange for the 5O,0006oo
Mortgage Bonds Of the present Company with past due
coupons - say ao0o Of tne now
bonds for 81. 900 OF the old.
THIRD-That the remaining s25ooO.0o0, except rca
may for reorganizaton shall not BE-
issued except at request the NewYork Central and
Railroad Company 70 provide for prior heas
terminals and such other property such
other purposes OF NewYorK Cenrs
Hudson Railroad Company may from time to time nh
necessary security development and operation Of tie
property leased
FOURTHThat the capital stock of the feorganired
psny surrendered NewYork Central and Hud
son Railroad Company consideration for iS lease
and guarantee
FIFTH-That leased property shall b delivered proR
to Ian. 1, 1856.
We therefore offer to the rst mortgage bondhode Of
our agreement Central and Hudson Rivel
Railroad Company upon the following conditions,
FIRsr-That bonds shall be deposted with with
the agreement hereto attached duly executed hy shs d.
positora
sECoND-That ct majority Of the whole aha
be deposited
Pending deposit of suoh majority temporary receipts
will DO given for After . majority snail have
secured temporary receipts will be exchanged fo
engraved receipts negotiable forms countersgned By The
Union Trust Company custody the ponds viii r
until required by Tor the purposes Of rcorEaa
Zston.
In case . majority shall not be secured and reoffnN
xaon perfected within the required under the CONTRACT
with tDe New-York Central and Hudson River Railroad
Company the bonds will be returned free Of expense upon
surrender Of the receipts duiy assigned.
Itis right that add very proporus&
Of required have already sssensed to the prposs
plan Upon receiving the OF majority In amount Il
which, We are advised Will prompt rsorganlatos
and prevent further depreciation and waste Of ~
property :.
The right Is reserved asy time the prvsg9
Of accepting the offer hereby made.