New-York tribune., 1885-08-15
pREXEL, MORGAN & co.
rs wALr-sr.. NEw.YoRx. July IS. IssU
TO THE FIRST MORTGAGE BoNDRoLDERs o.
NEW-Y0RK, WEST SHORE ARD BUFFALO
RAILWAY COMPANY;

,err eonvtuced that the interests Of the cen
River Railroad Company and Of the bond.
holders Of Nsw-Ysrk Shore and Buffalo RahwsH
Company would promoted by the former company %.
curing Of railroad Of tbs latter company and work
ing railroad harmony with its OWE system, We
opened nesstiatons to secure this result
negotiations have reached point at which we are
prepared to lay following proposal before the bondholds
Shore COMPANY in order that each one OF em
whs may shall have equal opportunity TO share
with beneft Of hereinafter mentioned and
with the Of promoting unanimity and speedy
termination Of pending difficulties
The New-Yerk Central and Hudson River Railroad Com
pany contract with inc upon reor
ganizauon OF the New York West shore and Bunao KALI
way Company OF the property OF the ~
organized under lease and 10 GUARANTEES the pru
cpa bonds hereinafter mentioned which
are to be secured BY mortgage upon that property.
The conditions of the contract follows,
securities ~ se issued by the reorSsniseo
Company shall be limited to...-- .sou.000'OO0
-Four per Mortgage Bonds, and 10OOOOOo
Capital Stock bonds bs dated January 1885 and TO
expiration Of tho lease say in 47o years or
upon default payment Of interest for two consecutive
years.
sEcoND-Thstof the Mortgage Bonds s25 000, ,00e
Shall be exchange for the 56,COo0o0
First Mortgage with past due
coupons aacheahats % say $1,000 Of tae new guarantees
bonds for 1000 OF the old.
THIRp-That the remaining s25.ooo.0Oo. except smcn
for reorganization shall not Do
except request Of the NewY0rk Central amt
Hudson Railroad Company to provide for prior liens
terminals property and for such
other purposes as the NewYork Contra ana
uson River Company from time to time think
security development and operation OF the
property leased
FoURTH-That capital stock OF the reorganzcd com
pany shall the NewYork Central and Hud
son Railroad Company consideration Tor its sass
and guarantee.
FIFTH-That the property shall be delivered prc1
to jan l. 1885.
We therefore offer to the first mortgage bondhode Of tns
West Company the opportunity 70 avail themselves %
our With the NewYok Central and hudson hvss
Railroad Company upon the following conditions;
FIRsr-Thst their bonds snail be deposited With with
the agreement hereto attached duly executed BY tho do
positors 49,
sECoNpThst at least majority of the whole ISSUE shsh
be deposited.
Pending the deposit Of majority temporary receipts
will be Owen for the bonds After majority snail have
been secured temporary recepts will be exchanged ior
engraved receipts negotiable in forms counternei " the
Union Trust Company whose custody the oonds VIII re-
main until required by Tor the purposes Oh reorxaa
Latop.
In case majority shall not be secured and reorg&n
zatcn perfected the time required under the conac
with the New.York Central Hudson River Railroad
Company the bonds be returnea Tree OF expense upon
surrender Of the receipts duly assigned
Tia rxht that we should add that large proporuoH
NJ tho bonds reaured have already assened to the ppoe
nlan Uuop receiving Of majority IN aoant az
tho Wes shore Immediate steps VIII Dc taken
which wa are advised will prompt reoganizauen
| and prevent further depreciation and waste Oh he
| property. ,,.j
The right ia reserved to time the privileges
| OF accepting the oasr hereby msis