New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-07-31
NETWORK, WEST SHORE AND BUFFALO
RAILWA COMPANY:

Being convinced that the interests Of the NewYork Cen
trail and Hudson River Railroad Company and OF tho bond
holders OF the NewYork, West Shore and Buffalo Railway
Company would best promoted by the former company
curing Of the railroad OF the latter company and work
ing such railroad in harmony with It's own system, we
opened negotiations 10 secure this result
These negotiations have reached point at which we arc
prepared lay the following proposal before the bondhoders
Of the West Shore COMPANY In order that each one OF them
may elect shall have equal opportunity to share
the benefit Of hereinafter mentioned and
with the view also OF promoting unanmity and speedy
termination OF pending difficulties.
The New Central and Hudson River Railroad Com.
pany executed contract with agreeing reor
ganizaon OF the New York West shore AMI Buffalo Rail-
Company take possession Of the property OF the re-
organized company under lease and to guarantee the prn
cpa interest of the bonds hereinafter mentioned which
are to be secured by mortgag &c upon that property.
The conditions OF the contract are a. follows:
FIRsTThat the securities t. be issued by the rcorganzed
Company sla1 be limited to 600. 900
Four per Mortgage Bonds and 10000, 900
Capital Stock the bons to be dated January 1885 and TO
mature the expiration OF the lease say in 475 years.
upon default in payment OF interest for two consecutive
years.
sECONDThatof the Mortgage Bonds .... s2J O0O, 900
Shall ose ed in exchange for 10000 900
First Mortgage Bonds OF the present Company with past due
coupons ataced-thais to 200 the guaranteed
bonds for 81. 900 OF the old.
TfIIRD-That the remaining s25 100000, except such
amount may necessary for shall not be
Railroad Company TO provide for prior liens
necessary terminals and such other property and for such
purposes Directors OF the Contra and
Hudson River Railroad Company from time TO Time think
necessary the security development and operation OF the
property leased
FoURTHThat the capital stock OF the reorganized COM
pany TO the NewY Ork Central and ud
Railroad Company consideration for Its lease
and guarantee.
FIFTH-Tha the leased property shall be delivered prior
10 Jan. !. 1885,
We therefore Offer 10 the first MORTGAGE bondhoers OF tho
West Shore Company the opportunity to avail themselves OF
with the New York Central and hudson River
Railroad Company upon the following conditions
FTRsT-That their bonds shall be deposited with u.s. with
agreement hereto attached duly executed by the de-
postors.
sECoND-That least majority OF the whole issue shall
be deposited.
Pending the deposit OF such majority temporary receipts
will be given for the bonds After majority snail have
secured temporary receipts will bs exchanged for
engraved receipts negotiable forms councrsgned by the
Union Company whose custody the ponds viii
until required by for the purposes OF reorgan
zatl0n.
a majority shall not be secured and rcorgan
perfected within the required under the contract
with the NewYork Central AMI Hudson Rivcr Railroad
Company the bonds will be returned free OF expense upon
surrender Of the receipts duly assigned
1t rght should aid that largo proportion
required already asened TO the proposed
pan Cp0n receiving the assent q majority in amount OF
shore bonds immediate steps Will DO taken
which advised will secure prompt Hganzauon
and prevent further depreciation and waste OF the
property.
The right terminate time the privilege
OF accepting the offer hereby male.