Morning journal and courier., 1885-08-06
New York, West Shore and Buffalo
 Railway Company.

 Being convinced that the interests of the New York Central a1id 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 a 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 a 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 us the benefit of our contract hereinafter mentioned and with the view also of pfornotfng 1inanimty and speedy termination Of pending difficulties.
 The New York Central and Hudson River Rail road Company has executed contract with us agreeing, upon 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, tioned, which are to be secured by mortgage upon that property.
 The conditions of the contract are as follows:
 FIRST-That the securities to be issued by the reorganized company shall be limited to st........:..:...-. .................$ 50. .OOOsOOO Four per cent mortgage bonds and 100000 Capital Stock the bonds to be dated January 1, 16s6 and to mature at the expiration of the lease, say in 475 years. or upon default in payment of in
 
 SECOND-That of the mortgage
 bonds. ........-................$ $2 5 1000, 900 Shall be offered in exchange for the O,OOO, 900 First mortgage bonds of the present company, with past due coupons attachedthat is to say $1 0OG of the new guaranteed bonds for $2, 900 of the old
 THIRD-That the remaining $25, 100000, except such amount as may be necessary for reorganiza ton shall not be issued except the request of the New York Central and Hudson River Railroad Company, to provide for prior lens necessary terminals. and such other property and for such other purposes as 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 guarantee.
 FIFTH-Tbat the leased property shall be de- ivered prior to January 1, 1SS6
 We therefore offer to the first mortgage bond holders of the West Shore Company the opportuni. ty to avail themselves of agreement with the New York Central and Hudson River Railroad Company upon the following conditions:
 FIRST-That their bonds shall be deposited with us, with the agreement hereto attached duly exc cuted by the depositors.
 SECOND-Thst at least majority of the whole 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 countersgned by the Union Trust Company, in whose custody the bonds will remain until required by for purposes of reorganization In case majority shall not be secured and re organization perfected within the time required under the contract with the New York Central and Hudson River Railroad Company the bonds will be returned free of expense upon surrender of the ceipts duly assigned.
 It is right that we should add that a very large proportion of the bonds required have already as- sented to the proposed plan. Upon receiving the assent of majority in amount of the present West Shore bonds immediate steps will be taken which, we are advised, will secure prompt reorganization and prevent further depreciation and waste of the property.
 The right is reserved to terminate any time the privilege of accepting the offer hereby made