Morning journal and courier., 1885-08-01
New York, West Shore and Buffalo
 Railway Company.

Reine convinced that the int arests of the New York Central and Hudson River Railroad Campany and of the bondholders of the New York West Shore and Buffalo Railway CoHnpanY would be best promoted by the former con Ioany 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 ecure ttlis result.
 These negotiations hf re,ached point at which we prepared to lay the following proposal be- fore the bondholder s of the West Shore Company, in order that eacf4 one of them who may now so elect, shall have equal opportunity to share with us the benefit O. ear contract hereinafter mentioned and with t Ae view also of promoting unannity and a speedy tsrnnination of pending difficulties.
 The New York Central and Hudson River Rail roar4 Company has executed contract with us a' <reeang, upon reorganization of the New York,
 West Shore and Buffalo Railway Company, to take possession of the property of the reorganized ! pany under lease and to guarantee the prnci- 1 pal and interest of the bonds hereinafter men, tioned, which are to be secured by mortgage upon 1 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 | ......................... 50, ,OOO,OOO Four per cent mortgage bonds and 1O,OOO,OOO Capital Stock the bonds to be dated January 1,
 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. ........................$25 $2 5 1000, 1000 | 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 $1,00G of | the guaranteed bonds for $2,000 of the old. THIRD-That the remaining $25 100000, except l such amount may be necessary for reorganiza
 ton shall not be issued except at the request of the I New York Central and Hudson River Railroad Company, to provide for prior iens necessary ! terminals, and such other property and for such TN:.. Vrrly 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 a consideration for it's lease and guarantee. FIFTH-That the leased property shall be de- | lvered prior to January 1, 1886.
 We therefore offer to the first mortgage bond holders of the West Shore Company the opportum 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-That at least majority of the whole issue shah be deposited.
 Pending the deposit of such majority temporary ! receipts will be given for the bonds. After ma
 jority shall have been secured temporary receipts will be exchanged for engraved receipts, negota- | he in forms countersigned by the Union Trust ! Company, in whose custody the bonds will remain
 until required by for purposes of reorganization ! In case a majority shall not be secured and a re ! organization perfected within the time required under the contract with the New York Central and 4 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 very large l pI oportion of the bonds required have already 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 advised, will secure prompt reorganization
 and prevent further depreciation and waste of the property.
 The right reserved to terminate at any time the privilege of accepting the offer hereby made.