Morning journal and courier., 1885-08-22
New York, West Shore and Buffalo
 Railway C0mpanY.

Being convinced that the interests of the New York Central and 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 lesse
 of the railroad of the latter company and working 1 such railroad in harmony with it's own system we opened negotiations to secure this result These negotiations have reached point at which we 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 contract hereinafter mentioned,
 and with the view also of promoting unanimity and speedy termination of pending difficulties. The New York Central and Hudson River Rail road Company has executed a contract with us agreeing, upon reorganization of the New York, West Shore and Buffalo Railway Company, to take
 possession of the property of the reorganzed com pany. under lease, and to guarantee the princi- pal and interest of the bonds hereinafter men, toned which to be secured by mortgage upon that property.
 The conditions of the contract are as follows: F1RST-That the securities to be issued by the reorganized company shall be limited to ..-..........-..-.....--. -..--.S5 S5O. .OOO.OOO Four per cent mortgage bonds and 10000. 900 Capital Stock, the bonds to be dated January 1.
 1886, and to mature at the expiration of the lease say in 475 years upon default in payment of in terest for two consecutive years.
 
 bonds. $2 1000. .OOO Shall be offered in exchange for the 5O.OOO. 900
 First mortgage bonds of the present company, with
 past due coupons attachedthat is to say, $1 00G of | the guaranteed bonds for &, 900 of the old. THIRD-That the remaining $250OO 900, except
 such amount as may be necessary for reorganza
 ton shall not be issued except the request of the New York Central and Hudson River Railroad Company, to provide for prior liens, necessary terminals, and such other property and for such other purposes 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 consideration for it's lease and yuarantee FIFTH-That the leased property shall be de. Hyered prior to January l, 1886.
 We therefore offer to the first mortgage bond 1 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 exe- cuted by the depostors.
 SECOND-That 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- jorty shall have been secured temporary receipts will be exchanged for engraved receipts, negotia-
 ble in forms countersigned 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 re-
 ceipts duly assigned.
 It is right that we should add that 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 at any time the privilege of accepting the offer hereby made.