New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-04
4itIas.eIai.
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40 TIE First MORTGAGE soxpRoIpERs o.
HEw-YoRk, NEST SHORE AND BUFFALO
RAILWAY C0MPANYs

Being convinced Inst the interests al tia NevYof c.
tral and Hudson River Railroad Company ana M tie BOND
holders of the New-Yort West Shore and BunAo Rafws
Company would DO best by the former company -
curing lease Of the railroad Of the latter company and ws
ing such railroad In harmony with its system w4
opened negotiations 10 secure this result
These negotiations reached point "a vh,oh - A.
prepared to lay the following proposal the
Of the West Shore Company In order that them
who elect shall have equal opportunity to share
With the benefit Of contract hereinafter mentioned and
with tho also Of promoting unanmity speody
termination Of pending dinsculties
The new.York Central and Hudson River Railroad Com
pany has executed contfact with agreeing upon
ganzation Of the Now York west shore and Buffalo Rate
way Company to take Of the property Of the
organized company under lease and the p
cipai and interest Of the bends hereinafter mentioned which
are to be secured by mortgage upon that property.
The conditions Of the contract arc folowst
FIRsrThst the securities to be issued By reorganiss
Company shall be limited to. eJO. 600 OOo
-Four per cent Mortgage Bonds and. 1OOOOOOo
Capital Stock the bonds dated January lss6 and =
mature the expiration Of the lease cay Ats years @
upon default In payment Of interest for two consccutt
years
sEcoNDThatof the Mortgage Bonds e25 900 zoe
Shall DO offered in exchsnse for 100000
FIRST Mortgage Bonds present Company past due
bonds for 81. 900 Of the old.
rHIRD-That tho remaining s25.oooooo, EXCEPT No
amount may be necessary for shall not b
issued the reQuest Of the Central ana
Hudson Railroad Company proyids for prior liens
necessary terminals and such other property aud for such
other purposes the Directors OF the NowYorK and
Hudson River Railroad Company from time to think
necessary the security development and operation Of
property leased
POURTHThat tho capital stock Of the reorganizcd com
pany shall be Central and Hud
River Railroad Company consideration
and guarantee
FIFTHThat the leased property shall bs delivered PRIOR
TO jan ], 1880.
We therefore or mortgage bondhoferc OF ne
West Shore Company the opportunity await themselves Of
with the New and Hudson lvsr
Railroad Company upon the following condtonst
FIRsTrhat their shall be deposited with u.s. with
the ageent hereto attached duly executed BY tho de-
positora
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 o majority shall have
been secured temporary receipts will DO exchanged for
receipts negotiable ccunersigncd by tho
main until required By Tor the purposes Of reorgAp
ration.
In o majority shall not be secured and reorgani.
with tse New.York Central and Hudson River Railroad
Company the bonds Will be returned free OF expense upoa
surrender OF the receipts duly assigned.
night that should AID that very large proportion
Of required have already assoned to the proposed
plaza Cpon receiving the assent Of majority IN amount Of
present immediate steps Will be taken
which, advised, VIII prompt Reorganization
and prevent further depreciation and waste Of the
property.
The right terminate any time tho privilege
NJ finn fhea far erah ma