New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-08
financial.
@ wALrsr.. NEwYoKE. July ID iseo
TO THE FIRST MORTGAGE BoNDHoLDERs On
THE
NEW-YoRK, WEST SHORE AND BUFFALO
RAILWAY COMPANY:

Being convinced that the the New.Yorx
trail and Hudson River Railroad Company and Of bond
holders Of the New-York, West Shore Bualo Rafws
Company would be promoted by former company ~
curing lease Of the railroad Of the company
ing such railroad In harmony with It's system, We
opened negotiations to secure this result
These negotiations have reached point which we sre
prepared lay the following proposal before the bondhoders
Of the West Shore Company. IN order tat each OF them
who may shall have equal opportunity share
hereinafter mentioned and
with the view also Of promoting unannty and speedy
termination OF penci ing difficulties
The NewYork Central and Hudson River Railroad Com
pany has executed contract with aeen9 upon rcor
ganzation OF tho New YORK West shore AM Buffalo RAIN
Company take OF tho property OF tho
organized under lease and guarantee the prin
cpa and interest OF the bonds hereinafter mentioned which
are to be secured by mortgage upon that property
The conditions Of the contract follows,
FIRsTTbat the securities by tho reorganisca
Company shall DO limited OOO
Four per cent Mortgage Bonds and 10 OOG
Capital Stock the bonds to be dated January 1885, and
the expiration Of the lease in 475 years of
years.
sECOND-Thatof tho Mortgage Bonds. Sxo. 900 OOo
Shall be ore red In exchange for the 5O,OOOOO0
First Mortgage Bonds Of the Company with due
attachedhats t. $1,000 OF tue guaranteed
bonds for 81, 900 OF the old.
THIRD-That the remaining s25.0oO0oo. except such
be necessary for shall Be
issued except at the request Of the NcwYork Central and
terminals and such other and for such
other the Directors OF the NewYorx Contra
Hudson River Railroad Company from time to time think
for the security development and operation Of the
property leased.
FoURTH-That capital the reorganized conn
pany shall the Newly Central and Hud
River Railroad Company consideration for its lease
aud guarantee.
EIFTH-That tho property shall DO delivered pnoI
10 Jan. l. 1886.
We therefore offer to first mortgage bondhoders
Shore Company the opportunity avail themselves Of
agreement with the New York Central and hudson Raves
Railroad Company upon tho following conditions
FIRsT-Tlat snail be deposited with with
agreement hereto attached duly executed by the do
postors
SECOND-Tbat majority Of the issue snar
DC deposited
Pending tho deposit Of such majority temporary receipts
will be given for the bonds After majority snail have
secured temporary receipts will b. exchanged for
engraved receipts negotiable countersgned By tho
Union Trust Company In whose custody the ponds Will re
until required by for the purposes Of reorgant
zation.
In case majority shall not DO secured and reorgani.
zation perfected within the required under the CONTRACTS
with the NewYork Central Hudson River Railroad
Company bonds will be returned free OF expense
surrender of the receipts duly assigned.
1t is right that should add that large proportion
required already assented to the proposed
plan Upon receiving the Of majority in amount OF
present West shore bonds immediate steps will be taken
which, advised will secure prompt reorganization
and prevent further depreciation and waste Of the
property
The right is any time the privilege
OF accepting the offer hereby made.