New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-17
lRExEL, MORGAN & CO.
20 wAtLsr. rsw.Yorr ruly75. 1888.
To THE FIRST MORTGAGE BoNDHoLDEEs OF
THE
HEW-YORK, WEST SHORE AND BUFFALO
RAIL WAY COMPANY:

beng convinced that the interests Of the NsYork
trail and Hudson River Raro Company and Of tho bond
holders OF the NowYork, West Shore and Buffalo Railway
Company would he best promoted by former company
curing lease Of the railroad OF the latter company and work.
ing such railroad IN harmony with own system,
opened negotiations 20 this result
These negotiations hare reached point at which
prepared to lay the following proposal before tho bondhoders
OF the West shore Company that them
who may now 40 elect shall have equal opportunity share
with ns the benefit Of hereinafter mentioned and
With the view also Of promoting unanmity a speedy
termination Of pend in dIhlcultes.
The Now'lork Central ana Hudson River Railroad Com.
pany has executed connct with agreeing upon
gaDhaton OF the New York. West Shore AMI Buffalo Rail-
way COMPANY TO take possession OF tho property OF tho
organized Company under lease and the prin
cDs and interest OF the bonds hereinafter mentioned which
arc to be secured by mortgage upon that property.
The conditions Of tho contract follows;
FIsTTha the securities t. be issued By tie reorganissu
CJmpauy shall DO limited 30 900
Four per cent Mortgage Bonds. and 1G0D0,Ogo
Capital Stock the boas 10 be dated January 1885, and 20
nature az the expiration OF the lelse say AIS years
default In payment OF interest for two consecutive
years.
sEcoND-Thatoi the Mortgage BOis-. SOS 600, 900
Shall DO ofe ed In exchange for tho 1000 900
FIRST Mortgage Bonds the Company with past due
coupons attachedhatis t. say 200 oitne guaranteed
bonds for s. 900 OF the old.
THIRD-That the remaining s250OOOOO, except such
amount be necessary for reorganization shall not DO
issued except at the request OF the NewYo Central and
necessary terminals and such other property and for such
other purposes the Directors OF tho Newly Contra
Hudson River Railroad Company from time to time think
necessary Tor the security Development and operation of tho
property leased
FoURrH-That the capital stock the recognized
pny shall be surrendered TO tie Newly or Central aud ud
River Railroad Company consideration for Ito lease
snd guarantee.
FIFTHThAt the leased property shall DO delivered prior
20 jan I. 1885.
We therefore ooF to first bondhoders Of
West shor. Company the Opportunity avail themselves OF
with the SewYOTk Central and hudson Iaver
Railroad Company upon the following conditions;
FIRsTThat their bonds shall be deposited With with
the agreement hereto attached duly execusc by the do
poaltors.
sECONDThat at least majority Of the whole issue shall
be Deposited
Pending the deposit Of such majority temporary receipts
VIII be given for the bonds Aftsr a majority sbal have
been secured temporary receipts will b exchanged FOR
engraved receipts negotiable forms countorsgnei by the
UaoB TEnst Conpany whose custody tho ponds viii
ain until required by fr tho purposes Of reorEanL
ratlcn.
In majority shall not Do secured and reorzani-
zaton perfected within the required under the contract
with Ncw-York Central and Hudson River Railroad
Company TIE bonds will be returned free OF ext upOn
surrender Of the receipts duty assiyncd.
nsnsht that shouh ad that n very large proportion
required have already MED the proposed
plan Cpon receiving the assent 81 majority amOnn OF
present shore bonds immediate steps VIII DO taken
which advised. viii prompt Reorganization
aud prevent further depreciation and waste Of the
property.
Tho rghi reserved 20 terminate at any dino Tho privilege
q accepting The oaer hereby male.