Morning journal and courier., 1885-08-05
New York, West Shore and Buffalo
 Railway Company.

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 a lease of the railroad of the latter company and working such railroad in harmony with it's own system we opened negotiations to secure this result.
 Ihese negotiations have reached point at wf,cn we are 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 shalt have equal opportunity to share with us Che benefit of our 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 contract with us agreeing, upon reorganization of the New York, West Shore and Buffalo Railway Company, to take possession of the property of the reorganized con- pans. under lease, and to guarantee the princi- pal and interest of the bonds hereinafter men, tioned, which are to be secured by mortgage upon that property.
 The conditions of the contract are follows:
 FIRsT-That the securities to be issued by the reorganized company shall be limited to
 50, ,OOO. 900 Four per cent mortgage bonds and 1O,OOO,OOO 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.
 SECOND-That of the mortgage
 bonds. S.,.........................$ $2 5 .OOO.O 900 Shall be offered in exchange for the 50, 1000, 900 First mortgage bonds of the present company, with past due coupons attached-that is say $f 00G of the new guaranteed bonds for $2, 900 of the old.
 TH1RD-That the remaining $25, ,OO0, 900, except such amount as may be necessary for reorganiza ten shall not be issued except at the request of the New York Central and Hudson River Railroad Company, to provide for prior liens, necessary terminals orfuy or,d Cor so3, other purposes as the Directors of the New York Central and Hudson River Railroad Company may from time to time think necessary for the security developments and operation of the property leased.
 FOURTH-That the capital stock of the reorga- nised company shall be surrendered to the New York Central and Hudson River Railroad Company as consideration for it's lease and guarantee
 FIFTH-That the leased property shall be de- ivered prior to January l, 1886.
 We therefore offer to the first mortgage bond holders of the West Shore Company the opportuni ty to avail themselves of our 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 cuted by the depositors.
 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 JorlIy ssil hitNe oeeh secured temporary fecelpts 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 us for purposes of reorganization.
 In majority shall not be secured and a 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 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, 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.
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