Morning journal and courier., 1885-08-15
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 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.
 These negotiations have reached point at which 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 shall have equal opportunity to share with the 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 a 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, tioned, which to be secured by mortgage upon that property.
 The conditions of the contract 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 10000, ,OOO Capital Stock, the bonds to be dated January 1, 1ss6 and to mature at the expiration of the lease, say in 475 years. or upon default in payment of in terest for two consecutive years.
 SECOND-That of the mortgage
 bonds. -.,......t.......s2 s2 sOQOsOOO Shall be offered in exchange for the 5O,O00, 600 First mortgage bonds of the present company, with past due coupons attachedthat is to say, $1 0OG of the new guaranteed bonds for $2 900 of the old.
 THIRD-That the remaining $25 900, ,0Oo except such amount may be necessary for reorganiza ton 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. and such other property and for such 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, 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 as consideration for it's lease and guarantee.
 FIFTH-That the leased property shall be de livered prior to January 1, 1886.
 We therefore offer to the first mortgage bond holders of the West Shore Company the opportuni ty to avail themselves ,f 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 exc 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 ma jority shall have been secured temporary receipts will be exchanged for engraved receipts, negotia b1e in forms cotintersigned by the Union Trtist Company in whose custody the bonds will remain until required by us for purposes of reorganization
 Iii case majority shall not be secured and q re organization perfected within the time required Under the contract with the New York Central and Hudson River Raif6ad Company the bonds viii bt returned free 6f expehse Hp6h surrender 6f tie fe eeipts duly assigned:
 It s fight that we sti6td add tiiat very large proportion If the bends required have afesdy IS seHted t8 tte proposed BiaH, BB6R receiving tht assent ef afasjsfty iH sHi9HHt 6f the present Wes Sb8Fe bends immediate steps wili bs takeH which we are advised, will secure BFeiHPt reorganization and prevent further depreciation and waste sf the property,
 Fle right is reserved ta terminate at any time tle privilege Of accepting the offer hereby made,
 DREXEl MIRIAM 4. m