New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-03
Financial.
2s wALL-sr. NEw.yoRx. July IS, 1885.
TO THE FIRST. MORTGAGE BoNDHoLpERs OF
THE
NETWORK, WEST SHORE AND BUFFALO
RAILWAY COMPANY:

Being convinced that Of the NcwYork Cen
tra broad Company and OF the bond
holders New-York, West Shore and Bunalo RAILWAY
Company would be promoted by the former company So
curing OF the latter company and work.
ing sueh railroad in harmony with It's own system wo
opened egotiations to secure this result
These negotiations have reached point 40 which we are
prepared lay following proposal before the bondhoder
Shore Company order that each OF them
elect shall have equal opportunity TO share
benefit Of hereinafter mentioned and
with also OF promoting unanimity and speedy
termination OF pending difficulties
The New-Yotk Central and Hudson River Railroad Com
pany contract with agreeing upon reor-
ganzaton OF tho New York West shore AMI Bunao RAN
way Company possession OF the property cf the re-
organized company under lease and Co guarantee the prn
cpal bonds hereinafter mentioned which
are to be secured by mortgage upon that property
The conditions OF the contract rs follows,
FIRsr-Ths securities to be Issued by the reorganzed
Company shall be limited to. 900
Mortgage Bonds. and 10000 900
Capital Stock bonds be dated January 1885, and to
the expiration of the lease in AIS years
upon default In payment Of interest for two consecutive
years
Shall red In exchange for 10000, 900
Bonds the present Company with past due
coupons attachedhat t. ST. OF tne new guaranteed
bonds for 81. 600 OF the old.
THIRD-That the remaining 2500O.00o, except such
may necessary FOR reorganization shall not be
issued except the request Of the NewYork Central and
Hudson Railroad Company, provide prior liens
terminals and such other property and for such
purposes Directors OF the NewYor Contra and
Hudson River Railroad Company from time 10 time think
necessary security development and operation OF the
property leased
FOURTH-That the capital stock OF the reorganizcd com
pany shall surrendered the Newly ork Central and Hud
son River Railroad Company consideration for Its lease
and guarantee
FTFTH-That the leased property shall be delivered prior
TO jan l.. 1885.
Offer first bondbofers Of the
West Company opportunity avail themselves OF
with tho New Central and hudson River
Railroad Company upon the following conditioner
FIRsT-Ihat their bonds snail be- deposited with with
the agreement hereto attached duly executed by the de-
positors
SECOND majority OF the whole Issue shall
be deposited.
Pending deposit ~ such majority temporary receipts
will given for tho After majority snail have
secured temporary receipts will b. exchanged for
engraved receipts negotiable tn forms counersgned by the
Union Trust Company whose cu-lody the ponds Will
until CURED b. 0r tho purposes OF reorssni
cation.
In a majority shall not be secured and reorgan
zaon perfected within the required under the contract
with the Sew.lork Central AMI Hudson River Kailrolf
Company bonds vii rtuuci FREQ OF expense upon
surrender Of the receipts duly assigned
Itlarght that should AID that very large proportion
Of the bonds qred have array proposed
plan Upoa receiving the II majority amount Of
the present shore bonds immediate steps Will be taken
which, We are sds.-ed viii prompt Reorganization
aud prevent further depreciation and waste Of the
property.
night "a n Terminate at time the privilege
OF accepting tho oleT hereby male.
DREXEL, MORGAN & co.