New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-01
NETWORK, WEST SHORE AND BUFFALO
RAILWAY COMPANY:

Being convinced that OF the New.York Cen
ral and Hudson River Railroad Company and OF tic bond
holders OF the NewYork West Shore and Buffalo Railway
would be best promoted by the former company
curing lease Of the railroad OF the latter company and work.
ing such railroad in harmony with its own system, we
opened negotiations to secure this result.
These negotiations have reached point at which we are
prepared lay the following proposal before the bondholders
the West shore Company order that each OF them
who elect shall have equal opportunity to share
with Us the benefit Of contract hereinafter mentioned aud
with the view also OF promoting unanmity and speedy
termination OF pend In z difficulties.
The Newl ork Central and Hudson River Railroad Com
pany has executed with asresnc upon reor
ganizaton OF tho New York West shore AMI Buffalo Rail-
Company take possession OF the property OF tho re-
organized Company lease and the prin
and interest OF the bonds hereinafter mentioned which
to be secured by mortgage upon that property.
The conditions Of the contract are "a follows;
FIRsThat the securities be issued by the reoganized
Company shall be limited to. 0DC 900
per Mortgage Bonds 10000, 900
Capital Stock the bonds to be January 1885, and to
the expiration OF the olse say in 475
upon default payment OF interest for two consecutive
years
oND-Thatof the Mortgage Bonds. s2J OO0, 900
Shall be ole I'd exchange for the JO,GOO0OO
Mortgage Bonds OF the present Company with past due
coupons aachedhas say 900 OF tue new guaranteed
bonds for $1,000 OF the old.
THrRD-That the remaining S2j.O0O.000. except such
amount be Tor reorganization shall not be
the Of the NewN ork Central and
Hudson River Railroad Company provide prior liens
necessary terminals and property and FOR such
other purposes OF hc NegYorK Contra and
Railroad Company may time to time think
necessary the security development and operation OF the
property leased.
FoURTa-That the capit1 STOCK the rcorganzcd
pany shall the Newly Central and ud
Liver Raro Company consideration for its lease
and guarantee.
FIFTH-Tha leasel property shall be delivered prior
TO Jan. |. 1886.
We therefore Offer 10 the first MORTGAGE bondhoers OF tho
West Shore the opportunity avail themselves OF
agreement with York Central and Hudson River
Railroad Company upon the following conditions;
FIRsT-Tsi Their SHALL be deposited with us with
the agreement here attached duly executed by the de
postora
sECoNDTbat at least majority OF the whole issue shall
be deposited.
will be given After a majority snail have
been temporary receipts will be exchanged for
engraved receipts negotiable in forms countersgned by the
Union Trust Company whose custody the ponds will
main until required by the purposes OF reorgaDi
zation.
In a majority shall not be secured and reorgani
the required under the contract
with the NewYork Central and Hudson River Railroad
Company the bonds will DC returned free OF expense upon
surrender OF the receipts duly assigned.
Itsrght that VIC should a very proportion
required already assened 10 the proposed
plan Upon receiving the Of majority in amount of
the present shore bonds immediate steps will be taken
which are will prompt lnizatlon
and prevent further depreciation and waste OF the
property.
temin 'te at time the privilege
OF accepting the oder hereby male.