Morning journal and courier., 1885-08-08
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 ieas0 of the railroad of the latter company and worRlns such railroad in harmony with its own system we opened negotiations to secure this result.
 These negotiations have reached polnt aC Wlncii we prepared to lay the following proposai oe- 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 us the benefit of our contract hereinafter mentioneo and with the view also of promoting unani"ity anu speedy termination of pending difficulties
 The New York Central and Hudson River Rall road Company has executed a contract "lCh us agreeing, upon 8 reorganization Of the NC" 1oiA'
 West Shore and Buffalo Railway Company, to take
 possession of the property of the reorganlzed com
 pany under a lease and to guarantee the prlnci-
 pal and interest of the bonds here1naIter meh-
 toned, which are to be secured by mortgage upon
 that property.
 The conditions of the contract are as follows: FIRST-That the securities to be issued oy 'he reorganized company shall be limited to ............. ...... .....$ 50, ,OOO. .OOO Four per cent mortgage bonds and 1O,OOO,OOO Capital Stock, the bonds to be dated January l, 1S86 and mature at the expiration Of the lease say in 475 years or upon default in payment or n- terest for two consecutive years. SECOND-That of the mortgage bonds ............. $2 5 1000. .OOO Shall be offered in exchange for the 50, O,OOOsOOO First mortgage bonds of the present company, with
 past due coupons attached-that is say, $10OG of l the new guaranteed bonds for $2,OO0 of the old l THIRD-That the remaining $25, 100000, except such amount as may be necessary for reorganlza
 tion shall 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 the Directors of the New York l 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 l nized company shall be surrendered to the New York Central and Hudson River Railroad Company l as consideration for it's lease and guarantee l FIFTH-That the leased property shall be de l lvered prior to January 1, 1886.
 We therefore offer to the first mortgage bond | holders of the West Shore Company the opportuni l ty to avail themselves ,f our agreement with th'
 New York Central and Hudson River Railroad
 Company upon the blowing conditions:
 | FIRST-That their bonds shall be deposited witl ! us with the agreement hereto attached duly exc
 cuted by the depesitors.
 ! SECOND-That at least majority of the whol
 issue shall be deposited.
 Pending the deposit of such majority temporar
 l receipts will be given for the bonds. After a ma
 iority shall have been secured temporary receipt
 l will be exchanged for engraved receipts, negotis l ble in forms countersigned by the Union Trus
 l Company, in whose custody the bonds will remai until required by for purposes of reorganization In case a majority shall not be secured and T , l organization perfected within the time require | under the contract with the New York Central an 1 Hudson River Railroad Company the bonds will | returned free of expense upon surrender of the IT l ceipts duly assigned
 It is right that we should add that very lare pI oportion of the bonds required have already a s sented to the proposed plan. Upon receiving u / assent of majority in amount of the present We Shore bonds immediate steps will be taken whic
 l we are advised, will secure prompt reorganizatit
 l and prevent further depreciation and waste of u 4 property.
 The right is reserved to terminate at any time u 5 | privilege of accepting the offer hereby made.