New-York tribune., 1885-08-11
HEw-YoRk, WEST SHORE AND BUFFALO
RAILWAY COMPANY:

Being convinced that the interests Of the Nsw.Yos 03
tal and HUDSON River Railroad Company ana Of tie boodS
holders OF the Nsw-York. West Shore BuAie Ravs
Company would be best promoted by tho former company
curing lease Of the railroad Of company ana wor
ing such railroad IN harmony ss own systsm y0
opened negotiations 10 secure this result
prepared the following proposal before the bondho
Of the West Shore COMPANY In order that each Of s
who may elect shall have equal opportunity shao
with the benefit Of contract mentioned a4
with the view also Of promoting unanmty and speedy
termination Of pending dfncultiea
The NswYork Central and Hudson River Railroad Con-
pany has executed contract With arecng reor
sanzaton Of the NewYork West shore AMI Buffalo Rail-
organized company under lease pns
cpal and interest Of tho bonds hereinafter mentioned which
are 10 be secured BY mortgage upon thst property.
The conditions Of the contract follows:
FIRsTThat the securities issued by the reorgamssu
Company shall be limited TO- $50. .OUO OOo
-Four per cent Mortgage Bonds and 1OOUOO0
Capital Stock the bonds 10 bc January 1850 -
mature az the expiration Of the Lease in t76 yeArA
default IN payment Of interest consecutive
yeara
sEcOND-Thatof the Mortgage Bond. .. cas- 900 ,OoQ
Shall be offered in exchanse for 6O,OOo,ood
First Mortgage Bonds OF the Company With
coupons attactedhats 10 $1,000 OF ne
bonds for $1,000 OF tho old.
THIRD-That the remaining s250oOo0o, except sueA
amount necessary for reorganizatior shall b
issued request NewYork Central and
HudSon River Railroad Company provide prior sns
terminals and such other propcrty and g sue6
purposes Directors OF NewYork Central and
Hudson River Railroad Company from me 70 time thnb
necessary the security development and operation e the
property leased.
FOURTH-That tho capital feofGanIsed csm
pany shall be Newly Hud
River Railroad Company ~ consideration for s AAal
aud guarantee.
FIFTH-That leased property shall be delivered pog
TO Jan. l. 1880.
mortgage bondholders he
West Shore Company the opportunity avail themselves a
with tho New Yok Central and Hudson Raves
Railroad Company upon tho following conditions,
FIRsT-Tha their bonds shall b deposited with IA
the agreement hereto attached duly By
positors.
sEcoND-That at least majority Of tho whole Issue sha
be deposited.
Pending the deposit Of such majority temporary recpts
will he given for the honda After . majority sna have
secured Temporary receipts will bs exchanged TO-
engraved receip negotiable in countersgned the
Union Trust Company. In whose custody the ponds viii
until required by Tor the purposes Of reorgant
zatcn.
In case majority shall not be secured and reorsaaS.
zaon perfected within the time required under the CONTRACTS
with New.York Central and Hudson River Railroad
Company the bonds Will returned FREQ Of expense upon
surrender Of the receipts duly assigned.
Ii fght that should add that vey large propooU
required already sssented proposed
Upon receiving the Of majority amount %
West shore bonds immediate steps viii bs tskeu
which. advised, will prompt reorgansataon
and prevent further depreciation and waste Of the
property.
The right terminate any time the privess
OF accepting he offer hereby maio,