Morning journal and courier., 1885-07-30
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 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 us the benefit of cur contract hereinafter mentioned and with the view also of promoting unanimity and a 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, toned which are to be secured by mortgage upon that property.
 The conditions of the contract follows:
 FTRST-That the securities to be issued by the reorganized company shall be limited to
 .................. ................$ 8 50, ,OOO. 900 Four per cent mortgage bonds and 1O,OOO,OOO Capital Stock, the bonds to be dated January l, 1ss6 and to mature at the expiration of the lease, say in 475 years. upon default in payment of in terest for two consecutive years.
 SECOND-That of the mortgage
 bonds. ..,..,...-..--..-....-....$ $2 5 ,OOOsOOO Shall be offered in exchange for the 50,OOO, 900 -. s. ...u. s,..,,. F. past due coupons attaehed-that is to say S1 0OG of the new guaranteed bonds for $2,000 of the old.
 THIRD-That the remaining $25 ,0OO except such amount may be necessary for reorganiza tion shall issued except ct the request of the New York Central and Hudson River Railroad Company, to provide for prior liens, ne cessary lo%I,a orrd ah other purposes as the Directors of the New York Central and Hudson River Railroad Company may from time 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 oppor tuni ty to avail themselves of 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 jorty shall have been secured temporary receipts will be exchanged for engraved receipts, negotia ble in forms countersigned by the Union Trust Company, in whose custody the bonds will remain until required by for purposes of reorganization In case majority shall not be secured and a re organization perfected within the time required under the contract with the New York Central anG Hudson River Railroad Company the bonds will be returned free of expense upon surrender of the re ceipts duly assigned
 It is right that we should add that a very large p oportion of the bonds required have already as sented to the proposed plan. Upon receiving tht assent of majority in amount of the present Wes Shore bonds immediate steps will be taken which we advised, will secure prompt reorganization and prevent further depreciation and waste of tht property.
 The right is reserved to terminate at any time thu | privilege of accepting the offer hereby made