New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-07-28
financial.
2swALLsr. Nsw.YoRK. ysly a. lssk
TO THE FIRST MORTGAGE BoNDHoLDERs OF
THE
NEw-YoRK, WEST snoas AND BUFFALO
RAILWAY COMPANY:

Being convinced that the interests Of the NswYsx Co
trail and Hudson River Railroad Company Of the bond
holders Of the NewYork. West shore and Buffalo Railway
Company would be best promoted by former company -
curing lease Of the railroad Of ths company ana worn.
ing such railroad In harmony with its system
opened negotiations this result
These negotiations have reached point which W axo
prepared following proposal bondhods
Of the Shore Company order that each
who may elect shall have equal opportunity
with benefit of hereinafter mentioned
with the view also of promoting unanimty and speedy
termination of pending difficulties
The NswYork Central and Hudson River Rstlroad Com
has executed with agreeing,
ganization Of the West shore and Buffalo Rail-
Company otake possession Of the property Of the ~
organized company under the prin
cpaI and interest Of the bonds hereinafter mentioned which
are to be secured by mortsa 40 upon that property.
The conditions Of tho contract follows;
FRsTThat the securities T. issued the reorganisea
Company shall be limited TO- 80
-Four per cent Mortgage Bends and 1o00o,ooo
CAPITAL Stock bonds be dated January 1850 and 70
mature az the expiration Of the lease in ATS %
default In payment OF interest for two consecutive
yeara
sECoND-Thatof Mortgage Bonds o0S OOo eco
Shall be ofs ed in exchange for tho 0o.0oe.eoe
First Mortgage Bonds Of the Company with due
attschedhatis 81 900 OF tne
bonds for 1000 Of the old.
THIRD-That the remaining s2oo0oOoo. EXCEPT such
for reorganization, sha b
issued the of the NewYork Central ami
Hudson River Railroad Company provide for prior ens
necessary terminals other property
other purposes the Directors OF the NewYorK Contra and
Hudson River Railroad Company from time<s time think
necessary security development and operation Of tho
property leased.
FOURTHThat the capital stock OF the reorganized
rany shall be the NewYork Central and I'd
River Railroad Company consideration for its lease
and guarantee. -----------
FIFTH-Tha the leased property shall DO delivered PRIOR
to Jan. l. 1886.
therefore MORTGAGE bondhoders OF the
West Shore Company opportunity avail themselves Of
with tho NewYok Central and Hudson River
Railroad Company upon the following conditions,
FIRsT-That their bonds shall be deposited with with
the agreement hereto attached duly executed By the do
postors.
sECoND-That at least majority Of whole shall
be deposited.
Pending deposit of majority temporary receipts
will DO given for the bonds After majority snail have
temporary receipts will ba exchanged for
engraved receipts negotiable In forms counersned BY the
Union Company who's, custody the ponds will
zation.
In case q majority be secured and rsorgani.
within the required under the cOnracs
with NewYork Central and Hudson River Railroad
Company the bonds will DO returned free OF expense upon
surrender of the receipts duly assigned.
right that should add that largo proportion
required have already ascnted TO the proposed
plan Upon receiving the Of majority In amount OF
bonds immediate steps will be taken
which, advised will prompt organization
and prevent further depreciation and waste OF the
property.
The right reese rved to terminate any privilege
Of accepting the offer hereby male.
DREYCT.. MORGAN 4 co.