New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-22
Financial.
20 wALLsr.. YEw.YoRx, July 2s issI
TO THE FIRST MORTGAGE BoNDHoLDERs Oh
THE
NEW-YORK, WEST SHORE AND BUFFALO
RAIL WAY COMPANY:

Beng convinced that the interests OF the NsYork Con-
trail and Hudson River Company OF bond.
holders OF the NerYork. West Shore Buffalo Railway
Company would be best by former company
curing lease Of the railroad OF the company
ing such railroad In harmony with its system. We
opened regulations To secure this result
These negotiations have lched point at which arc
prepared to lay the following proposal before the bondhOdrs
OF the west shore Company. order
who may elect shall have equal opportunity
with the benefit Of mentioned and
with the view also Of promoting unanmity and speedy
termination OF pend ing difficulties.
The NewYork Central and Hudson River Railroad
pany has executed contract with Us agreeing. reOr
ganzation OF tho New York West shore ami Buffalo Rail-
Company to take possession OF the property o. the
organized under lease and TO guarantee the pin
cpsl ard interest OF the bonds hereinafter mentioned which
are to be secured by mortgage upon that property.
The conditions Of the contract : follows;
FIRSTIha the securities u be sued the reorganizen
Company al al be limited to $50. 10 OO0
Four per Aortrage Bonds and. 10000 900
Capital Stock bonds be January 1885, and
az the expiration Of the lease say In 40 years or
default IN payment Of interest for two consecutive
years
SECOND Thstof the Mortgage Bonds. S25. OOG 900
Shall be Oas ed In exchange for the 5O,O0O50O
First Mortgage Bonds OF the present Company with past due
coupons attached-hts say 900 Of te guaranteed
bonus for $1,000 OF the old
THIRD-That the remaining s25.OOO.Oo0, such
Tor reorgan atiOn shall 30
issued the request OF the NewYOrk Central ana
Hud River Railroad Company to provide FOR prior hens,
necessary and such property and for such
purposes the Directors OF he NewYorK Contra ana
Hudson River Railroad Company fon time to time think
necessary the security Development and operation Of the
property leased
FOURTH-That the capital stock or the reorganed com
pany shall NewY Central aud ud-
River Rairod Company consideration or its lease
and guarantee.
rIFTH-That the leased property shall DO delivered Hor
10 Jan. !. 1885,
We therefore bondholders Of
avail themselves OF
agreement with the NewYork Central and uus9n
Railroad Company upon the following conditions;
FIRsT-lhat tIer bonds sail be deposited with u.s. With
the agreement hereto attached duly executed bY ts 10
posters.
be deposited.
Pending the deposit OF such majority temporary receipts
will be Owen for bonds After a majority snail have
secured temporary receipts will b. exchanged FOE
engraved receipts negotiable In c0untersned by tho
Union Company custody oonts Will
main unl required by the purposes VI reorga-
zstion.
In case . majority shall be and reorgsn-
perfected within the required under the contract
with tne New.Y0rk Central and Hudson River Railroad
ny bonds Will returned free o. expense
surrender Of tho receipts duly assigned
IT uIht that should Id that very large proportion
% the bonds required already asscnsed the proposed
plan Upon receiving u mao ity amount u
present shore bonds immediate steps viii DO iakea
Which We are advised will prompt Reorganization
aud prevent further depreciation and waste OF tia
property.
The right "a reserved 70 terminate time the privilege
OF accepting the offer hereby male.