The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-03-25
AinAnfinl.
TO THE HOLDERS OF BONDS
OF THE .
Lake Shore & Michigan Southern
Railway Company:

Under an agreement between the Lake Shore and
Michigan Southern Railway Company and ourselves.
we make the following oner OF exchange into NEW
sa PER CENT. GOLD mi to the
holders of the existing issues mentioned below;
We viii receive from the date hereof UNTIL
FURTHER NOTICE Bonds of such issues both
Registered and Coupon tho latter having attached
thereto all Coupons maturing after June l, 1900,
and thereafter new 81 per cent. Bonds at the price Of
loeio will be delivered for the existing Bonds upon
the computation, a. OF Juno 1, 1897. of ga per cent.
annual interest, payable semi anually,v viz:
For every 81. 900 BUFFALO AND ERuE RAIL
ROAD . PEE CENT. MORTGAGE
BOND. due April 1, 1893 worth on q ga per cent.
interest basis, as OF June I, 1897. ol.04o. 06), the
holder will be entitled, at 1o9ta, to o1,014.7o in the
new ga per cent. Bonds.
For every $1,000 LAKE SHORE RAILWAY
. PER CENT. MORTGAGE BoND,
duo April 1, 1899 (worth on q Oh Per cent. interest
basis, as OF June l. 1897. e1,o7s. 1s). the holder will
be entitled. at 1922 4. to 81 ,0i7.02 In tho new 9a per
cent. Bonds.
For every 81. 900 LAKE SHORE AND MICH
GAN SOUTHERN 2 PER
CENT. CONsOLIDATED MORTGAGE AVID
SINKING FUND COUPON BOND. due July 1.
1900 worth on a 81 per cent. interest basis. as Of
June l. 1897. sl.19o. 5sD. the holder will be entitled,
at 1921. to o.. loe. 90 in tho new 81, per cent. Bonds.
For every 81 900 OF the same issue R~EGHsTERED
BOND. on which the April I. 1897, interest to the
amount of 1ss per cent. will be collected by the regis
tered owner directly from the Railway Company
tworth 81, iso. SO. less el7.5o-s1 .l1s. o0). the holder
will be entitled. at 1921. to 81. os5.9 OIL in the new 3a
per cent. Bonds.
For every 81 900 LAKE SHORE AND MICHIGAN
SOUTHERN RAILWAY CO. y CENT. SEC
OND MORTGAGE B0ND due December /. 1908
(worth on a 81 per cent. interest basis, as OF Juno
l., 1897, 81, aol.9 the holder will be entitled, at
1921. to 81. lie. 50 in the new sa per cent. Bonds.
We will receive Registered Bonds only when duly
Endorsed In blank; but all interest thereon payable on
or before June 1, i 1897, will be collected and be re-
ceived by tho registered owner directly from the Rail.
way company.
The exchange will be made as OF the nrst day of
June, 1897, from which date the new Bonds will bear
interest.
The NEW BONDS TO DO delivered by US in exchange
will be part OF an issue for the aggregate principal
sum OF $50. 900. 900 to be made by the Lake Shore
and Michigan Southern Railway Company. dated
June l. 1897. and payable June l. 1907. with In
terest at the rate OF 81 per cent. per annum. pay able
semi annua ally; both principal and interest being pay
able in United States Gold Coin of the present stand.
ard OF weight and nneness; and will be secured by q
mortgage about to be made by the Railway Com
pany.
The will provide that all OF the above
issues OF existing bonds are to be paid at maturity, so
that thereafter the new 81, per cent. Bonds will be ae-
cured by n First Mortgage upon railroads, leasehold
interests. equipment, franchises, and income now
owned or hereafter acquired by the Lake Shore and
Michigan Southern Railway Company. Until the
complete satisfaction and discharge OF each Of the ex-
isting Mortgages above mentioned, the bonds secured
by such Mortgage will be held by the Trustee of tho
new Mortgage and will be kept alive as additional So
cur.ty for the new Bonds to be issued Hereunder.
Upon every exchange resulting in the right Of the
deposition to receive 4 fraction Of 4 new Bond. we will
49, - s.-st-- - sk- -4NA - tnA - hAN-
ton OF the deposition. we will sel to him at the same
price the fraction necessary to complete 4 Bond for
81 1000.
In exchange for each deposit of existing Bonds. we
will issue our showing the description
and amount OF such bonds deposited, and the amount
OF cash received from or paid to us with respect to
any fraction of q Bond. and the amount of new Bonds
to which the holder will he entitled.
The existing Bonds deposited with US will be
lodged by us with the CONTINENTAL TRUST
COMPANY. OF the City of New York. which will
hold the same as Custodian under an agreement made
with us for the protection OF all parties IN interest.
Upon presentation OF our Receipts to the said Trust
Company on or after the day following the date
thereof. II will stamp the same to the effect that 1;
holds under It's said agreement with MS existing
Bonds OF the amount and description stated in such
Receipts respectively.
The Trust Company will retain all existing Bonds
90 deposited with Il unless in case of reexchanse as
hereinafter provi1ed) until the same shall De ex'
| changed for the new Bonds TO 10 issued by the Rail.
way Company; and after such new Bonds shall be
received by IT. will deliver the same TO US upon our
surrender OF our Receipts calling for an equivalent
amount.
Assoon as the new Bonds arc legally issued. &C.
| cording to our Agreement with the Railway Com
pany. due notice will be given thereof, and upon
presentation and surrender Of our Receipts At our
ONCE, the holders viii he entitled TO receive the said
new 3a per cent. Gold Bonds, as stated therein.
II for any reason the Railway Company shall not
have delivered the proposed new Bonds on or before
the thirty INST dag Of July. 1907. then and in such
event existing Douds deposited with us OF the amour,
and description stated In our Receipts will be re-
turned through us to the holders. upon surrender
thereof. repayment being made by the respective par
ties of the amount OF cash received. IS set forth in
said Receipt.
NEW YORK. March go. 1897.
SPEYER G. co.,