New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-08
financial.
TO THE HOLDERS OF BONDS
Lake Shore 4 Michigan Southern
Railway Company.

Under an agreement between the Lake Shore and Mchi
gan Southern Railway Company and ourselves we make
the following OFFER OF exchange into NEW 81 PER
CENT. JOO-YEAR GOLD BONDS TO the holders Of
existing issues mentioned below:
We will receive from the date hereof UNTIL
FURTHER NOTICE. Bonds OF such issues. both
dhc latter having attached thereto
Coupons maturing after June ls Is97 and thereafter
3ia per Bonls the price Of 1924 will be de-
lvered for the existing Bo.ds upon the computation as
list 1885,: OF 81 per cent annual interest payable
semi-annualy. viz:
For every 800 BUFFALO & ERIE RAILROAD
COMPANY PER CENT. MORTGAGE BOND.
due April Isl 1898 worth SO cent interest basis.
Of Is. 1891 si.oso0G the holder will be entitled.
a, 1923, 10 81 Oi47O in the 80 per cent. Bonds.
For every $1,000 LAKE SHORE RAILWAY COM
PANY PER CENT. MORTGAGE BOND. due
Aph /. 1899 worth 3la per cent interest basis,
Of Juno 1897, s073i9 the holder will be entitled. at
1921. to sIO47o2 IN the Sis per cent. Bonds.
F~ every $1,000 LAKE SHORE & MICHIGAN
SOUTHERN RAILWAY co. 10 CONSOLIDATED
MORTGAGE AND SINKING FUND COUPON
BOND. due july l. 1900 worth on 3ii per cent In
1897. 81 So. the holder will
emitted at 1929. TO ll02Ss In the new 81 per cent
Bonds
Iss svs-y $1,000 Of tn. same issue REGISTERED
BOND, on which the April LIST. 1891 interest TO the
amount OF ia per will be collected by the registered
owner directly the Railway Company worth ST.
O5G less s17Jo-<lll3o6, the holder Will be entitled
al lO2g 10 81 .Os59i in the 81 cent. Bonds
For every $1,000 LAKE SHORE a. MICHIGAN
SOUTHERN RAILWAY co. 7% SECOND MORT
GAGE BOND, due December l. 1903 worth on ss per
cent basis OF June l. 1897. 81 I'D. the
holder Will be entitled al lO27 to 3ll2os In the new
3ia per cent Bonds
We will receive Registered Bonds only when dL,y
dorsed blank: but ali interest thereon payable or
before June 1897 will be collected and be received by
the registered directly from the Railway Company.
The exchange made OF the hrst day Of June.
1897 from which the Bonds Will bear interest
The NEW BONDS TO be delivered by us In exchange
will he part OF issue for the aggregate principal sum
OF 100000 be made by the Lake Shore and Michigan
Southern Railway Company. dated Juns LIST, 1891 AMI
payable June Is 1897. with interest the rate Of Ss
per per payable semi annually; both prin-
cpa and interest being payable In United States Gold
Coin of present standard OF weight and hnenes and
will be secured by mortgage about 10 be MADE W inc
Railway Company.
The MORTGAGE Will provide tina, all OF the sbov.
issues Of existing bonds be paid maturity, so
that thereafter 81 20 Bonds will be secured by
First Mortgage upon railroads. leasehJd interests equip
,oent franchises and income owned or hereafter
acquired by the Lake Shore Michigan Southern Railway
Company Until The complete satisfaction and discharge
q, each OF the existing Mortgages above mentioned the
bonds secured by such Mortgage will be held by tho
Trustee OF the Mortgage and Will be kept alive as
additional security for the Bonds to be issued there
under.
pon every exchange r.su:tng IN the RICH. OF the d.
posItor to receive fraction Of new Bond. we Will buy
such fraction Al price of 0i at the option OF the
depositor we will sell him at the same price the frae-
ton necessary o complete Bond for $1,000
In exchange for each deposit Of existing Bonds will
,esue our RECEIPT, showing the description and
ooun Of suca deposited and the amount OF cash
received from paid 10 with respect to any fraction
=, Pond and the amount OF Bonds to which the
holder will he entitled
1ns existing Bonds deposited with will be lodged by
-. with the CONTINENTAL TRUST COMPANY OF the
CIV Of New York. which will hold the same as Gus
todan under made with us for the proec-
,,on Of all parties interest Upon presentation OF our
peco,ns 20 the said Trust Company after the day
,,oui,g IN. date thereof Will stamp the TO the
effect that. il holds under It's said agreement with US
eystlng Bonds the amount and description stated In
such Receipts respectively.
The Trust Company VIII retain all existing Bonds no
d.posted Wnless in Of reeHchange as herein
after provided the shall be exchanged for The
new Bonds 20 issued by the Railway Company; and
o,r .uch new Bonds shall be received BY IL. Will de
liver the same TO upon surrender OF our Receipts
calling for a equivalent amount
Az soon az the Bonds legally Issued according
10 our Agreement with the Railway Company due notice
VII h. given thereof and upon presentation and sur
render Of Receipts at our ofee the holders Will he
,,,ed to receive the said ga per cent Gold Bonds
as stated therein
n for any reason the galway Company shall not have
,v.r.d IN. proposed new Bonds before the thirty
frat day OF July 1897 and in such event existing
ors. deposted with Of the amount and description
stated In our Receipts will be returned through us to the
hoaers upon surrender thereof repayment being made
nv the respective parties OF the amount OF cas received
as set forth said receipt
NEW YORK. March 90 1897.
SPEYER & CO.,