The sun., 1897-04-19
RnanfiaL
TO THE HOLDERS OF BONDS
OF THE
Lake Shore & Michigan Southern
RAILWAY COmDany:

Under an agreement between the Lake Shore 4
Michigan southern Railway Company and ourselves,
mako rho following oiHor of exchange into NEW
8ia PER CENT. IOO-fEAR GOl.D BONDs 70
the holders OF the existing issues mentioned below
we will receive from tho date hereof UNTIL
FURTHER NOTICE, Bonds OF such issues, both
Registered and Coupon the latter having attached
thereto all Coupons maturing after June 1s 1897,
and thereafter 3ia per cent Bonds at the price
Of lO2ta will be delivered for the existing Bonds
upon the computation. OF Juno lst. 1897, OF 9ia
per cent. annual interest payable semi annually,
visit
For every $1,000 nUFFALO 4 ERIE RAIL-
ROAD COMPANY PER CENT, MORTe
GAGE BOND. due April LIST, 1898 tworth on S'a
per cent interest basis, OF June LIST, 1897, 9ls
oio.oe) tho holder will be entitled. at 1921, 70
sl,ol4.70 in tho new 3lu per cent. Bonds.
For every $1,000 LAKE SHORE RAILWAY
COMPANY PER CENT. MORTGAGE BOND,
due April lst 1899 worth on 3o per cent interest
basis as OF June lst 1897. e1O7319) the holder will
be entitled at 1o2o, to ei.o47o2 In the ia per
cent Bonds.
For overy q. 900 LAKE SHORE C MICHIGAN
SOUTHERN RAILWAY 60. PER GENT.
CONSOLIDATED MORTGAGE AND SINKING
FUNDCOUPON BOND, due July Ist, 1900 tworth
3a per cent interest basis. a. OF June 1st 1877.
sl,l3o.5e), tho holder will be entitled. at Oeia. TO
el.lo29 9s in the new 80 per cent. Bonds.
For every 81. 900 OF the samo issue REGIsTERED
hoHD' on "hich the Aprh is'' io"'' ihterc" 70
the amount Of 10. per cent. Will he collected by
the registered owner directly from the Railway Com.
pany (worth ell305S. less Sl7.50s3l, 13.06) the
holder Will be entitled az lo2a to elos5"l In tho
new 9ia per cent. Bonds.
For every $1,000 LAKE SHORE & MICHIGAN
SOUTHERN RAILWAY GO. FER CENT.
SECOND MORTGAGE BOND. due December lst.
1908 Cworth 80 per cent. interest basis as u
June 1st 1907, e120l9l) the holder will be entitled.
at lO2ia. TO s.lf25a In the new 3l per cent Bonds.
We VIII receive Registered Bonds only when duly
ndorsed in blank but all interest thereon payable
or before June i. 1897 will be collected and be
ceved by the registered owner directly from the Rail-
way Company.
The exchange will he made as OF the first day OF
June. 1897, from which date the new Bonds Will bcaR
interest
The NEW BoNDs TO be delivered by us in
change will he part OF an issue for the aggregate
principal sum OF $50 O0O.OO TO be made by the
Lake Shore & Michigan Southern Railway Com
pany, dated June 1st. 1897. and payable June lst.
1897 with interest at the rate OF 3l2 per cent per
annum payable scni.annualiy; both principal and
interest being able in United States Gold Coin of
the present standard OF weight and fneness and will
be secured by mortgage about to be made by the
Railway Company.
The MORTGAGE will provide that all OF the above
Issues of existing bonds to be paid at maturity
that thereafter the new 3ia per cent Bonds will be
secured by First Mortgage upon railroads. easehold
interests, equipment, franchises, and income now
owned hereafter acquired by the Lake shore 3
Michigan Southern Railway Company. Until the
complete satisfaction and discharge OF each of the
existing Mortgages above mentioned, the bonds
cured by such Mortgage will be held by the Of
the Mortgage and will be kept alive additional
security for the Bonds he issued hereunder.
Upon every exchange resulting in the right OF the
depositor receive fraction of a new Bond. will
buy such fraction the price OF o. the option
OF the depostor will sell to him at the price
the fraction necessary complete Bond for sl 000
In exchange for each deposit OF existing Bonds.
will issue our RECEIPT, showing the description
and amount OF such bonds deposited. and the
amount OF cash received from paid to US with re-
spect to any fraction OF Bond, and the amount Of
q. e; = $s:s !! 4: