The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-04-04
financial.
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 orcr OF exchange into NEW
a. PER CENT. GOLD BONDS to
tho holders OF the existing issues mentioned below
We will receive from the date hereof WITH.
FURTHER NOTICE. Bonds OF such Issues. both
Registered and Coupon dhe latter having attached
thereto all Coupons maturing after June LIST, lsoO,
and thereafter new 3a per cont, Bonds at the price
OF 1921 viii he delivered for the existing Bonds
upon the computation. az OF June LIST, 1897, of az
per cent. annual interest. payable semi.annually,
viz:
For every $1,000 nUFFArO A ERIE RAIL
ROAD : n CENT. MORT
GAGE bond. due April lst. 1903 worth on a 81
per cent. interest basis. as of June LIST, 1897, ST.
OIO.06J, the holder Will he entitled, at i0pla, TO
Sl,0li.70 in the new 3La per cent. Bonds.
For every $1,000 LAKE SHORE RAILWAY
COMPANY = pwI CENT. NORTG OND
due April I, 1899 worth ON n 30 por cent. interest
basis, MS Of June I, 1877, s1,07a.iO), the holder will
he entitled. at lO2la. to G~l,O4T.U9 in the new 90 per
cent. Bonds.
For every $1,000 LAKE SHORE Is MICHIGAN
sOuTlIRRN RAILWAY 60. , PER CENT.
CONSOLIDATED MONTt q AND KIN
Fund COUPON IiOND. due July /, 1900 worth on
n 3I per cent. interest basis. ns Of June /, 1897,
81. l3O.5 8), the holder will be entitled. at 1921, to
81. lO2. 0S In the new 81, per cent. Bonds.
For every $1,000 Of the same issue RIG STIRRED
BOND. on which the April Ist. 1897. interest TO
the amount Of 1at per cent, VIII I've collected by
the registered owner directly from the Railway Com
pany Cworth S1.13O. 90. less 1880 81. 1890 tho
holder will he entitled. at 1921, to Sl.Os5.Dl In the
new 3a per cent. Bonds.
For every 1000 LAKE SHORE q MICHIGAN
RAILWAY 40. = o. CENT.
cox MORIt. AGE q due December I.
1908 worth on a 81, per cent. interest basis. as Of
June l. 1897. S1.20l.Hl). the holder Will be entitled,
at l02l2, to Sl,1T2.59 in the new 3a per cent. Bonds.
We viii receive Registered ftonds only when duly
indorscd in blank, but all interest thereon payable on
or before Juno l, 1897, will be collected and he re-
cclvcd by the registered owner directly from the Rail.
way Company.
The exchange will lie made as OF the first day Of
June. 1897. from which date the new Bonds will bear
interest.
The NEW BOMBS 10 be delivered by us in e1.
change will be part OF TN issue for the aggregate
principal sum Of $50. 900, 900 to be made by the
Lake Shore and Michigan southern Railway Com.
any. dated June LIST. 1897. and payable June LIST,
1897. with interest NJ the rate OF ~ per cent. per
annuni. payable semi.annually; both principal and
interest being payable in United States Gold Coin of
the present standard OF weight and nncness; and will
I've secured by a mortgage about to be made by the
Railway Company.
The NOHTs;t AGE will provide that all Of tho above
issues Of existing bonds are to he paid at maturity, SO
that thereafter the new ~, per cent. Bonds will be
secured by II First Mortgage upon railroads. leasehoid
interests, equipment, franchises. and income now
owned or hereafter acquired by the Lake shore &
Michigan Southern Railway Company. Until the
complete satisfaction and discharge OF each Of the
existing Mortgages above mentioned, the bonds Sc.
cured by such Mortgage will I've held by the Trustee of
the new Mortgage and will be kept alive as additional
security for the new Bonds to he issued Hereunder.
Upon every exchange resulting In the right OF the
depositor TO receive n fraction of a new Bond. we will
buy such fraction at IN" price Of l0+. or. at the option
OF the dcpositOr. we will sell 10 him at the anne price
the fraction necessary to complete a Bond for 81. 900.
In exchange for each deposit OF existing Bonds. we
Will issue our ~ RIrT. showing the description
and amount Of such bonds deposited. and the
amount Of cash received from or paid TO MS with re-
spcct to any fraction Of a nond. and the amount OF
new Bonds to which the holder VIII he entitled.
The existing Bonds deposited with lis will he lodged
by us witt 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 rrcs.nta.
t,on OF our Receipts to the said Trust Company on or
after the day following the dat. thereof. II will stamp
tho same TO the effect that 1t holds under its said
agreement with lis existing Bonds Of the amount and
description stated In such Receipts respectively.
The Trust Company will retain Nil existing Bonds so
deposited with 1t unless In case Of re-eNchanGc as
hereinafter ]rrovilcd) until the same shall be ex-
changed for the new Bonds 10 be ISSUED 10y the Rail.
way Company; and after such new Ronds shall he re-
Ceivcd by II. will deliver the same TO va upon our sur.
render OF our Receipts calling for an equivalent
amount.
Al soon rs the new Bonds are legally issued. accord
ing to our Agreement with In" Railway Company, due
notice will lie given thereof, aud upon presentation
and surrender Of our Receipts at our officc. the hold
ers will hc entitled 10 receive the said new 32 per
cent. Gold Bonds. rs stated therein.
II for any reason the Railway Company shall not
have delivered the proposed new Bonds ON or before
the thirty first day Of July, 1897, then and in such
event existing Bonds deposited with us OF III" amount
md description stated In our Receipts Will be re-
turned through ns to the holders, upon surrender
thereof, repayment being mad" by the respective par.
ties or the amount OF cash received. rs set forth In
said receipt.
NEW YORK. March 30. 1897.
co.