New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-14
Financial.
TO The HOLDERS OF BONDS
OF THE
Lake Shore & Michigan Southern
Railway Company.

Under an agreement Between the Lake Shore and Mchi
gan Southern Railway Company and ourselves we max
the following orer Of exchange into NEW ~ FER
CENT. 1OO-YEAR GOLD BONDS to the holders OF
the existing issues mentioned below;
We will receive from the date hereof UNTIL
FURTHER NOTICE. Bonds Of such issues "'n
Registered Coupon he latter having attached thereto
ALI coupons maturing after June 7) and thereafter
new 81 per cent the price Of 1o2's VIII DE ne
lversd the existing Bonds upon the computation as
OF June list 1897 Of 3s per cent annual Interest payaoe
semi annually. viz:
For every $1,000 BUFFALO & ERIE RAILROAD
COMPANY PER CENT. MORTGAGE BOND
due April is 1893 worth ga per cent interest basis
as 1897 O4OOd, the holder will be entitled
at 1924, si.0ii7O in the 3is per cent Bones
For every $1,000 LAKE SHORE RAILWAY COM
PANY PER CENT. MORTGAGE BOND due
April T. 1900 worth 81 per cent interest basis. as
Of June 1897 siO73lo the holder VIII be entitled al
l02n TO 81 O47 .O2 IN the 3h per cent Bonds
For every $1,000 LAKE SHORE & MICHI"AN
SOUTHERN RAILWAY co. 7T5 CONSOLIDATED
MORTGAGE AND SINKING FUND COUPON
BOND, due July /. 1900 (worth ga per cent In
,erest basis as Of June 1897. $.l3o5G the holder will
h. entitled at lo2 to ST. 1O2 9s in the 31a per cent
Bonds
For every 81, 900 Of the same Issue REGISTERED
BOND, on which the April lst 1897. interest to the
amount OF IL per will be collected by the registered
owner directly from the Railway Company tworth VI
1885, less ST. 5s1 1900 the holder will be entitled
at Io2,s 81 os5 81 in the new a'a per cent Bonds
For every $1,000 LAKE SHORE & MICHIGAN
SOUTHERN RAILWAY co. To SECOND MORT
GAGE BOND. December 1. 1908 worth on 3's per
cent Interest basis as OF June l. 1891 SL2Ol9D the
holder WILL entitled at 1924. to sl12o9 in the new
3a cent. Bonds.
we will receive Registered Bonds only when daily en-
dorsed in blank but all interest thereon payable on OF
1897. will be collected and be received oy
the registered directly from the Railway Company
The exchange will be made as OF the INST Gay OF june
1867. from which date the new Bonds VIII bear interest
The NEW BONDS to be delivered by us in exchange
Will part for the aggregate principal sum
OK $50 the Lake Shore and Michigan
Southern Railway Company. dated june 1s leS'' ana
payable st 1897 with interest at the rate OF os
per cent per annuam payable semi annually: both prn
ciaal being payable in United States Gold
Coin present standard Of weight and fneness and
will be secured by about TO be made by the
Railway Company.
The MORTGAGE will provide that all Of the above
Issues OF existing bonds 10 be paid at maturity. so
that thereafter the 3ia Bonds will be secured by
First Mortgage upon railroads, easehod interests equip
rnent. franchises. and income owned or hereafter
acquired by Lake Shore Michigan Southern Railway
Company Until complete satisfaction and discharge
OF each Of existing Mortgages above mentioned the
bonds secured by MORTGAGE will be held by the
Trustee Of Mortgage and will be kept alive as
security for the Bonds to be issued there
under.
Upon exchange resulting IN the right OF the de-
positor a fraction OF Bond. we will buy
fraction the price OF 04 at the option OF the
depostor, will sell him at the price the frac-
ton necessary complete Bond FOR $1,000.
In exchange for each deposit existing Bonds will
issue cur RECEIPT, showing the description and
such bonds deposited and the amount OF cash
paid to with respect to any fraction
a Bond and the amount Of new Bonds TO which the
holder will be entitled.
The existing Bonds deposited with will be lodged by
us with the CONTINENTAL TRUST COMPANY. Of the
City OF New York. which will hold the same as Gus
under made with for the protec
parties in Interest Upon presentation Of
Receipts 70 the said Company after the day
following the date thereof. Will stamp the same 10 the
erec. that holds under Its said agreement Nth Us
existing the and description stated in
such Receipts respectively.
The Trust Company VIII retain all existing Bonds so
deposited with unless in OF reaxchange as herein
after provided exchanged for
new Bonds to be issued by the Railway Company: and
after Bonds shall be received by it. will de-
liver the same upon surrender OF Receipts
calling for equivalent amount.
As IS Bonds legally issued. according
to Agreement with the Railway Company due notice
will be given thereof and presentation and sur
render Of Receipts Office the holders will be
entitled the said ga per Gold Bonds
stated therein
II for any Railway Company shall have
delivered proposed Bonds before the thirty
first day July 1897 and in such event existing
Bonds deposited OF the amount and description
stated in our Receipts will be returned through to the
holders upon surrender thereof repayment being made
by respective parties OF the Of cash received
forth in said receipt.
NEW YORK, March 90 1897.
SPEYER 6 CO.,