The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-04-09
&tnHnrtAl.
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 offer of exchange into NEv
al Y TENT. 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, both
Registered and Coupon Chc latter having attached
thereto all Coupons maturing after June lst, 1890,
and thereafter new 9a per cent. Bonds at the price
OF 1924 will he delivered for the existing Bonds
upon tho computation. as OF June lat, 1897, of az
per cent. annual interest. payable semi-annually,
viz:
For every 1000 a ERIE Rail-
ROAD COMPANY . FER CENT. MORT
GAGE BOND. due April LIST, 1893 worth on a al
per cent. interest basis, as OF June LIST, 1897. sl,.
0iO.08), the holder will be entitled, at 1921, to
Sl.014.7 20 In the new 3a per cent. Bonds.
For every 1000 LAKE SHORE RAILWAY
COMPANY . n CENT. MORTGAGE BOND.
due April /, 1899 (worth on a 90 per cent. interest
basis. MS OF June 1. 1907, e1,073.l9). the holder will
be entitled. at 1921. to el,o47.o2 In the new Sa per
cent. Bonds.
For every 81, 1000 LAKE SHORE a n
RAILWAY 60. = r CENT.
CONsOLIDATED MORTGAGE AND SINKING
FUND COUPON BOND. due July 1. 1900 (worth on
a 8a per cent. interest basis. as OF June I. 1897.
81. 1870. 58), the holder will be entitled. ut 1921, to
el. lO2. 90 In the new 81 per cent. Bonds.
fOT every bl.DDU Oh u bUt VI Y I'M
BOND. on which tho April LIST. 1897. interest TO
the amount OF Ia per cent. will be collected by
the registered owner directly from the Railway Com.
pany worth si,1aO.58. less el7.bo-e1.1 1900, the
holder will be entitled. at 1O2ia. to e1,0s5.9 81 In the
new 3a per cent. Bonds.
For every CT 900 LAKE sHORE q
RAILWAY co. = X CENT.
sHCOND MORTGAGE BOND due December l,
1908 (worth on n 32 per cent. interest basis, as Of
June /. 1897. 81, 2O1. 81. the holder will be entitled,
at 1927. to 91.179.59 in the new 8ia per cent Bonds.
We will receive Registered Bonds only when duly
Endorsed in blank, but all interest thereon payable on
or before June /. 1897, will be collected and be re-
ceivrd by the registered owner directly from the Rail.
way Company.
The exchange will be made rs OF the INST day OF
June. 1897. from which date the new Bonds will boar
interest.
The JEW BONDS to be delivered by US in ex.
change 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 Com.
any, dated June LIST, 1897. and payable June LIST,
1897, with interest at the rate OF 9a per cent. per
annum, payable semi-annually; both principal and
interest being PAYABLE in United states Gold Coin of
the present standard Of weight and nneness; and will
be secured by a mortgage about to be made by the
Railway Company.
The MORTGAGE will provide that all Of tho above
issues OF existing bonds are to be paid at maturity. SO
that thereafter the new 5a per cent. Bonds will be
secured by a First Mortgage upon railroads. leasehold
interests, equipment. franchises, and income now
owned or hereafter acquired by the Lake Shore 4
Michigan Southern Railway Company. Until tho
complete satisfaction and discharge OF each OF the
existing Mortgages above mentioned. the bonds Sc
cured by such Mortgage will bs held by the Trustee OF
the new Mortgage and will he kept alive as additional
security for tho now Bonds TO be issued Hereunder.
Upon every exchange resulting in the right OF the
depositor to receive a fraction of n new Bond. we will
huy snch fraction ct the price Of los. or. at the option
OF the deposltor. we will sell 20 him at the same price
the fraction necessary TO complete a Bond for 81 900.
In exchange for each deposit Of existing Bonds, we
Will issue our showing the description
aud amount OF such bonds deposited. and the
amount OF cash received from or paid to us with re-
spect to any fraction OF a Bond. and the amount OF
new Eonds TO which the holder will be 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 presentar
ton of our Receipts to the said Trust Company on or
after the day following the date thereof. It will stamp
the same TO the effect that II holds under its said
agreement with us existing Bonds of the amount and
description stated in such Receipts respectively.
The Trust Company will retain all existing Bonds so
deposited with II tunless in case OF re-oxchange as
hereinafter provided until the same shall be ex-
changed for the new Bonds to be issued by the Rail-
way Company; and after such new Bonds shall be re-
ce!ved by it. will deliver the same to us upon our sur
render OF our Receipts calling for an equivalent
amount.
As soon as the new Bonds are legally issued, accord
ing TO our Agreement with the Railway Company. due
notice will be given thereof. and upon presentation
and surrender OF our Receipts At our onice, the hold
es will be entitled to receive the said new 81 per
cent. Gold Bonds. as stated therein.
II for any reason the Railway Company shAll mot
have delivered the proposed new Bonds on or before
the thirty.nnt day of July. 1897, then and in such
event existing Bonds deposited with US of the amount
and description stated in our Receipts will be re-
turned through us 10 the holders, upon surrender
thereof. repayment being made by the respective par
ties OF the amount Of cash received. a. set forth In
said receipt.
NEW YORK, March 30, 1892.
ODEVED q. nm