New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-06
financial.
TO THE HOLDERS OF BONDS
To THE HOLDERS OF BUNDS
OF THE
Lake Shore 4 Michigan Southern
Railway Company.

Under agreement between the Lake Shore and Mchi
gan Southern RAILWAY Company and ourselves We make
the following offer Of exchange mt NEW 3ls PER
CENT. 1OO-YEAH GOLD BONDS TO the holders OF
the existing issues mentioncd below:
We will receive from the date hereof UNTIL
FURTHER NOTICE. OF such issues. both
Registered AMI Coupon he latter having attached thereto
ali Coupons after June Isl 1870 and thereafter
3la Bonds the price OF l02i. will be de
lvered for the existing Bonds upon the computation. as
Of Jun. ls 1897 OF 81 per cent interest payable
semi-annually. viz;
Fer every 81, 900 BUFFALO q ERIE RAILROAD
COMPANY PER CENT. MORTGAGE BOND.
due April Is. 1893 37 per interes. bass
Of 1897 5000 o6, the holder will be entitled
1929: 81 Oh 10 in the So per Bonds.
For every $1,000 LAKE SHORE RAILWAY COM
PANY PER CENT. MORTGAGE BOND. due
April /. 1899 worth 33 per cent interest basis.
Of June l. 1897. sl073 49,, the holder will be entitled. at
102ls. TO Sl.O47.02 the 3ls per cent Bonds
Fs every $1,000 LAKE SHORE a. MICHIGAN
SOUTHERN RAILWAY co. 20 CONSOLIDATED
MORTGAGE AND SINKING FUND COUPON
BOND due July /. 1900 worth on S's per cent. in
,erest basis June l. 1897 81 So the holder will
entitled at lo2]t to Slo29s in the new 81 cent
Bonds
For every 81 900 of the same issue REGISTERED
BOND. which the April Is, 1897. Interest 10 tbs
OF u. per Will be collected by the registered
directly from the Railway Company (worth ST.
i3O5e less sl750-slil3O6 the holder will be entitled
at 1924 to 81 0s5 81 the 3i7 per cent Bonds.
For every $1,000 LAKE SHORE & MICHIGAN
SOUTHERN RAILWAY co. 20 SECOND MORT
GAGE BONE. due December /. 1903 worth 3l1 per
cent intereS; basis l. 1891 81 2o 81. the
holdr will be entitled 1924 10 Sl.l72.5o in the
81 par Bonds.
We will receive Registered Bonds only when daily.
dorsed blank but all interest thereon payable on or
before 1897, will be collected and he received b.
registered directly from the Railway Company
The exchange Will be made OF the first day OF Juhe.
1897 from which date Bonds will bear interest.
The NEW BONDS to be delivered by in exchange
be part OF for the aggregate principal sum
$50 100000 be made by the Lake Shore and Michigan
Southern Railway Company dated June lst 1891 and
payable June LIST. 1897 with interest at the rate OF S's
per per payable semi annually; both prn-
cipal and interest being payable in United States Gold
Coin the present standard Of weight and hneness and
will be secured by mortgage about to be made by the
Railway Company.
The MORTGAGE Will provide that all OF the above
Of existing bonds to be paid az maturity so
thereafter the $40 Bonds Will be secured by
First Mortgage upon railroads. easehold interests equip
ment. franchises. and income now owned or hereafter
ACQUIRED by Lake Shore & Michigan Southern Railway
Company Until the complete satisfaction and discharge
OF the existing Mortgages above mentioned the
bonds secured by such Mortgage will be held by the
Trustee Of the Mortgage and will be kept alive as
additional security for the Bonds to be issued there
under.
Upon every exchange resulting in the right o, the de
positor to receive fraction OF Bond, we will buy
such fraction al price OF lOi the option Of the
deposor We will sell him at me price the fIac
ton necessary complete Bond for $1,000.
In exchange for deposit Of existing Bonds We will
issue our RECEIPT. showing the description and
amount Of deposited ana the amount Of cash
received from or paid with respect 10 fraction
o, Bond and the amount Of new Bonds 10 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
todan under an made with for the protec-
ton Of all parties Upon presentation OF
Receipts said Trust Company after the day
following the date thereof will stamp the to the
effect that It holds under its said agreement with us
existing Bonds the and description stated in
such Receipts respectively
The Trust Company viii retain all existing Bonds
deposited with unless Of reexchange as herein
new Bonds to be issued by the Railway Company and
after such Bonds shall be received by it, Will de-
liver the same upon surrender of Receipts
calling for equivalent amount
As soon as the Bonds legally issued. according
10 our Agreement Railway Company. due notice
will be given thereof and upon presentation and
render OF our Receipts office. the holders will be
entitled 10 receive said 34 per Gold Bonds
as stated therein.
II for any the Railway Company shall not have
delivered the proposed Bonds before the thirty
first day July 1897 then and in such event existing
Bonds deposited with Of the amount and description
stated in Receipts will be returned through to the
holders upon surrender thereof repayment being made
nv the respective parties the Of received
as set forth said receipt.
NEW YORK March 90