New-York tribune., 1900-05-18
OFFICE OF THE
Western New York 4 Pennsylvania
Railway Company,
IO4 SOUTH FIFTH STREET,
PHILADELPHIA a. April u, 1900
To the Shareholders
and Income Mortgage BuHdholdeTs::

,,..,-v t,e -eporr OF tie operations Of your
-r-Dauv for year ending june 3oth ls's eiroun-
-, arisen graveiy affecting your interests. which
-, !. me duty Of the management TO submit TO you
the foHov1ug statement
q No doubt wei known you. large proportion
= earnings Of your Company s derived from traf-
g e-cbsnged Hi.h the Pennsylvania Railroad System.
- he relations OF your Company With that System have
b,, ,e- many years cordial character and
continue be The pennsylvania f-Foac
Connany however. hss always sad in Vie" the M
--snce gf Buffalo - one OF terminal points. and
his has lately emphasized by its purchase Oh the
stock Erie and Western Transportation Cornpany'
whose line 10 that city. ana whose 'ralhc
furnishes an additional reason why the reiaioNs oi me
s1-svi,aniz Railroad Company with Buffalo should be
over IS own rails Pennsylvania Railroad company
has 10 ownership your property ana uerelofe mas no
s-e{al interest in sending its traffic over your road
but with the Of securing its own line TO Buffalo it
rere5 negotiations time since with your company
sr The purchase the controlling interest N your prop
a. Il had no desire destroy the valne of your
-o,a--v bv building competing road but Cid naturally
si-e p secure for lines its interest the profit
resulting from transportation Of its traffic to and
from Buffalo especially view OF the proposed estab
lishrent steel works and oter hduslF'aI es'n-
,,eA-,.,.s IN that city Of necessity will draw
large amount OF coal other traffic from points on
tha Pennsylvania Railroad system
N,r being able - agree your management
basis which recommend for your acceptance the
F7enpsfvania Railroad took charter and
adopted a location lire from Wilcox the Phia-
sel5bis ana Erie Railroad between Penn
charter 10 Buffalo where the Pennsylvania Railroad Com
any has already acquired large terminal properties in
addition those belonging 10 the Erie and Western
Transportation Company. Your management then had
further pr5trac-eG negotiations with the Pennsylvania
Railroad Company. result whereof has now offered
70 purchase and the income bonds of your Com
ranv a. price and upon conditions which the judg
ret your fair and should be satisfactory TO
you the inception these negotiations. your man
ageen: have Insisted any should be
sr definite all the holders OF these securities
and authorized state 10 the stockholders
and 10 he income bondholGers that Il less than
majority stock income bonds is deposited
hereinafter FORTH before May Goth, 1900 the
Pennsylvania Railroad Company VIII eighteen per
CENT per share the stock and thirty Per cent
per bond for ike proportions OF such stock and
income bonds as nav be so deposited prices offered
f these securities than full compared with
ter It is needless 10 that
should the proposed line 10 Buffalo be built the
passing your line 10 and from the Penn
svvanta Railroad system VIII be diverted therefrom and
your gross earnings seriously depleted Under
these circumstances with the conviction that the
price offered just and fair the members OF your Board
who are personally large holders OF both income bonds and
stock have sguihed of accepting the offer
made by Pennsylvania Railroad Company Believing
tat acceptance of this offer is for the best interests
OF tose concerned they cordially recommend Il for your
acceptance ot Directors their meeting
q formally approved it and directed its
submission endorsement the stockholders and
income bondholders OF the Company.
N that the offer Of the Pennsylvania Railroad
Company may be ayaed II is that deposits
Of said STOCK bonds should be made on or before
May osth ar ot the following depositaries:
The Commercial Trust Company, Phila delphia, Pa.
Speyer & Co., New York City, N. VI
Speyer Brothers, London, England;
Laz. Speygr E1issen, Frankfort-on-Main, Germany
Teixe:ra De Mattos Brothers, Amsterdam, Holland.
Upon the deposit said stock and bonds
porary negotiable receipts VIII be issued therefor and
should the stipulated said securities be de-
posted By named the transaction VIII be closed
anG upon Of receipts payments
W made said securities and after
June I5tE 1900. CT which due notice Will be given
Should the holders q fail deposit
them herenbefore stated. the Pennsylvania
Railroad Company withdraw !ts offer IL
which prompt thereof VIII be given and
surrender temporary receipts the securities de-
posted viii be returned the Holders Of these
securities desiring further information will please
nunica1e promptly either the deposiIares
named, with the undersigned.
By Of the Board
SAMUEL c. DeCoURSEY. President