New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-10
OFFICE OF THE
Western New York & Pennsylvania
Railway Company,
IO4 SOUTH FIFTH STREET,
DEL .REzIA. a. Anrr g. 1900.
To the Shareholders
and Income Mortgage BondhoIdsrS +:

since submitting the report OF the operations
Company for the year ending 3Oth 1899, circun
stances gravey affecting your interests which
duty the management to submit 10 you
following statement:
Is doubt vel known you, large proportion
earnings your Company Is derived from 1raf-
exchanged Pennsylvania Railroad System,
the relations your Company with that System have
many years the most cordial character and
be this time The Pennsylvania Railroad
Company. however, has always had IN view the i'm
portance Of Buffalo OF its terminal points. and
lately emphasized by IT'S purchase of the
Erie and Western Transportation Company,
line city. and whose traffic
furnishes additional why the relations of the
Pennsylvania Railroad Company with Buffalo should be
rails. The Pennsylvania Railroad Company
ownership property, and therefore has no
special interest sending traffic your road
securing line TO Buffalo. II
opened negotiations some your Company
purchase controlling interest in prop
erty. Il had desire destroy the value Of your
property by building competing road but did naturally
desire lines its interest the profit
resulting from The transportation Of its rafhc 70 and
from Buffalo especially the proposed estab
iishmenr works and other industrial estab
rsrr~sn-s IN +na- CITY which Of necessity Will draw
large other traffic from points on
the Pennsylvania railroad system
Not being able TO with your management upon
could recommend FOR acceptance, the
Pennsylvania Railroad Company took charter and
adopted a from Wilcox the Phia-
delphia Railroad the state line between Penn
sylvana and New York. be continued under proper
Pennsylvania
has already acquired large terminal properties in
addition % those belonging 10 the Erie and Western
Transportation Company. Your management then had
further pr5tracted negotiations with the Pennsylvania
Railroad Company. a result whereof il has now offered
purchase stock and the income bonds OF your Com
pany, price and upon conditions which in the judg
ment Board should be satisfactory 70
you From the inception negotiations. your
agen1ent have insisted any should be
time holders these securities
and now authorized 70 the stockholders
ana 10 the income bondhoders that II less than
Of both the stock ard income bonds Is deposited
hereinafter forth On May 26th 1900, the
Pennsylvania Railroad COMPANY viii pay eighteen per
cent Pc share stock and thirty per cent.
per bond proportions Of such stock and
income bonds be deposited The prices offered
than full compared win
values, and IS needless that
should the proposed line 70 Buffalo be built the
now passing your line and from the Penn
svIvana Railroad System Will be diverted therefrom and
your gross and 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 both bonds and
stock their intention Of accepting the OFFER
made ny the Pennsylvania Railroad COMPANY believing
that the acceptance best interests
Of those concerned they cordially recommend it for
acceptance Board Of Directors a. their meeting
formally approved It and directed its
their endorsement TO the stockholders and
income bondhoders Of the Company
In order offer of the Pennsylvania Railroad
company may awaited o. is necessary that deposits
said and bonds should be made or or before
May 2eth AZ one OF the following depostaries:
The Commercial Truz. Company, Philadelphia, Pa;
Sewer & Co., New York City, N. Y;
Speysr Brothers, London, England;
La Speycr Elissen, Frankfort-on- Main, Germany;
Teixgira De Mates Brothers, Amsterdam, Holland.
Iron the deposit Of said stock and income bonds. tenn
porary negotiable receipts will he Issued therefor, and
should the stipulated OF said securities be
rosited by the tim. named will
and upon the receipts. payments
viii be made in securities after
June 18th. 1900 which due notice Will be given.
Should the holders Of said securities fail deposit
them 20 the amount hereabetoe the Pennsylvania
Railroad Company right withdraw its offer. in
which prompt thereof VIII be given, and
surrender Of receipts securities de-
posted the Holders OF these
securities desiring Information viii please
unicate promptly with either OF the deposaEies above
named or with undersigned
BY ord Board
SAMUEL G. DeCoCRsEY. President.