New-York tribune., 1900-04-25
OFFICE OF THE
Western New York & Pennsylvania
Railway Company,
l04 SOUTH FIFTH STREET,
PHILADELPHIA. IA. April q. 1900.
To the Shareholders
and Income Mortgage Bondho|ders


Since submitting report operations your
Company for the ending 9Oth. 1899.
stances have arisen affecting interests which
make it duty of the cement 70 submit you
the following statement:
As is no doubt wei known you. a large proportion
Of the earnings Of your Company is derived traf
nc exchanged with the Pennsylvania Railroad System,
and the relations Company System have
been for the cordial character and
continue TO be this Pennsylvania Railroad
Company however, has always had in view the I'M
portance of Buffalo OF its terminal points. and
this has been lately emphasized by purchase of the
stock of the Erie and Western Transportation
whose lake line to that city. and whose traffic
furnishes additional why the relations Of the
Pennsylvania Railroad Company with Buffalo should be
over its own rails The Pennsylvania Railroad Company
has ownership IN property and hereore has
special interest sending traffic over your road
but with the view line Buffalo, it
opened negotiations time since your Company
for the purchase controlling prop
erty. 1t had desire to destroy the value of your
property by building competing road but did naturally
desire TO for lines its interest the profit
resulting from the transportation OF and
from Buffalo. especially in view of the proposed estab
shment OF large steel works and other industrial estab
ishments city. O. necessity
large amount OF coal and other traffic from points
the Pennsylvania Railroad System.
Not being able agree with your management upon
basis which could recommend for acceptance the
Pennsylvania Railroad Company took charter and
adopted a location a Wilcox Phila-
delphia and
sylvania and New York. be a proper
charter to Buffalo, where the Pennsylvania
has already acquired properties
addition to those belonging to the Erie and Western
Transportation Company Your management then had
further protracted negotiations Pennsylvania
Railroad Company. a result whereof offered
purchase the stock and bonds your Com
at price and conditions which in the Judg
ment OF Board fair should be satisfactory
From the inception Of these negotiations
agement have insisted that offer made should be open
for definite time all holders securities
w to sta to stO
and to the income bondholders that II less than
majority OF both the income deposited
hereinafter set FORTH before May 26th 1900 the
Pennsylvania Railroad Company VIII eighteen
cent so share. for the stock and thirty per
$500 per bond, like proportions
income bonds be deposited The prices offered
for these securities full compared
their current market values 1t s needless say
should the proposed line to Buffalo be built. the
traffic passing line TO and from the Penn
sylvana Railroad System will be diverted therefom.
your gross and net earnings seriously depleted Under
these circumstances and with the conviction that the
price offered is Just fair your
who personally large holders OF both bonds
stock have sgnihed their intention of accepting the offer
made by the Pennsylvania Railroad Company. Believing
that the acceptance this
concerned they cordially 1t for your
acceptance. Board OF Directors meeting
OF this have formally approved
submission with their endorsement
bondholders OF the Company.
order that the offer Of the Pennsylvania Railroad
Company may ayailed Of necessary deposits
Of said stock and bonds should be made before
May 26th OF the following depostaries:
The Commercial Trust Company, Philadelphia, Pa.
Speyer & Co., New York City, N. Y,
Speyer Brothers, London, England;
Laz. Speyer Eissen, Frankfort on Main, Germany;
Teixeira De Mattos Brothers, Amsterdam, Holland.
Upon the deposit OF said stock and bonds.
porary negotiable receipts will be issued therefor
should stipulated said securities
posted by the time named the transaction will be closed
and upon surrender the temporary receipts payments
will be made in cash for the said securities
June 18th, 1900, of which due notice will given
Should holders OF the said securities deposit
them the herenbefoTe stated Pennsylvania
Railroad Company has the right withdraw its Offer
which prompt thereof will be given, upon
surrender OF the receipts the securities
posted will be returned the Holders
securities desiring further Information will please
municate promptly either depositaries
named, with the undersigned.
BY order of the Board
SAMUEL G. DeCOURSEY President