New-York tribune., 1903-05-27
THE P.R.R. SUBSCRIPTIONS
Total Equal to About sI25,OO0,OOO
-Terms Of Syndicate 4grcement.

The subscriptions to the underwriting OF the new
s-5e9o09 stock issue Of the Pennsylvania Railroad
Company have been closed by the syndicate man
sEerz-Speyer & Co and Kuhn Loeb & Co The
total subscriptions il is understood, equal
S2 coo stock exclusive of several applica-
lions received TOO late for participation. = large
block of the stock il is said. viii be allotted TO
foreign subscribers Among the individual sub
Sc-iDtlons. is reported, were one for $4,000
and one for 10000
The terms Of the syndicate agreement were ma de
public yesterday The agreement is dated May l5
After recting The facts already published, that the
syndicate managers have agreed with the Pennsyl-
Vanis Railroad Company 10 purchase at $50 for each
$50 share SO much Of the new issue Of stock as
shall not have been subscribed for by the stock
holders the compensation TO be 2lz per cent COM
mission the aggregate subscription price
$3.50 10000 il states the terms offered by the synd-
cate managers 70 subscribers.
First that the parties 10 the agreement form the
syndicate that the syndicate managers allot to the
subscribers participation IN the purchase Of stock;
that the syndicate managers shall take and pay
The railroad Each subscriber shall be liable for
only such aggregate amount Of his subscription as
same ratio his subscription bears to tie aggre-
gate subscription price Of the stock offered TO the
The managers may from time to time purchase
and in case Of any such purchases the syndicate
obligation shall be increased by the amount there
Increased proportionately provided. however, that
time Be increased by such purchases by an amount
exceeding 10 per OF the aggregate subscription
price Of the stock offered 10 the stockholders
Secono-The syndicate subscribers shall appoint
the syndicate managers, with fun power TO act
end make agreements. including the repurchase
snd resale for the OF the syndicate. and
conduct such transactions in the stocks they
shall deem best
Third-The syndicate is TO continue in force TIL
January :. 1904 but the managers may terminate IL
any time upon notice
FouTth-Tfe subscribers are 10 pay from time 10
tine such amounts may be called upon their
subscriptions Any shares rights received by
kyndicsre managers from the railway company
bought IN the market be sold from time
time public private sale such prices the
managers think best In the managers distribute
81 time any stock or rights among the subscrib
during the existence Of the syndicate IL shall be
held BY the subscribers subject to delivery upon
demand. and subscriber shall prior TO the ter
7r7uaton Of the syndicate sell contract for the
sale Of any of the syndicate stock or rights The
managers NAV themselves purchase. be inter
eEted in the purchase Of any Of the syndicate stock
rights.
Fifth-T'he managers shall have sole direction
and management OF the syndicate. and shall not
70 exercise reasonable diligence From the com
mission be paid by the railroad company the
syndicate shall receive ~ per cent The other !
Der cent shall be retained by the syndicate man
ayers without accountability the subscribers
As COMPENSATION FOR the responsibility assumed
hursed for any commissions. brokerages and other
expenses incurred IN marketing rights and shares
The ret profits and losses OF the syndicate are to
~ shared By the subscribers pro rata
SETh-The managers are 70 be subscribers, and
rsrtiripa1s in yTo-ltS aDC losses