Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-09-30
Nine Points Agreed Upon
by Committee in Charge
Are Made Public.
LIFE OF SYNDICATE
TO BE SIXTY DAYS
Sums Subscribed by Banks to Be Left
on Deposit With Subscribers Until
Needed and Then Withdrawn Pro-
portionateIy = Undecided Details
Concsrn Chiefly Date Of Offering and
Terms to InstaIlment Investors.

New York. Sept. 3O.-The committee
in charge of the sale OF the $50O.000,- :
900 Anglo French bonds has cleared
away a number OF details concerning
the method of marketing the issue.
Chief of the details already settled
are that the life Of the underwriting
syndicate Is to be sixty days; the
sums subscribed by banks will be left
on deposits with the subscribers until
needed and then withdrawn proper
tionately, and the profit Of the syndi-
cate will be * per cent, the remain
ing one-fourth Of one per cent being
used for expenses.
Undecided details concerned chiefly
the date Of the offering and the terms
to installment investors.
Lord Reading chairman Of the com
mission; Basil B. Blackett. secretary:
Sir Edward Holden and Ernest NAL
lett. returned today from Chicago.
They made no announcement as to
their plans Lord Reading is to de-
liver an address tonight at q banquet
OF the Pilgrims society.
Agreement on Nine Points.
A memorandum containing nine
points agreed upon by the committee
in charge of the sale OF the bonds was
made public today. by J. P. Morgan
& Co, the following being the chief
features:
The syndicate is. to have n life Of
sixty days. Syndicate members will
purchase at 98-the price to tho in
vestor-and at the expiration OF the
sixty days will be refunded tx per
cent. The difference between the price
to the investor and the price to the
syndicate is 2 per cent. The remain
ing one-fourth OF one per cent will be
used to cover expenses.
Participation Is to be given to all
classes OF institutions. investors and
dealers. The syndicate will have the
right to repurchase UP to 10 per cent
the total underwriting
Every Incorporated bank partlcipat-
ing Is to simply transfer the amount
OF its subscription on its books, the
money remaining in the bank to the
account OF the syndicate managers
until such time as 1t will be needed.
1t is understood that when withdraw
al% of this money are made they will
be prorated among the various banks.
so that in no case will the total
amount be withdrawn at once. The
banks will pay interest OF 2 per cent
a year on this money.
The points agreed upon embody the
labors of the committee up to o'clock
last night. Other conditions are vet to
be decided.
Details Vet to Be Settled.
Here are some OF the questions
which the commission In charge of the
arrangements sought to solve today:
How much must an individual sub
scribe In order to become eligible TO
membership 10 the syndicate VINO
Will get the bonds at 96o
What terms shall be offered men
who want to buy the baby bonds
those in denominations less than 81 900
by installments?
when shall the bonds be placed on
the market?"
Other minor details. concerning the
life Of the syndicate and the listing Of
the bonds.
Lord Reading and tho three other
commissioners. who spent two days In
Chicago. were to be dinner guests TO-
night with Sir Henry Darlington Smith
and Octave Homberg the commission
ers who remained in New York. of tho
Pilgrim Club. Lord Reading was to
be one Of the speakers.