Rensselaer Republican, Volume 27, Number 52, Rensselaer, Jasper County, 29 August 1895 — Pennsylvania Steel Company Reorganized. [ARTICLE]

Pennsylvania Steel Company Reorganized.

The Pennsylvania Steel Company (reorganized) has determined to issue, shortly, separate certificates for the new issue, of preferred and common stocks separately in exchange for the full-paid rights to subscribe for the new preferred stock, the total issue of which amounts to $1,500,000. This, it is believed. will bring a measure of relief to many who were compelled to subscribe to the preferred stock under penalty of forfeiture of their holding of the old common stock. The new preferred stock, full paid, bears interest at the rate of 5 per cent, per annufn until October 15th, after which date it will -share in the earnings of the company up to 7 per cent. Each share of the preferred rights carries a bonus of two and one-half shares of common stock. An arrangement has been made with the reorganization committee by which the transfers of the new issue of common and preferred stock will be made at the office of the Pennsylvania Steel Company. The installments yet due on the partly paid rights will continue to be paid to the Girard Trust Company, as heretofore.