Show STEEL SPEED CO COMPLETES REORGANIZATION Philadelphia Dec bec 26 The Evening Telegraph says Plans for the reorganization of the he Pennsylvania Steel company were completed today and will shortly be he submitted to the stockholders The he company owns plants at tt Steelton near Harrisburg and at Sparrows Point Md beside owning all the capital stock of the Maryland Steel company and a Baltimore Sparrows Point railroad and 69 D per cent of the capital stock of the Iron company limited a corporation owning and purchasing iron mines in Canada Of Othe preferred stock tp be U will be forthe retire retirement ment of the outstanding preferred and of Steel company 3 the retire retirement ment of a alike like of 6 1 per cent bonds of tie the Pennsylvania Maryland Steel company for the acqui acquisition by purchase oc or otherwise of ore properties manufacturing plants or other er useful to the oem oom nanny and for providing funds for working capital for improvements at Sparrows Point and at Steelton and for such other improvements as may maybe maybe be deemed advisable A syndicate has been organized t n purchase from the company the 10 preferred stocks the proceed of which will retire outstanding ing 6 II per ncr cent bonds and provide Ui cash required for a working capital and improvements and exten extensions This preferred stock will either be offered to the present stock stockholders stockholders holders of the Pennsylvania Steel corn com company pany or offered for public subscription in such as may be deter determined determined mined upon by the syndicate managers The offer to the present stockholders will be for preferred stock per cent In new preferred stock and SO O per cent in the common stock and for common stock per cent in new preferred stock |