(2 of 2)
Last week Judge Elder W. Marshall in Pittsburgh's Court of Common Pleas handed down his decision, ordering Pittsburgh United to liquidate enough of its U. S. Steel holdings to pay off $1,227,187 in bank loans made by Pittsburgh's First National and the Chemical Bank & Trust Co. With the U. S. Steel common which had been held as collateral for these loans, he ordered Peoples-Pittsburgh to redeem Pittsburgh United preferred and in 30 days to turn over its remaining assets to Pittsburgh United. Immediately the preferred jumped from $100 to $141 on the New York Stock Exchange. For purposes of redemption U. S. Steel common was frozen at $111.25, Pittsburgh United preferred at $147.91. After the preferred stockholders got their redemptions and the banks get their payments this will leave little residue for some 2,000 Pittsburgh United stockholders.