$10,000,000 JONES & LAUGHLIN STEEL COMPANY FIRST MORTGAGE THIRTY-YEAR SINKING FUND 5% GOLD BONDS Dated May 1, 1909. Due May 1, 1939. Authorized issue $30,000,000. Interest payable May 1st and November 1st at First Trust and Savings A letter from the President of the Company on file at our office emphasizes the following statements: 1. Secured by an absolute first mortgage on all the property now owned by the Company and additional property acquired by these bonds. 2. The property consists of real estate, furnaces, steel mills, including the new modern plant of the Company at Aliquippa, which is recognized as one of the most modern, convenient and economical plants to be found in the country. 3. Through its subsidiary companies, whose stocks are pledged to secure these bonds, it controls ore lands, coal lands and limestone property sufficient to supply the Company many years beyond the term of the bonds. 4. During the last two years the Company has invested twenty million dollars in the new plant and additions and betterments to its former property. 5. The Company is required to keep net quick assets of eight million dollars as long as a like amount of bonds remain outstanding. 6. A sinking fund is provided which will approximately retire the bonds at maturity. 7. The average yearly earnings for the last ten years were more than four times the interest payment on the outstanding bonds. 1 Bond house circular, issued by Blair & Co.. announcing the Jones & Laughlin Steel Co. Bonds. See Jones & Laughlin Steel Co. Mortgage, pp. et seq. Having sold a large part of these bonds, the undersigned offer the remainder at 102 and accrued interest. We regard these bonds a desirable investment. FIRST TRUST & SAVINGS BANK Chicago BLAIR & CO. New York THE JONES & LAUGHLIN STEEL COMPANY Pittsburgh, June 16, 1911 Gentlemen: Referring to the $10,000,000.00, 5% First Mortgage Bonds of this Company recently purchased by you, these bonds are part of an authorized issue of $30,000,000.00, dated May 1, 1909, of which $25,000,000.00 has been issued, and $24,487,000.00 are outstanding, the balance having been retired by the operation of the sinking fund. They are secured by an absolute first mortgage on all the property of the Company now owned, and on additional property which may hereafter be acquired by the proceeds of these bonds. They are further secured by the pledge of bonds and stocks of subsidiary companies, whose property consists of coal mines, ore lands and railways; all used in connection with this business in a general way. The security behind these bonds is: First: The real estate, furnaces, steel mills, finishing mills, plants of various kinds, located largely in the City of Pittsburgh, and the new and modern plant of the Company at Aliquippa, twenty miles from Pittsburgh, which plant has been constructed by the Company during the last three years. and is recognized as one of the most complete, modern, convenient and economical plants to be found in this country. Second: Through its subsidiary companies it controls ore lands, coal lands and limestone properties in fee or under lease, containing sufficient ore, coal and limestone to supply the Company's furnaces, at their present capacity, for many years beyond the term of these bonds. During the last two years the Company has invested, approximately, twenty million dollars in new plants or additions or betterments to its former property, and the proceeds of the ten million dollars of bonds sold you will be largely used to reimburse the Company for such expenditures, and when their proceeds are absorbed, will leave the Company practically free of debt other than these first mortgage bonds. Among the covenants of this trust deed, I might mention that the Company is required to, at all times while an equal amount of their bonds is outstanding, have net quick assets to the amount of eight million dollars, and further, a sinking fund is provided, equal yearly to one-fifteenth of the amount of bonds outstanding, which sinking fund is applied to the payment of interest on the outstanding bonds and to the retirement of principal. The sinking fund, it is figured, will approximately retire the bonds at their maturity. The Audit Company of New York, before the investment of the twenty million dollars above referred to, made a careful examination of the property, from which it is safe to say that the net value of our property is over three times the bonded debt. It has been the policy of the Company, for many years, to return to the property large sums for additions and improvements, besides making a liberal allowance for depreciation. The average yearly earnings, for the last ten years, have been more than sufficient to pay four times the interest on the present outstanding bonds. Yours truly, (Signed) B. F. JONES, JR., President. PROSPECTUS1 MR. WILLIAM LAWRENCE GREEN ORGANIZES A BIG EXPLORATION COMPANY A REMARKABLE OPPORTUNITY FOR MONEY MAKING OFFERED TO READERS OF "VAN NORDEN MAGAZINE" By E. C. Rowe A fortunate opportunity for extraordinary profits from a $200 expenditure is open to Van Norden readers exclusively. This opportunity arises from the recent formation of an exploration company by a number of prominent and wealthy Eastern business men, well known to the publishers, who agree to permit the readers of Van Norden Magazine to obtain an interest in their company upon the most fair and equitable terms. You may secure a $1,000 interest in the new exploration company for a total expenditure of $200. Or you make a smaller investment, obtaining the same proportionate interest; $50 secures an interest equivalent to a $250 investment at par, and so on. The extraordinary value of this opportunity is apparent when I tell you that the active head and president of this company is William Lawrence Green, vicepresident and treasurer of Banks & Company (Inc.), the great law publishers, booksellers and importers, of Albany, New York. Banks & Company, as a copartnership firm, was established in Albany 105 years ago by the grandfather of the present head of the firm, Hon. A. Bleecker Banks, who is associated with Mr. Green in the Exploration Company. Mr. A Bleecker Banks has served in the State Senate and as Mayor of Albany. The other men forming the directorate are prominent and have been attracted to exploration work because of the amazing profits accruing to those engaged in the business, and because they were able to secure ownership for the corporation to 1,200 acres of some of the richest mineralized land in the entire Southwest. This land was brought to the attention of Mr. Green and his associates by Senator Stephen E. Barron, of California, who has mined in the Colorado River Desert for upward of forty years. Mr. Barron has been many years in collecting these properties, perfecting their titles, doing assessment work and proving their richness, and it was not until he had fully determined. their value that he sought the aid of Eastern people. These properties are in three different States, Nevada, California and Arizona, and the 1 As it appeared in Van Norden Magazine. Green-Banks-Barron Company is officially known as the Tri-State Development Company. The Tri-State Development Company has been organized for the working and development of over sixty claims, representing about 1,200 acres located in the choicest section of Death Valley, and at the conjunction of that vast mineral deposit that lies partly in the States of California and Nevada and the Territory of Arizona. This section marks the center of the famous mineral zone and group of mines that has brought to the world new life and twice saved the credit of the nation by yielding millions of gold which turned into coin as a redeemer of all obligations. It is that portion of our hemisphere and new zone of wealth that makes any traveler look with awe at the gold and copper mining giants contained within its borders. Two miles west from the Tri-State Mines are the Copper Butte Mines. One mile east is the Pioneer, four miles northeast the Klinefelter, ten miles south the Gold Bend, fifteen miles east the Colorado River with its many celebrated mineral veins on both sides, in Nevada, California and Arizona. Just north of the Gold Knob group, owned by the Tri-State, is the famous Turtle Dove, and a little further north comes the wonder of all mines in the district near Von Trigger, and known as Cram's Mines, celebrated for their uniform values and richness in both gold and copper. This is a property that we don't read much about, but which has produced gold for some fourteen years and is a really wonderful property. At 250-foot depth it has an 80-foot body of copper; at about the same depth it has an immense gold ore vein running as high as $140 to the ton. The property is now erecting smelter works and pip ing water many miles for its operations. It is under bond for $2,500,000. The Patsy Pat group of claims is in precisely the same belt as the great Cram's Mine. A feature of the properties here in these districts is uniformity of values, and without exception they are both gold and copper. The Cram's Mines are perhaps the best illustration of this because they have been well developed and there are millions in both metals in this one property. Several other mines of great value in the Crazy Basin and on York Mountain form the connecting link between the Tri-State Mines and the well-known Quartette Group of mines in the Searchlight District, and the Duplex Mines which have struck ore extraordinarily rich in the lower level of their workings. The Tri-State claims, known as the Copper Vault Group, are located just east of Death Valley, on the Nevada side of the State line, |