Business: Family's Fourth

Having been delayed a fortnight while the borrower took stock of damage done by Pittsburgh's floods, a notable bond offering occurred last week.* The issue was backed by a first mortgage on the fourth largest aggregation of steel properties in the U. S. The company was by all odds the biggest family-owned steel business in the land. The money—$30,000,000—was for expansion, not refunding. Jones & Laughlin Steel Corp. was ready to build in its Pittsburgh works a new continuous strip-sheet mill, which is an exceedingly expensive chunk of machinery.

As Mellon Securities...

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