Word: laughlin
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...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...
...Mellon Securities Co. and the other Jones & Laughlin bankers scrupulously pointed out in their prospectus, flood damage amounted to perhaps $1,000,000. But weather played another trick on J. & L. this year. At a tremendous saving over rail-carried fuel, the company barges coal by rivers to Pittsburgh and Aliquippa, site of its other big plant 19 miles away. There was more ice in Pittsburgh's rivers last winter than at any time since 1918. For 33 days no water-borne coal was delivered to the Aliquippa works. Costs were increased so much that the company estimated that...
...Jones & Laughlin history dates from 1851 when Benjamin Franklin Jones, a onetime barge-line operator, bought an interest in an iron works on Pittsburgh's South Side. He was joined a few years later by James Laughlin, an Irish immigrant who had prospered in a slaughtering and provisions business. Succeeding generations of Joneses and Laughlins have been cast with remarkable regularity in the mold of the founding partners. The Joneses went for steel, the Laughlins for culture. Founder Jones was already a bigwig in .he steel industry when Andrew Carnegie was a local telegraph boy. When Carnegie succeeded...
...Laughlin line, more prolific of heirs, has generally left company management pretty much to the Joneses. Founder James Laughlin was a good Presbyterian who served as first president of Western Theological Seminary and founded Pennsylvania College for Women. Grandson Irwin Boyle Laughlin was a career diplomat and onetime Ambassador to Spain. Philadelphia's Rev. Edward R. Laughlin is also a grandson. James Laughlin IV is the member of the Harvard Advocate board who was largely responsible for the ban placed on an issue of that magazine last autumn by Cambridge police. Great-Granddaughter Alice Denniston Laughlin is a stained...
Though Mr. Girdler's base prices were generally unchanged from the previous quarter, net effect of fixed discounts may be a rise in average steel prices, for the public discounts are probably less than buyers formerly chiseled in secret. Jones & Laughlin followed the Girdler example on certain products, and other companies were expected to fall in line...