Digitized by the Internet Archive in 2017 with funding from Columbia University Libraries i https://archive.org/details/portlandcementasOOajax P0RTLAI1D CDmCIlT AS An IIlVESTmEnT PLANT OF THE AJAX PORTLAND CEMENT COMPANY, PATTENBURG, The Ajax Portland Cement Company PATTLNBURG. NEW JERSEY NEW YORK OEEICES 18 WALL STREET Incorporated Under Laws of New Jersey Capital StocK, - ■ $2,000,000 20,000 Shares at - - $100 each $1,000,000 Preferred $1,000,000 Common OFFICERS AND DIRECTORS II. C. BENNETT, is Wall St., X. V. City - - President Of II. C. Bennett & Co., Bankers ISAAC S. METTLER, 60 Broadway, N. Y. City Vice-President Capitalist H. II. BENNETT, is Wall St., X. Y. City - - Treasurer Of H. C. Bennett & Co., Bankers CHESTER THOMSON, Clinton, X. J. - - - Secretary llO.X. GEO. II. LARGE - - Flemington, N. J. Ex-President N. J. Senate IION. JOHN LEWIS CHILDS - - - Floral Park, N. Y. Seedsman IION. JACOB WELSH - - - - Member N. J. Senate Director Clinton National Bank ROBERT A. MONTGOMERY, President Delaware Valley Quarry and Construction Co., Director Amwell National Bank, Lambert- ville, N. J. LEWIS PARKER ' Trenton, N. J. Treasurer Trenton Savings Fund Society ELMER THOMSON Clinton, N. J. COUNSEL J. WOOLSEY SHEPHARD, New York HON. GEO. H. LARGE, New Jersey REGISTRAR OF STOCK. TRANSFER AGENTS AND DEPOSITORY OF FUNDS TRUST COMPANY OF AMERICA, New York FISCAL AGENTS H. C. BENNETT «S CO. 18 WALL STREET, NEW YORK Our References A FTER full and careful investigation we have taken a financial interest in this company and have consented to act as fiscal agents. It is right that you should know who we are. We therefore respectfully refer you to any mercantile agency or bank in the United States. We do not mean that every bank in the United States knows us, but they can find out and tell you if they so desire. We also give the following special references: Oriental Bank, New York City. Commercial Trust Company, Jersey City, N. J. The Barbour Bros. Company, Paterson, N. J. Tefft, Weller & Co., Dry Goods, New York. R. G. Dun & Co. Commercial Agency. Bradstreet Commercial Agency. We shall also be pleased to send you the names of two of the largest and strongest banks in New York City, who will answer any letter of inquiry. H. C. BENNETT & CO., Bankers, 18 Wall Street, New York, Fiscal Agents for the Ajax Portland Cement Company. Incorporation A UTHORIZED to manufacture, sell and deal in Portland Cement, Brick, Stone, Gravel, Sand, Lime and Concrete Material of every name and nature; to manufacture and sell Portland Cement; Cement Building Blocks, Sewer and Conduit Pipe and every material on which Cement is used; either Portland or any part of any desired form or design, our Charter being broad enough to cover everything pertaining to cement manufacture, building of fac- tories, railroads, etc. Introductory I N presenting this prospectus and the statements made herein to the public, the directors of this company desire to say, at the outset, that no exaggerated or fanciful propositions or promises, which are often made by irresponsible persons soliciting funds for min- ing or other speculative ventures, will be indulged in. Every statement presented is made with the full knowl- edge of the responsibility of the directors and officers of this company. Our investigations of this property justify us in saying that we believe it to be one of the best and most valuable of Cement properties; that the location, quantity, quality and conditions, taking everything into consideration, could hardly be better. We believe this little booklet will in- terestyou if you are looking for, or desire, a safe, conservative 8% investment ; one that you can safely count upon as pay- ing you that amount annually as long as you live, and can be sold at any lime at a profit. We do not seek, nor can we hardly expect, to interest those who are looking for a purely speculative venture such as mining, or oil, or stocks of that nature. These are usually sold with the most glowing promises and flattering prospects of enormous dividends which are rarely, if ever, realized. The ultra-conservative investor to-day is satisfied with 3 or but there are investments which pay 6 to 8%, and are as safe as the invest- ment. Manufacturing Pays Best P OOR’S MANUAL, of 1901, shows that the rail- road companies of the United States paid in dividends and interest on bonds, in the year pre- ceding, a little more than 2*4% on the cash actually invested; banks paid 6*4% ; fire insurance, 10^8%; merchandising institutions about io% on the capital invested, while manufacturing, as shown by census reports, paid 20% on the capi- tal invested. The conclusion must be, then, that manufacturing, under right conditions, is the most profitable form of industrial investment. Scarcely a manufacturing industry can be named that is not pay- ing big dividends, notwithstanding the fact that many are largely over-capitalized. The Ajax Portland Cement Company is offering you an 8% preferred in- vestment which is safe, sound and conservative, as will be shown further on in this booklet. The Portland Cement manufacturing industry of the United States will also be treated herein, as briefly as possible, consistent with statistics and facts ; to this we invite your careful perusal and kind investigation. Ancient Cement and Uses I T is more than four thousand years since the Egyp- tians made a cement which has withstood the decay of ages; but, from their time to that of the Ro- mans, nothing of importance came from its manu- facture or application. The great Roman engineer, Vitruvius, speaks of a cement that had hydraulic prop- erties (properties that would cause it to harden under water) by combining lime and pouzzolana, a vol- canic excreta, found in several Mediterranean coun- tries. The Encyclopaedia Britannica says: “In strength and durability, no masonry, however hard the stone or large the blocks, could ever equal those Roman walls of concrete, for each wall was one perfect co- herent mass, and could only be destroyed by a labori- ous process. By quarrying hard stone from its native bed, in 1 824, a man named Apsden, of Leeds, York- shire, England, manufactured a cement strongly re- sembling stone; this he called Portland Cement, and was the origin of the name, which has now become inseparable from energetic, artificial, hydraulic ce- ments.” HARVARD’S NEW STADIUM .T'.'-.f.J MODERN PORTLAND CEMENT. The English were probably the first to revive the art of making Portland Cement, after it was lost with the downfall of the Roman Empire. Since the days of its first manufacture by Apsden, of Leeds, it has been manufactured in Germany to a large extent, also by the Belgians and French, and now by the Americans, the growth of the manufacture in this country having been so rapid as to be almost startling. The extremely rapid growth of the Portland Cement Industry in this country is, however, entirely logical, being based upon the fact that a process of manufacture suitable to American conditions has now developed — this is the Rotary Kiln Process. American inventive genius has now reduced the manufacture of Portland Cement to a very low cost by the use of the Rotary Kiln and a continuous automatic process. Reports made by the United States Geological Survey show that the manu- facture of Portland Cement, within the United States, is practically confined to five States: New Jersey, Pennsylvania, New York, Ohio and Michigan. These States probably manufacture more than P0% of the entire product. FROM THE NEW YORK SUN, March 17, 1.002. “Portland Cement may be described as an artificial stone of exceeding strength, toughness and hardness, requiring only the admixture of water, and moulding into any shape that may be required. It may be fur- nished in packages of any desired size, and used where and when required, with little reference to climatic conditions. When hardened, Portland Cement is so close grained and homogeneous in its texture that it is less affected by water and variations of temperature than any known building stone. “Concrete is a mixture of cement, sand and broken stone, gravel or cinders, in proportions adapted to the kind of work for which it is prepared, and possesses the properties attributed to Portland Cement. Con- crete construction compares with cut stone, in ex- pense, as follows: Stone uncut varies from 10 cents to 80 cents per cubic foot in different parts of the coun- try. Cutting and setting, from 50 cents to $2.00 a cu- bic foot. Concrete finished for ordinary work costs from 17 cents to 28 cents per cubic foot for the work completed; or, taking the minimum cost of stone and the maximum cost of concrete, the latter costs only about 33% of the cost of the former, and is infinitely better. * Concrete Bridge at Summer Home of 1*. 1>. Armour, Jr. Oconomowoc, YV is. Designed by C. K. Hall, C.E., Chicago. Contractors, Stamson & Blome. r ^0 * Portland Cement used. — Residence of \V. L. Elkins, Elkins, Architect, H< race Trumbai er. Builders. Gbo. F. Payne & Co. Portland Cement used throughout, “There has recently been built, in Pennsylvania, a large factory with steel frame and Portland Cement concrete walls. The engineer in charge of the work estimates a saving of from 35 to 10% over brick.” THE DEVELOPMENT OF THE PORTLAND CEMENT INDUSTRY IN THE LE- HIGH VALLEY. By Ira Judson Coe, C.E., in “Cement,” New York. “The great Portland Cement centre in the United States to-day is the extensive cement belt of the Le- high Valley, which extends across the Counties of Le- high and Northampton, in the State of Pennsylvania, and over into Warren and Hunterdon Counties, in the State of New Jersey. It is the only district discovered where the deposit, in any way, approaches an ideal chemical composition of Portland Cement. In fact, it is a rock in which Nature has nicely combined the ele- ments, so that little correction is necessary. The first American Cement Plant was built at Coplay, in 1865, by David O. Saylor, of Allentown, Pa. “In 1885 another plant was built by the American Cement Company, at Egypt, Lehigh County, Pa., and the next plant was built by the Atlas Cement Com- pany at about the same time the American started. They worked on the inventions made by Mathey, Na- varro and Ransone ; this process consisted of grinding the material to an impa.lpable powder and then burning it in a kiln and then grinding it; this was the beginning of the modern practice. The Atlas Company devel- oped the practical use of the rotary kiln in this country, where, to-day, it is universally used. “In 1890 the production was about 200,000 barrels, but eleven years later, in 1.901, the production was 8,600,000. The production for 1903 for this district alone is estimated at 12,000,000 barrels. When one considers this growth, one realizes the labors of the pioneers have not been in vain. The one point in favor of the Lehigh Cement district is the natural cement rock; this rock is, in many places, of such a character that it can be readily quarried, ground, burned and ground again, without the addition of one pound of the separate ingredients.” NASSAU COUNTY COURT HOUSE, M1NEOLA, L. I. Architects, W. H. Taihiy & Bro. Entirely of Cement Concrete. Contractor, C. Roche DEVELOPMENT OF THE PORTLAND-CEMENT IN- DUSTRY IN THE UNITED STATES SINCE 1890 SECTION 1890 1 899 Number of works Product Per cent. Number of works Product Per cent. Barrels Barrels New York 4 ho, 000 19-4 1 472,386 8.4 Lehigh and North- ampton counties, Pa., and State of New Jersey 5 201,000 60.0 1 1 4,110,132 72.7 Ohio 0 22,000 6 . 5 6 480,982 8 . 5 4 . 34*° 566 6 1 All other sections - • 5 47,500 14-1 8 246,200 4.3 Total 1 6 335,500 1 00.0 1 36 5,652,266 00.0 DEVOLOPMENT OF THE PORTLAND-CEMENT IN- DUSTRY IN THE UNITED STATES SINCE 1890 1 900 1901 SECTION u X £ © Product Per cent. u * w B % y.'c Product Per cent. New York. 8 Barrels 465,832 5 • 5 1 Barrels 617,228 4.8 Lehigh and North- ampton counties, Pa. , and State of New Jersey 15 6,153,629 72.6 16 8,595,340 67.7 Ohio 6 534,215 6 - 3 1 689,852 5 . 4 Michigan 6 664,750 7-8 10 1,025,718 8.0 All other sections - • 15 663,594 7-8 16 1,783,087 14-1 Total 50 8,482,020 1 00.0 56 12.711.225 100.0 1 No less than nine big plants have been erected and put in operation within two miles of the original con- cern. Within a few years, in the State of New Jersey, and within a short distance of our property, have been erected the Edison, the Alpha and Vulcanite plants. The Alpha now has a capacity of 5,000 barrels of Port- land Cement per day; the Vulcanite, 4,000 — and are making fortunes annually for the stockholders. The map presented herein gives the location of nearly every cement producing plant in the Lehigh Valley — show- ing the Ajax plant to be nearer to New York and tidewater than any other. Our Property O UR property is located in the great Lehigh Val- ley Section, which means the cement district of the States of New Jersey and Pennsylvania. Within a few miles or so, and on the same strata, or formation of rock, are located the great plants of the Vulcanite, Alpha, Atlas, Edison and a dozen others; here is made the finest Portland Cement in the coun- try. Our property is beautifully situated three-quar- ters of a mile from Pattenburg Station — on the main line of the Lehigh Valley Railroad, sixty miles from New York City — and contains two hun- dred and thirty acres of land, upon which are high hills of the finest cement rock, tested down to the depth of sixty feet, giving an inexhaustible supply of raw material. The main wagon road running west out of Patten- burg passes through the property; on the northwest side of this road is fifteen acres of level ground, upon which the works are located. Running diagonally through the property, and bounding the mill-site on the north, is a never-failing stream of pure spring water. This stream, near the centre of the property, passes between two long, low hills, and can be easily and cheaply joined by a dam, making a reservoir or lake, giving a large storage of water for use at the works. The cement rock hills, or bluffs, are situated about 1 ,000 feet east of the mill-site ; the rock being partially exposed and ready for immediate quarrying can be de- livered to the works by a gravity railroad, the loaded cars hauling the empty ones back to the quarry. Lime- stone is also found upon the property to the south of the cement rocks and can be reached by the same grav- ity road. The product of the mill is loaded directly on Showing Cement Rock in Developing at Pattenburg. Showing Cement Rock in Developing at. Pattenburg. the cars of the Lehigh Valley Railroad and shipped to any part of the United States, or to tide-water, ADVANTAGE OF LOCATION. First. — Cheap freight rate to New York and the sea- board. Second. — Cheap coal and labor. Third. — An abundant supply of the finest quality of raw material, which can be delivered to the works by gravity at the least possible cost. Fourth. — The cement rock is of unusually good qual- ity, very easy to work and inexhaustible in quantity. Fifth. — A large supply of water from two good-sized living streams. The Works T HE works include the following fireproof build- ings, built of steel and Portland Cement, mak- ing them absolutely fireproof, saving insurance and avoiding all danger of loss and delay by fire: Main buildings, 146 x 320 feet; Coal grinding buildings, 48 x 100 feet; Storage and packing buildings, 60 x 240 feet; Boiler house, 50 x 60 feet; Engine room, 80 x 100 feet. The machinery, of the best and latest improved type, is 90 arranged that the process of manufacturing is continuous and automatic, reducing the cost of oper- ation to the lowest possible figure and saving at least 10 cents per barrel over the cost in many other mills. MELAN CONCRETE BRIDGE AT ZANESVILLE, OHIO. FROM THE STATE GEOLOGIST. PUBLISHED BY THE STATE OF NEW JERSEY. Pattenburg. — A mile southwest of Pattenburg out- crops of Trenton “cement rock” were found along a brook. The rock is so crushed and slickensided that nearly all fossils have been destroyed, but a few obscure forms were found by Mr. Weller. Owing to deposits of glacial drift and wash from the surrounding slopes, and the consequent absence of exposures, the limits of the formation are undefined. It is reported to cover at least 150 acres, and to exceed sixty feet in depth. A company has been formed, and preliminary steps taken towards utilizing this rock for cement. The following analyses of two average lots of the rock were obtained from Mr. Chester Tomson, of Clinton: ANALYSES OF CEMENT ROCK.— NEAR PAT- TENBURG. Silica (SiO.) 8.42 18. GO Alumina (ALO.,) 2.80 5.80 Lime (CaO) 44.64 38.76 Magnesia (MgO) 36 .66 Calculated carbon dioxide (CO_.) . . . 34.47 31.20 The Tallest Portland Cement Concrete Chimney in America ( R ansome System) , 1S0 ft. high From “ Cement,” N. Y. A sample lot of cement was made from this rock, mixed with the proper amount of pure limestone. The cement analyzed as follows: ANALYSES OF SAMPLE LOT OF AJAX PORT- LAND CEMENT. Silica (SiO 2 ) 21.52 Alumina (AI,0 2 ) 11.00 Lime (CaO) 60.87 Magnesia (MgO) 3.30 The cement was reported to have stood the standard tests well, and to have shown a high tensile strength after setting. No Danger of Overproduction P ORTLAND CEMENT is daily becoming a more and more important factor in the industrial and commercial development of all countries. It is now regarded as the chief building material of the age. The Cement and Engineering News, of Chicago, says: “The use of Portland Cement is rapidly displac- ing stone, brick, wood and terra-cotta for dry-docks, fortifications and gun implacements, locks and dams, sewers, tunnels, culverts, foundations for office build- ings, breakwaters, curb walks, retaining walls for wharves, concrete piling, bridges over rivers, public highways, sidewalk curb, gutter construction, fireproof floors and tiles; factory chimneys are now being con- structed entirely of concrete, some over 150 feet high. Pipes fcr water service and sewerage in cities; mill races, and water-mill housing; reservoirs for city water supplies; grain elevators 150 feet high and 50 feet in diameter are in use in Europe, and the great engine beds have almost displaced stone and iron. The piers carrying two of the elevated railroads in Chicago are constructed entirely of cement concrete; foundations for street pavements are coming into very extensive use. “Concrete sewers are being constructed in many cit- ies in Europe and the United States. “Irrigating flumes and canals use large quantities of Portland Cement. The Illinois Central Railway ex- tending from Sioux City, Iowa, uses concrete for its bridges, piers, abutments, retaining walls, culverts and other improvements where stone and brick havi here- tofore been used.” — * r — I MauffBai >»-»■ » »»»»■» — m caving corner atone or rower noujc consonaaica Lake Superior Power Co., Sault Sic. Marie, Mich. 96,000 Bbls. Portland Cement used. H. Von Schon, Engineer in Charge. When riding on either the Pennsylvania or Central Railroad, the Delaware, Lackawanna and Western, or Lehigh Valley, one cannot fail to note the vast im- provements in the way of track elevation. Hundreds of thousands of barrels of Portland Cement are used in this construction, being cheaper, easier to handle, much more quickly worked, stronger and more dur- able, more than two millions of dollars having been spent in Newark, N. J., alone. The Panama and New York State canals will, during their construction, require millions of barrels. The subways and tunnels now under construction in New York City have already used 800,000 barrels and the work is hardly begun; in fact, it is the age of cement, and its consumption is increasing at an enormous rate, as also its manufacture in the United States, as will be shown by the following table: GROWTH OF CEMENT MANUFACTURE IN THE UNITED STATES. (From the report of U. S. Geological Survey, 1.903.) Product, Increase, Per cent. Year. Barrels. Barrels. of Increase. 1890. . 335,000 1891... 454,813 1 19,313 36.6 1 892 • • • 547,440 92,627 20.4 1893. . . 590,652 43,212 7.9 1 89 1 - - - 798,757 208,105 35.3 1 895 . . . 990,324 1.91,567 24. 1 896 . . . . .. 1,543,023 552.699 55.8 1897. . . 2.677,775 1,134,752 73.5 1898. . . . . . 3,692,284 1,014,509 37.1 1899- ■ • . . . 5,692,266 1 .999,982 54.1 1900. . . . . . 8,482,020 2,787,754 48.9 1,901 . . . . .. 12,711,225 4,229,205 49.8 1 902 . . . . .. 16,875,506 4,164,281 32.8 It will be seen by the above table the manufacture of cement in 1895 was less than 1,000,000 barrels, while in 1 902 it had increased to 16,875,506 and it is estimated that there will be more than 18,000,000 bar- rels made this year (1903). Last year the importation of Portland Cement amounted to 2,100,000 barrels; this year (1903) importation will exceed 3,500,000 barrels, more than was ever imported from foreign countries in any previous year. This shows conclusively that while the manufacture of Portland Cement has increased at an enormous rate, the im- portation has also increased because of the demand being greater than the supply in this country. ru vv aus at hast tnd 01 rower Mouse Consolidated Lake Superior Power Co., Sault Ste. Marie, Mich. 96,000 Bbls. Portland Cement used. A. Von Schon, Engineer in Charge. Enormous Growing Consumption G ERMANY, in 1901, used 15,000,000 barrels of Portland Cement, all of which was made in that country. Germany has 28,701 miles of railroads and the United States, exclusive of Porto Rico, Alaska and the Philippines, 190,833 miles. The area of Germany is 340,000 square miles, and that of the United States 3,026,000 square miles. With more than six times the railroad mileage, thirty times the coast line and ten times the area, it would seem that the United States ought to use at least six times the amount used by Germany, or 90,- 000,000 barrels a year. With the knowledge we now have of the uses of Portland Cement, there can be no question as to the future of this great and most useful commodity in this country. Germany has learned to use Portland Cement in the construction of nearly everything. The United States has only just begun to know its value. The United States, within the past few years, has begun to know the value of Portland Cement for build- ing purposes. Houses, hotels and public buildings are largely being built of Portland Cement concrete blocks and the development of this important use of cement is but in its infancy. The increase for the next ten years in the consumption of Portland Cement will be enormous, and at no time in the past have the mills of the United States been able to supply the demand. Table of Comparison - T HE following table shows the tensile strength of our cement, as compared with the leading brands of this country and Europe: Standard Briquettes. Seven Days’ Test. Neat Sand, 3 parts. Cement. Cement, l part. Ajax . 662 lbs. 310 lbs. Atlas . 585 • 252 “ Alpha . 600 “ 200 “ Buckeye . 628 “ 215 “ Dyckerhoff . 588 “ 187 “ B. B. & S. (English) . . . . . 553 “ 272 “ Alsen (German) • 495 “ 176 “ The above test was made by Booth, Garrett & Blair, MM ■Hn r jaWlflffi I gu:raanc;iait ± " rirf •** -jSswHJ in ifffiin i 111 HR** III *hi ■* iii in »jT ! «f fff H M , 2 ■ «* 1 4 1 v H II B 1 1 1 i*U W II (0 M If! «#• W* I » r;;ahvl!51 PARK ROW BUILDING. Portland Cement used. of Philadelphia, Pa., who are the recognized authority on Portland Cement. We present herewith a full and complete report of the various tests made from various samples of our cement rock: LABORATORIES OF BOOTH, GARRETT & BLAIR 406 LOCUST STREET Messrs. Stanger & Blount of London Frederick H. Lewis M. Am. Soc. C. E. European Correspondents Consulting Engineer Philadelphia, April 18, 1899. LOT No. ]yy2 Report of Tests of Cement made in our experimental kiln from raw materials received from Mr. Chester Tomson, Clinton, N. J. Reported to Mr. Chester Tomson. Clinton, X. .T Report No. 2 and final. SPECIFIC GRAVITY Fineness Setting Time of Neat Cement Passing No. 50 Sieve 100 Inital Set . 2 C 0' “ No. 74 “ 100% Final Set . 4° 30' “ No. 100 “ 99% Per Cent, of Water Tern perature of A i r . 24 . 70° F. “ No. 200 •' 83% Temperature of Water . 65° F. Constancy of Volume Tests Normal Pat Tests (Am. Soc. Civ. Engrs.) Air Pats (A) . Good Cold Water Pats (B) Good Accelerated Tests Hot Air Test (C) Sound and hard Warm Water Test (Faija) (D) .... Boiling Water Ttst Michaelis (E) .... “ “ Tensile Tests of Standard Briquettes (1 sq. in. section) Proportions of Mortar Hardening Period Date Strength in Lbs Serial No. Parts Parts % of Cem’ti Sand Water In Air water * °tal 1 Made Tested Bri- Aver- quettes age | 1 1 1 » Tests made of Cement with one week’s seasoning after Calcination 12501 125( )2 12503 12504 12505 12506 12507 1 2508 12509 12510 Tests 12541 12542 12543 12544 12545 Chemical Analysis of Sample 11 Id. Id. 6ds fids 7ds 7ds. 3/31 4/7 3/31 4/7 737 636 600 681 656 306 300 300 362 284 ■662 310 made of Cement with two weeks’ seasoning after Calcination 1 0 23 Id fids. 7ds. 4/11 4/18 782 760 762 748 770 764 21.52% 7 . 26 % 4.50% 60.87% 3.92% Silica Alumina Ferric Ox Lime Magnesia Sulpli. Anhydride Yours respectfully, (Signed) BOOTH, GARRETT & BLAIR Hydraulic Index Hydraulic Index Including Magnesia Le Chatelier's Ratio NEW DORP BEACH HOTEI.. New Dorp, Staten Island. I homas C. Perkins, Architect. Edwakd Hett, Owner MELAN CONCRETE STEEL ARCH BRIDGE, Kansas Ave., Topeka, Kansas. The only bridge that stood at the great flood. Forest Park, St. Louis, Mo. From Cement." New York Estimated Cost and Profit T HE price of Portland Cement varies according to the demand and supply. While the strikes of the summer of 1 903 diminished, to a certain ex- tent, the demand for Portland Cement, yet the price quoted in August was .$2.00 to $2.10 per barrel. We shall place the price near as possible to a conservative and average one. ESTIMATED COST OF PRODUCTION. Cost to quarry stone and deliver at mill, per bbl $0.07 Cost of labor at mill, including Superin- tendent and two assistants, Engineers,etc. . 104 CLINKER BURNING (IN KILNS). Estimated upon 125 lbs. of coal at $ 3.50 per ton, to one bbl. of cement, cost per bbl. . .22 POWER. Boilers evaporating ] 1 lbs. water to one lb. of combustion in using “Run of Mine” coal at $3.85 .086 Incidentals and repairs .05 Total cost of producing one bbl $0.53 NOTE.— The above estimate does not include office expenses. SIGNED, GEO. D. CLAFLIN, C. E., M. E. Present selling price at works $1.85 per bbl. Cost per bbl., including offices and sell- ing expense 65 Net profit per bbl $1.20 Profit per day on 1,000 bbls $1,200.00 Profit per year of 300 days 360,000.00 All of the property of the company is free and clear of any incumbrance whatsoever, and title is guaran- teed. The Vulcanite, Alpha, Atlas and Coplay have made and are to-day making millions for their owners. Be- ing in the same belt, and rock being equally as good, we see no reason why we should not duplicate their suc- cess. As shown by the report of Mr. Claflin, there is enough cement rocK now in sight to run a plant of this capacity for ninety years. Mr. Claflin’s estimate is based on a depth of sixty feet. We have evidence that the rocK runs to a depth of 150 feet. REPORT OF GEO. D. CLAFLIN, C.E., M.E. The F. N. Claflin Engineering Co., Consulting Engi- neers; Special Machinery for Paper and Cement Mills. Cleveland, O., Sept. It, 1903. H. C. Bennett & Co., 18 Wall St., New York, N. Y. Gentlemen: After carefully looking over your ce- ment rock deposit at Pattenburg, N. J., I estimate that each acre of rock will furnish 950,000 barrels of Port- land Cement. Upon the same basis your tract of thirty acres will supply a cement works of 1,200 barrels’ capacity per day for a period of ninety years. Yours truly. Geo. D. Claflin. There is no industrial business in the United States to-day paying such large profits and so sure of retain- ing them as the manufacture of Portland Cement. Should the value of this property be computed by the ton, as are gold, silver, copper and lead mines, the figures would run into millions. The Investment I N seeking an investment several points should be considered : First. — Is the investment sound and safe? Second. — Who are the people behind it, and is it based and conducted on business principles? Third. — Is the investment lasting and permanent, and is the rate of dividends satisfactory? If you will take into consideration that the company issue no bonds; that the property is free and clear of all incumbrances; that the preferred stock takes pref- erence in the matter of dividends, and that the com- pany has only to earn about .$60,000 annually to pay 8% on its outstanding preferred stock, instead of its full capacity or earning power of $ 360 , 000 , we believe you will have no fear regarding the soundness and safety of the investment. Its management is controlled by conservative busi- ness men, aided by the most expert and experienced engineers and superintendents known in the manufac- ture of Portland Cement. This company offers an exceptional opportunity to investors. The industrial enterprises of this country have made the millionaires — the Rockefellers, the Flaglers, the Havemeyers, the Arbuckles, Carnegie, Frick, Schwab and thousands of others It is not a trust; there is no watered stock; it is not over-capitalized, nor can the stock be manipulated by Wall Street or any clique. It is not a promoter company— every dollar goes to enhance the value of the property, and its business and increase its capacity when required. For this purpose — after dividends are paid — a surplus fund is created for the security of the preferred stockholders, and to in- crease the capacity of the plant. It is your oppor= tunity for a safe, paying investment. Remember, this is a cumulative preferred stock, and your dividends begin the day your stock is paid for. In one year from the starting of our mill the preferred stock of this company will, we believe, be selling above $150 per share, because of its being a perfectly safe investment and paying the investor a handsome dividend, there being no bonds ahead of the preferred stock. GOOD AS BONDS. As the company issues no bonds, and the stock of- fered is an EIGHT PER CENT. CUMULATIVE stock, it is safe to say that the 8% stock is as good as a bond, and pays about twice as much. DIVIDENDS— HOW EARNED— HOW PAID. We have shown that, under present conditions, the profits will amount to $360,000 per annum. As the company purpose to issue and sell, at present, only $600,000 of the preferred stock, the result would be as follows : Net earning capacity, figuring 300 days in the year $360,000 Dividends on $600,000 preferred stock 48, 000 Balance for dividend on common stock and surplus $312,000 After paying dividend on common stock, a surplus will be created for the further increase of the plant, which, in the course of time, can be safely doubled. Officers and Directors T HE men comprising the Board of Directors are well known. Their honesty and integrity has never been questioned and never will be. The public can invest in the stock of this company with the unqualified assurance that its affairs will be conducted in a straightforward, business-like manner, that their interests and investment will be safeguarded by a con- servative and business-like management. NO SALARIES. Every dollar realized from the sale of this treasury stocK will go into the plant. No salaries are paid to any officer con- nected with this company, and none will be until the plant is in active operation, and the earnings justify such salaries. STOCKHOLDERS NOT LIABLE. The stock of this company is fully paid and non-as- sessable. No stockholder assumes the slightest respon- sibility for the obligations of the company. MONEY SOLELY FOR PLANT. Not a penny of the money paid for this stock goes into the private purse of anyone. The subscribers to this stock put their money into the treasury of a manu- facturing enterprise, in which they are part owners, to be expended directly on the plant and for working capi- tal. STOCK FOR SALE. We are offering 6.000 shares of the preferred stock of the Ajax Portland Cement Company; the pai value of which is $100 per share. Payments for sub- scriptions can be made as follows: Twenty per cent, in cash at the time of subscrip- tion, 20% in two months, 20% in four months, 20% in six months, and 20 % in eight months. Address H. C. BENNETT & CO., Bankers, 18 Wall St., New York.