FORD BUYS BIG COAL MINE
|Topics: Ford Motor Company
December 28, 1922 Late Financial Edition
Completes Negotiations in Kentucky for 28,000 Acres on Pond Creek.
DETROIT, Dec. 28.—Henry Ford today virtually completed negotiations for the purchase of 28,000 acres of the largest coal-producing county in Kentucky, according to information received from New York.
The property is that of the Pond Creek Coal Company, located in Pike county. Ford will pay $10,000,000 for the coal fields, it was said.
Before making the purchase, which is of the assets of the Pond Creek Company, Ford attempted to lapse the option he bought a month ago on the Elkhorn Coal Company land, which is not far away.
The option will not lapse in its entirety, however, according to the information, for the better portions of the Elkhorn land will be brought under Ford's control in the new deal.
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