HENRY FORD BUYS SOFT COAL MINES
|Topics: Ford Motor Company
The New York Times
December 29, 1922
Acquires Property of Pond Creek Co. in Kentucky Valued at About $9,581,400.
BOSTON, Dec. 28.—The sale to the Ford Motor Company of the coal lands, mining plant and equipment of the Pond Creek Coal Company, situated in Pike County, Ky., was announced today by President T. B. Davis of the latter company. The purchase price was not announced, but Mr. Davis estimated that upon final liquidation the net worth of the present company would approximate $45 a share. There are 212,920 shares of common stock, which would make a valuation of about $9,581,400.
The Board of Directors of the Pond Creek Coal Company at a meeting late today confirmed the sale, and authorized the calling of a special meeting of stockholders to ratify their action. It was announced that the full cash consideration involved in the transaction had been deposited in the National Shawmut Bank of this city in escrow, pending examination of title.
It was arranged that the Ford company would take delivery of the properties at the close of business on Dec. 30.
The Pond Creek Company is a producer of soft coal, in a non-union mining field.
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