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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Feb 20, 1918
Page
6
A prospectus requests 626500 dollars to expand coal output from 600 to 3000 tons daily within 90 days. The plan covers 26594 acres yielding 850,908,000 tons of coal and projects revenues rising from 540,000 to 2,700,000 yearly plus salt bromine and calcium chloride sales totaling about 225,000 more annually. The aim is total annual revenue near 3,000,000.
Investors are invited to subscribe to 62 500 shares at 10 each or a single investor can take all 626 500 dollars in treasury stock to expand coal and chemical production. The plan pledges 25 cents per ton into a trust to repay investors, plus annual dividends from coal salt bromine and calcium chloride profits, backed by 26 594 acres with 850 508 000 tons of mineable coal and near major rail routes.
A prospectus promises returning 626,500 in cash plus retaining stock value, by deducting 25 cents per ton of coal mined and sold. Trust companies or banks will manage the fund, paying investors in sums of 75,000 as it accumulates, with potential earnings of 750 a day at 3,000 tons daily.
The governor and state officials pledge integrity and performance, citing West Virginia’s vast coal reserves and its share of US coal production. They propose mining annually a small fraction of total output and offering a $626,500 repayment plan at 25 cents per ton as a first lien on daily coal production until full repayment.
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