The comet. (Johnson City, Tenn.) 1884-1916, 1891-06-25
The STEEL PLANT.


to THE CoMEr The propositions and
coupons explain themselves
Whereas, ]. E. Keller, Of the city of
Louisville, Kentucky, and his associa-
ties, agents for the British and Ameri-
can Direct Process Steel company, pro
pose organizing at Johnson City, Ten
nessee, company for the purpose of
erecting at or within one mile of the
limits of Johnson City a steel plant
with daily capacity OF one hundred
to one hundred and fifty tons of steel
material, to cost not less than four
hundred thousand dollars (the surplus
above such cost to be used as working
capitaD and to employ not less than
eight hundred operatives, on an aver
age, after the plant shall be in opera
ton, Said company is to be incorpo-
rated under the name and style of the
"Proctor Steel Company" with a
capital of $4,000.
We, the undersigned, do hereby sub
scribe for the number Of shares of the
capital stock of said corporation set
opposite our names; the shares are to
be in the amount of one hundred dol
lars each ($10000).
The calls upon these shares shall be
made not earlier than as follows:
A call of ten per cent of the whole
amount subscribed ten days after the
work shall have been commenced the
balance in equal installments OF six
per cent of the original amount sub
scribed, payable in monthly periods,
dating from first payment, until the
whole is called.
The payment of the first call is con-
ditioned upon the bona fide COM
mencement of the work of erection by
the said company on or before October
1st 1891, and the payment of the sub
sequent call is conditioned upon the
continued progress of the work of erec-
ton of the steel plant of the above de-
scription, and the whole subscription
is conditioned upon the subscription
and payment in manner above set out
of the balance of the above recited
capital stock of the said Keller, and
his associates, or is caused to be SC
taken and paid by them.
agree to take. ............ shares
under the above proposition.
Name ...........,......
/. O.................
| Shares 500 each. Sign with ink
cut out proposition, and mail to TIL
COMET.
Whereas, ]. E. Keller, of the City O
Louisville, Kentucky, and his associ
ates, agent for the British and Ameri
can Direct Process Steel Company
propose organizing at Johnson City
Tennessee, a company for the purpos,
of erecting at or within one mile of tn,
limits of Johnson City, a steel plan
with daily capacity of 100 to 15
tons of steel material, to cost not les
than 100000 (the surplus, above sucl
cost, to be used as working capital)
and to employ not less than 800 opei
atives, on an average, after the plan
shall be in operation. Said compan,
is to be incorporated under the nam
and style of "The Proctor Steel Com
pany," with capital of not less thai
100000.
t Whereas, we recognize the advant
age this industry would be to johnson
, City and to us individually.
We, the undersigned, in considers
ton of the erection Of said plant an
as an inducement thereto, do hereb
donate the mony set opposite tn
names of each of us. But these dona
tons are made upon the following col
ditions to wit: sf.
First--That the work of construC
ton of said plant begin in good fait
on or before October LIST, 1891.
Second--That the whole of said cap
tai stock be subscribed on or befor
January LIST, 1892.
And upon the following terms as t
{ money subscriptions:
Frst-The same shall be payable i
equal installments of one-tenth OF tn
whole amount below subscribed i
successive monthly periods, the fri
payment to be made thirty days afte
the work of construction shall hav
been actually and in good faith begun
, payments to cease and not be payabl
should the work OF construction sto