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Company | Pan American Sulphur Company |
Certificate Type | Common Stock |
Date Issued | July 24, 1967 (green) August 5, 1965 (brown) October 15, 1973 (orange) |
Canceled | Yes |
Printer | American Bank Note Company |
Signatures | Machine printed |
Approximate Size |
12" (w) by 78" (h) |
Product Images |
Show the exact certificate you will receive |
Authentic | Yes |
Additional Details | NA |
In April of 1947, Pan American Sulphur Company was incorporated to exploit General Alfredo Breceda's discovery in the Tehuantepec reserves. The original investment in its formation, chipped in by the Little Mothers Club (a clique of independent Texas oil millionaires,) was $310,000. The company then discovered that sulphur lay beyond the Breceda concession but, saved by Breceda’s government pull, PASCO secured adjacent rights in 1950. The Korean War put sulphur in more demand, and Pan Am decided to sell out and make a profit, but it couldn’t get Freeport Sulphur or Texas Gulf Sulphur to buy. So PASCO stayed; in 1952, it secured a loan of $3,664,000 from the Export-Import Bank, and later another loan of $750,000. Sales of new stock were arranged through Wall Street investment bankers, Kuhn, Loeb & Co. in 1953 and 1955.
Probably PASCO’s luckiest break was being turned down on offers to sell. Only in the salt-dome wells peculiar to the Western Hemisphere’s Gulf Coast can sulphur be mined by the very cheap Frasch process (in which super-heated water is pumped into the deposits, melting them, and the sulphur is forced to the surface by compressed air). PASCO’s sulphur field on the Isthmus had many advantages; it was close to the surface, with sloping walls which enabled water to escape; a river flowed through the concession for necessary water and there was a Pemex refinery nearby to supply fuel oil, an old railway, and a port 26 miles away.
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