Consolidated Natural Gas Co. - $5,000 Bond
Inv# UB1031 Bond
$5,000 7 7/8% Bond printed by Security-Columbian Banknote Company.
Natural gas was discovered accidentally in ancient China, as it resulted from the drilling for brines. Natural gas was first used by the Chinese in about 500 BC (possibly even 1000 BC). They discovered a way to transport gas seeping from the ground in crude pipelines of bamboo to where it was used to boil salt water to extract the salt in the Ziliujing District of Sichuan.
The discovery and identification of natural gas in the Americas happened in 1626. In 1821, William Hart successfully dug the first natural gas well at Fredonia, New York, United States, which led to the formation of the Fredonia Gas Light Company. The city of Philadelphia created the first municipally owned natural gas distribution venture in 1836. By 2009, 66 000 km3 (16,000 cu. mi.) (or 8%) had been used out of the total 850 000 km3 (200,000 cu. mi.) of estimated remaining recoverable reserves of natural gas. Based on an estimated 2015 world consumption rate of about 3400 km3 (815 cu. mi.) of gas per year, the total estimated remaining economically recoverable reserves of natural gas would last 250 years at current consumption rates. An annual increase in usage of 2–3% could result in currently recoverable reserves lasting significantly less, perhaps as few as 80 to 100 years.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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