PULASKI DEVELOPMENT COMPANY
By an act approved February 28, 1890, The Pulaski Development
Company was incorporated. The incorporators named in the act were:
James Macgill, J. H. CADDALL and J. E. MOORE. Its charter was
quite pretentious. It was given the right to own lands, not exceeding
25,000 acres in any one county, to mine and manufacture all kinds
of minerals and metals, to erect and operate furnaces, rolling-mills,
forges and mills; to lay pipes, cut canals, erect water works,
build and operate roads, tramways, street railways, and steam
railways; to lay out manufacturing sites, grade streets, lay out
parks, erect houses and gas works and electric plants, and sell
or use the same.
This company acquired considerable areas of land east of the town;
divided the same up into lots and streets, and had the usual public
auction sales of lots-excited bidders paying as much for a lot
out in the middle of an oil field as they would formerly have
paid for the whole field. But unfortunately, by this time the
"Boom" that had run its hectic course all up and down
the Valley of Virginia, and all through Southwest Virginia.