The comet. (Johnson City, Tenn.) 1884-1916, 1892-08-25
The THREE rs
Is Coming Soon, so Says
Capt. Parsons,
Of Johnson City, Tenn,-It Must
Come Before it Will Pay.

Capt Parsons, formerly attorney Tor
the Three C's r. r. at Pikeville, KY,
but now a resident of Johnson City,
Tenn, was in our city last Monday,
He being en- route from Johnson City
to PikeviAe, He says the Tennessee
portion OF the Three C's was bought
at the sale by the Pennsylvania In
veetment Company, of Philadelphia,
Mr.. Hunt, Of Cincinnati, having bid
it in for them. The price paid was
100000, on which $4,000 was paid in
cash, the Pennsylvania Investment
Company as security for the deferred
payment, which was 6, II, Is and "a
months. And after the sale the In
vestment Company effected a COM
promise with all the contractors, sub
contractors and material men who had
valid liens against that portion of the
road, at rs cents on the dollar, all Of
which have been paid and they have
receipts in full for such claims, and
they are now in possession of and are
operating that portion of the road.
Mr.. Parsons says that when the
the committee representing the bond
holders passed through Sandy Valley
last June, that he met them in Pike
vile and escorted them to Johnson
City. On the route they examined
numerous coal openings which was
far beyond theN most sanguine expec-
tations. They said they had seen
more coal than they could move in
one hundred years, and it was unnec-
essary for them to look for any
more, the coal being the finest coke
producing coal in the United States.
Mr.. Dillingham;, the Vice President OF
the Investment Company, said that
their company and the bond holders,
who they represented under the reor-
ganization of the road now, had six
teen million dollars invested in the
road and the enterprises connected
with it along its line, none of which
are now, nor have been since the in
vestment, paying one cent interest
and will not pay interest until the
road is completed to the Ohio river
And unless they do complete the roaC
it will result in enormous losses tt
them. They have made an estimate
that six million dollars will complete
the entire line and place all their in
vestments on a paying basis. Al
rangements are made for securing tn
funds to complete the same, whel
their plan of reorganization is com
pletcd.
Their plan OF reorganization is to Sc
cure new charters from the State c
Tennessee, authorizing them to builC
construct, ETC., in and out of the Stat
of Tennessee. The Investment Con
pany will then convey to the rallroa
company as organized all the propert
OF said railroad rights to the compan.
In the meantime they will proceed
close all mortgages on the road
Kentucky, Virginia, North and sout
Carolina, and when purchased
them will be conveyed to the ne
company and then the entire lii
from Catlettsburg to Charleston W.
be completed as soon as possible.
Mr.. Hunt who will be the gener
manager of the new company, said
can be completed within eighties
months. Mr.. Hunt is, as yet your
man, and while his reputation,
present, is only semi-national as a
r. builder the energy that he sho
together with his progressive value
destined to loom him among the la
est contractors of the nation.-ChrC
icle, Catlettsburg, Ky.