The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1894-11-22
The Three C's.

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tile Charleston, Cincinnati d Chi
cago Railroad Company Commonly
known as the "Three C's'' is now a
memory, the Ohio River y Charles
ton Railway Company becoming its
successor, with the following officers
and board Of directors: Samuel
Hunt, Of Cincinnati, president; ). D..
Collier, Philadelphia, secretary and
treasurer; board Of directors--George
H. Earle, Jr., A. B. Loeb, Simon a.
Stern, j. j, Collier, Philadelphia;
John Goldthwait, John c. Haines,
r.. NJ. Moss, a. +. Freeman, Boston;
Job II. jackson, Wilmington, Del.
Samuel Hunt, Cincinnati, and S. j.
kirkpatrick, Jonesboro, Tennessee.
These gentlemen represent the pur-
chasers Of the road, which was sold,
part on May -. 1892, and the re-
mainder May 2, 1893, and ownership
in the property, will, for the immedi-
ate future be represented by preferred
and common stock. This means that
the new,,company begins business free
Of all indebtedness-either floating or
bonded-and that whatever fixed
charges are to be incurred will be for
future considerations. The purchase
money, we understand, was raised in
Boston and Philadelphia-two-thlr
in the latter city, one-third in the for
mcr. The details of the plans for
the company's future have not yet
been fully marked out, nor will they
be until its new owners shall have
had opportunity Of examining the
property in Which their money is IN
vested, which will be within the next
week or ten days, when they will
make tour of inspection of the s1ys
tenn. The Finance Company of Penn
sylvania and the Investment Com
pany of Philadelphia, which are
largely interested in the property,
will be represented in the inspection
party. After it returns from the in
spcction the owners will know exact
ly what is needed, and immediate
steps toward completing the road and
arranging all other details for its OPP
erations will then be made. The
company's business is showing
steady improvement. Prior to octo-
Der 1, 1898, or before the representa-
tivcs of the bondholders assumed CON
troll of the property, its operations
had shown deficit of about 500, 900
per annum; since then, or for the
year ended last month, not only has
the road earned all its expenses and
taxes, but net balance OF about
$40, 900 in addition. thus showing
the wisdom of the bondholders tax
ing possession of the property. There
is no section of the country that is
slated for greater improvement than
the South, and the "Three C's," or
as it is now known, the Ohio River u
Charleston, passes through terrific
ry which is already experiencing a
steady development The history OF
the "Three C's" has not been q brill
liant one by any means, but it is safe
to say that it's prospects have never
been so bright as at the present. 1t
has 21319 miles Of completed track,
divided as follows: Camden, S. g.,
to Marion. N. c., 1924 miles; Rich
ardson, Ky, to Whitehouse, Ky,
$50 miles, and North Carolina state
line to- Ellison's Mills, Tenn, 1924
miles. 1t remains for the new COM
pany to connect these three divisions
and build such other extensions as
will enhance the value of the system
and afford desirable outlets and con-
nections with other roads. The
"Three C's" was chartered Septem-
Der 80, 1856, and the road as divided
above was put in operation in De-
cember, 1890. In the same month a
receiver was appointed in North and
South Carolina and Tennessee, and
on February 20, 1891, in kentucky,
That portion Of the rond in Tennes-
see was sold May II. 1892, to satisfy
contractors liens, and was purchased
for 100000 by the reorganization
committee. The rest of the property
was sold on May 2, 1892, ano was
also bought in for the committee, to
which on October l, 1898, the entire
property was transferred.
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