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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.

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