2/24/1892: The Deal Now Closed; Saw Mill & Furniture Factory Planned

From GenealogyBank: Daily Journal and Journal and Tribune, 2/24/1892, Knoxville, Tennessee, Volume VII, Issue 364, Page 1.

TheDealNowClosed

THE DEAL NOW CLOSED.

*****

Lenoir City’s Big Strides in Industrial Progress.

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The Michigan Syndicate Purchase Fifty Acres of Valuable Land–Big Saw Mill–Furniture Factory, Etc.,

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East Tennessee and especially Lenoir City is in the swim of industrial progress and material growth and advancement.

Mr. J. S. Crosby, a noted Michigan capitalist and manufacturer, yesterday closed a deal with the Lenoir City company for the purchase of fifty acres of land.

The price paid could not be ascertained. It is known, however, that the original price asked was one thousand dollars per acre, but that the price paid was something under this figure.

The syndicate, of which Mr. Crosby is the principal, purchasing the property, is composed chiefly of Michigan capitalists. On this property they will, within a few weeks, begin the erection of an immense saw mill.

The mill will have a capacity of from fifty to seventy-five thousand feet of lumber per day. In addition to the mill, the syndicate will also erect large building for the manufacture of furniture. Three hundred thousand dollars will be expended on buildings, machinery, etc.

Mr. Crosby recently purchased from the Belden Land company forty-seven thousand acres of timber land in Graham county, North Carolina. Down the tributaries to Lenoir City, logs from these immense forests will be floated, and there converted into the desired shapes.

Mr. C. H. Stanton who has been connected in business with Mr. Crosby for some time, will, in all probability, be the general manager of the business. The syndicate will also have an office in Knoxville. The plant will employ at least two hundred workmen.

Mr. F. J. Hall, who is also from Greenville, Mich., Mr. Crosby’s home, will within a month’s time commence the erection of an immense structure in which to manufacture steam engines and sawmill apparatus and supplies. With him as an individual Mr. Crosby will be associated in this venture.

Mr. Crosby is no visionary schemer. He has been for a number of years, the largest lumber dealer in Michigan, having an immense plant at Greenville. His supply of timber is about exhausted, however, and it became necessary to seek a new territory and quite naturally he selected East Tennessee.

Mr. Stanton also, individually, has the control of the timber supply of 3,700 acres of timber land owned by the Lenoir City company, which he will convert into furniture and dispose of.

 

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