New York Company Leasing Mines in Jackson and Clay Counties, Sept. 3, 1923

Col. Jones and Abrasive Co. Lease Mines to New York Concern

Asheville Citizen

Possibly the largest mining contract ever made in Western North Carolina was closed yesterday with the lease of the mining properties of the Carolina Abrasive Company, in Jackson and Clay counties, for a period of 99 years, by the Rhodolite Corporation of New York.

The mines covering approximately 7,000 acres have practically an inexhaustible supply of rhodolite, red garnet and corundum, estimated at 600,000,000 tons and valued at between $60 and $300 per ton.

Col. S.A. Jones of Waynesville, president of the Carolina Abrasive Company, is confident that the contract is of untold benefit to Western North Carolina, as the annual output of the mines will involve at least $6 million and hundreds of men will be employed.

The contract was closed by colonel Jones, I.L. Councill, his business associate for 25 years, and Felix E. Alley of Waynesville, representing the Carolina Abrasive Company, and Bourne, Parker & Jones, representing the New York firm.

Capt. R.S. Perry, noted mining expert with the engineering department of the Rhodolite Corporation and U.S. James, general manager of the James Ore Concentrators Company, Newark, N.J., chief engineer of the Carolina Abrasive Company, are the professional representatives of the companies.

First mortgage, 6 per cent gold bonds, signed by the Carolina Abrasive Company and the Rhodolite Corporation, amounting to $600,000, have been sold through Palmer Hayes & Co., New York, and the proceeds will be used for operation expenses.

Large mills in Jackson and Clay counties will be at work within a short time, it is stated.

Colonel Jones is founder of the Carolina Abrasive Company and with the leasing of the properties stated that a world trade can be handled.

Work of building roads and placing mine equipment will be started Monday by engineers in charge of the project. It is stated that the business starts with a single contract for more than 100,000 tons per annum.

Colonel Jones said last night that the Jackson and Clay county mines offer the only known practical inexhaustible supply of rhodolite, red garnet and corundum in the world. The product, he continued, is in demand in all places where things are ground, smoothed or polished.

From the front page of The Carolina Mountaineer and Waynesville Courier, Monday, Sept. 3, 1923