The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1901-07-27
THE DEAL is OFF.
The Proposed Paper Mill for Crystal Falls
Goes BY the Board.

Early in the spring, the Milwaukee
papers contained a mention of pro-
posed paper mill for Crystal Falls.
The article was given the papers by
Architect Pride, OF Appleton, who
had drawn the plans for the mill and
the expenditures for construction
scheduled sl25,OO0. The news was
passed up in this city as fake but
there was more TO the article than
most Of our citizens were aware OF.
About a year ago the Reuters, of
kaukauna, wealthy bankers and paper
mill men, were interested In the water
power OF the Paint river at this place
through the efforts OF A. l.. Flewel-
ling and Luis Jackson, Industrial
Commissioner of the G. NJ. x ST. p.
railroad. They liked the location
very much and picked IL as their choice
out OF a half dozen water powers then
under consideration. Mr.. Flewelling
was told To go ahead and get the water
rights and he succeeded I'm getting all
excepting one-eighth interest owned
by J X. Stack and l.. Stegmiller, both
OF EScanaha. This interest was with
held. the excuse given being that Mr..
Stegmiller was in Europe. Mr.. Stack
was approached and, we are Informed,
assured the promoters that there
would be no question but that the in
tercSt could be had at prices that were
right upon Mr.. Stegmiller'S return.
Upon this assurance, the promoters
waited nearly year until Mr.. Steg-
miller returned. Then the question
of acquiring the power was again
taken up with Messrs. Stack and Steg
miller and we are informed that it
looked very much as If the two were
playing a hold-up game. The price
asked was an outrageous one, $4,000,
more than the interest was worth ac-
cording to the estimate made by a
diSintcrested party. We got this in
formation direct from Mr.. Reuter- and
there was no reason why he should say
anything that was untrue in the
premises. The Reuters told the two
what they would pay for their interest
and left them 10 think the matter over
hopingthat after due deliberation upon
the matter they would come TO their
senses. We have been informed that
MeSsrs. Stack and Stegmiller refused
TO come down to a reasonable price
and the deal has been declared Off.
Thus it Is that Crystal Falls has
lost one OF the greatest opportunities
ever presented ii for the utilization Of
the power going TO waste and the
bringing Of this city to the front as a
manufacturing centre. 1t is without
doubt the worst blow that has ever
struck the city and, If we are correct
ly informed we believe that we
have an authentic account Of the
whole affair.". X. Stack and l..
Stegmiller may be charged with
baking the deal.
Had they been asked to part with
their property below reasonable
figure, there would have been some ex-
cuse but, we are told, that they were
offered $4,000 for their eight interest
In the power, which was certainly
more than they have ever considered
il worth when taxes were being levied.
The most regrettable thing about this
miscarriage is that these gentlemen
can't be taxed for what they think
their interest worth. They hold SO
small an interest i'm the whole proper
ty that to tax the property TO the
amount of this speculative value
would put a burden upon the other
owners who were very fair and offered
their property at nominal sum SO as
TO get the power utilized.
One thing Is certain and that is that
Stack and Stegmiller need ask no
foyors In the future from Iron county,
especially from this end Of in. They
have certainly earned the contempt
OF all property owners In Crystal
Falls