Cardiff, Tennessee
Encyclopedia
Cardiff was a company town
once located in Roane County, Tennessee, USA. Established in the early 1890s by New England
investors, the town was to house workers and managers for a large-scale mining operation that sought to utilize the abundant iron ore and coal resources along nearby Walden Ridge
. The town was named for Cardiff, Wales, as its planners believed it would someday rival the Welsh city as a mining mecca. The town's development was thwarted, however, when the Panic of 1893
left its parent company in financial ruin. Little remains of the town today.
The iron and coal resources of Roane County's Walden Ridge area were well-known by the late 1880s. In 1889, Maine
businessman W. P. Rice and several associates travelled to Roane County to investigate the area's industrial potential, and were impressed enough to make arrangements to acquire large amounts of land in the area. In March of the following year, the Cardiff Coal and Iron Company was incorporated with plans to build an iron furnace, coking
ovens, rolling mills, and a large company town in Roane County. The company's officers included former Maine governor Joshua Chamberlain
, former Vermont
governor Samuel Pingree, and several Knoxville
businessmen. To finance the venture, the company borrowed several million dollars with which it purchased 50000 acres (20,234.3 ha) of land in central Roane County, just north of Rockwood
, with plans to finance the iron works with sales from land lots in the company town. An auction for the lots, held at Cardiff in April 1890, was attended by over 4,000 prospective buyers from around the country, and raised over $1 million.
Cardiff was designed in a manner that was fashionable for late 19th-century planned cities, which stressed health, sanitation, and temperance. The main town lots were laid out in a grid plan, with a "detached" residential section where the grid layout was abandoned and the design instead followed natural topographical features. Streets running east-to-west were named for various U.S. states, while streets running north-to-south were named for various North American and European cities. The town was bisected by railroad tracks, with major industrial lots on the south side of the tracks, and a hotel and depot near the center of town.
While the land auction in Cardiff had been successful, the company had demanded only one-third of the total payment for each sale upfront, with the rest to be paid at a later date. In the months following the auction, financial markets began to freeze in the wake of the Barings Bank
collapse in London, and many of the Cardiff buyers, concerned about their own assets, began defaulting on their lot purchases. Unable to repay its debtors, Cardiff Coal and Iron was placed in receivership
in June 1891, and was forced into bankruptcy in the wake of the financial panic of 1893. Within a few years, the town of Cardiff had been mostly abandoned.
Company town
A company town is a town or city in which much or all real estate, buildings , utilities, hospitals, small businesses such as grocery stores and gas stations, and other necessities or luxuries of life within its borders are owned by a single company...
once located in Roane County, Tennessee, USA. Established in the early 1890s by New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
investors, the town was to house workers and managers for a large-scale mining operation that sought to utilize the abundant iron ore and coal resources along nearby Walden Ridge
Walden Ridge
Walden Ridge is a mountain ridge and escarpment located in Tennessee, in the United States. It marks the eastern edge of the Cumberland Plateau and is generally considered part of it. Walden Ridge is about long, running generally north-south...
. The town was named for Cardiff, Wales, as its planners believed it would someday rival the Welsh city as a mining mecca. The town's development was thwarted, however, when the Panic of 1893
Panic of 1893
The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures...
left its parent company in financial ruin. Little remains of the town today.
The iron and coal resources of Roane County's Walden Ridge area were well-known by the late 1880s. In 1889, Maine
Maine
Maine is a state in the New England region of the northeastern United States, bordered by the Atlantic Ocean to the east and south, New Hampshire to the west, and the Canadian provinces of Quebec to the northwest and New Brunswick to the northeast. Maine is both the northernmost and easternmost...
businessman W. P. Rice and several associates travelled to Roane County to investigate the area's industrial potential, and were impressed enough to make arrangements to acquire large amounts of land in the area. In March of the following year, the Cardiff Coal and Iron Company was incorporated with plans to build an iron furnace, coking
Coke (fuel)
Coke is the solid carbonaceous material derived from destructive distillation of low-ash, low-sulfur bituminous coal. Cokes from coal are grey, hard, and porous. While coke can be formed naturally, the commonly used form is man-made.- History :...
ovens, rolling mills, and a large company town in Roane County. The company's officers included former Maine governor Joshua Chamberlain
Joshua Chamberlain
Joshua Lawrence Chamberlain , born as Lawrence Joshua Chamberlain, was an American college professor from the State of Maine, who volunteered during the American Civil War to join the Union Army...
, former Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
governor Samuel Pingree, and several Knoxville
Knoxville, Tennessee
Founded in 1786, Knoxville is the third-largest city in the U.S. state of Tennessee, U.S.A., behind Memphis and Nashville, and is the county seat of Knox County. It is the largest city in East Tennessee, and the second-largest city in the Appalachia region...
businessmen. To finance the venture, the company borrowed several million dollars with which it purchased 50000 acres (20,234.3 ha) of land in central Roane County, just north of Rockwood
Rockwood, Tennessee
Rockwood is a city in Roane County, Tennessee, United States. Its population was 5,774 at the 2000 census. It is included in the Harriman, Tennessee Micropolitan Statistical Area.-Geography:...
, with plans to finance the iron works with sales from land lots in the company town. An auction for the lots, held at Cardiff in April 1890, was attended by over 4,000 prospective buyers from around the country, and raised over $1 million.
Cardiff was designed in a manner that was fashionable for late 19th-century planned cities, which stressed health, sanitation, and temperance. The main town lots were laid out in a grid plan, with a "detached" residential section where the grid layout was abandoned and the design instead followed natural topographical features. Streets running east-to-west were named for various U.S. states, while streets running north-to-south were named for various North American and European cities. The town was bisected by railroad tracks, with major industrial lots on the south side of the tracks, and a hotel and depot near the center of town.
While the land auction in Cardiff had been successful, the company had demanded only one-third of the total payment for each sale upfront, with the rest to be paid at a later date. In the months following the auction, financial markets began to freeze in the wake of the Barings Bank
Barings Bank
Barings Bank was the oldest merchant bank in London until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost £827 million due to speculative investing, primarily in futures contracts, at the bank's Singapore office.-History:-1762–1890:Barings Bank was founded in 1762 as the...
collapse in London, and many of the Cardiff buyers, concerned about their own assets, began defaulting on their lot purchases. Unable to repay its debtors, Cardiff Coal and Iron was placed in receivership
Receivership
In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights." The receivership remedy is an equitable remedy that emerged in...
in June 1891, and was forced into bankruptcy in the wake of the financial panic of 1893. Within a few years, the town of Cardiff had been mostly abandoned.