...on the western edge of Lost Valley, a 20-square-mile area of Jack County...as site of the roundhouse, depot, and office building for the Gulf, Texas & Western Railroad. It was named for J. J. Jermyn (1852-1928), line's president. (Texas State Historical Survey Committee, 1972)The sale of the railroad in 1930, and the onset of the Great Depression contributed to its decline. The Public Works Administration project orders were received in January 1936 to construct a new school building. Contract was awarded to Gurley Construction Company in the amount of $46,073 ("Dormitory work to start January 24: Other PWA project orders received," January 17, 1936, p. 14, San Antonio Express).
Ground was broken Thursday of this week for a $50,000 building project in Jermyn. This amount of PWA money is being spent in that place for the erection of a complete new school building. ("Work on 50 thousand dollar school building," February 7, 1936, p. 1, The Olney Enterprise)
Based on the freshness of the rubble and the ground around the school foundation, it seems possible that it has only recently been demolished. Leaving the entrance arch seems to reflect some degree of sentimentality on the part of the community for the building and the role it served in the community.
Perhaps the larger slab on the corner was the base for the auditorium, whose seats lie in a pile at the back of the lot.