The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1885-07-03
Ups and Downs of the Iron Business.

An article in The Philadelphia Press Of
last week gives an account of the death of
II. Z. Steel at Danville, and attributes the
cause to business reverses. The article
further says: His last venture was in the
Gendower Iron Works at Danville, and in
nominal possession of these died. These
works have an interesting history and this
is probably the last sad tragedy in connec-
ton Herewith.
About thirty years ago two experienced
and enterprising Englishmen named Will
liam Hancock and John Foley, came to
this country, and, from their small capital,
but intelligent and untiring industry, grew
the old Rough and Ready Iron Works, one
of the busiest and most profitable iron
hives in Pennsylvania. During the war
and for several years thereafter the rolling
mill was conducted by them, until finally
Mr.. Foley retired with what was then con-
sidered large fortune, and shortly after
wards Mr.. Hancock followed him in relin-
gushing active business, though he per-
mitted much of his fortune to remain in
under the title of the National Iron Co., of
Danville, and the late Gen. w. IL. Painter
was actively interested as the president of
this new organization.
For time there was every appearance
of push and prosperity. Puddle and blast
furnaces were fired, the machinery was
put in motion, an associate bank and COM
pany stores were started, and there was
substantial evidence of new prosperity,
but time proved that it was simply an ex-
methods of the experie need Englishmen
iron founders to the hollow dash and glitter
OF modern enterprise. Soon the National
Iron Company went down, involving sew
eral fortunes accumulated in its better
days. Subsequently the works were sold
| for a mere song, and the name again
changed to the Glendower. An effort was
made to instill new life into the establish
ment and bring back something of its former
prosperity, but lack OF capital and orders
| general business depression and the de-
probation of the plant all combined to
force 1t again under the Sherff's hammer,
and there it hangs to-day, quivering under
an order of court and awaiting some new
victim.
John Foley is dead and his accumulated
fortune scattered to the winds. William
Hancock is buried and few hundred dol
lars are carefully husbanded for his minol
children. General Painters body lies in q
neighboring cemetery, and now Mr.. Steelt
follows to join the great majority. OF al
former prosperity and accumulated for
tunes nothing remains. The money ha
vanished the men are dead, and.th plan
remains huge decaying mass Ct ancien
and superseded machinery, useful only a
scrap iron and to mark the progress of tn
age, and this is the business lite, prosperit
and decay of single generation. A quar-
ter of century ago stock in the Roug
and Ready Iron Works could not be pul
chased at any price, and its holders wer
est eemed rich beyond any peradventurt
Every vestige Of that prosperity, both d
rect and indirect, is now begging for
purchaser AS in war so in peace, "Victor
does not belong TO the strong alone, but i
the vigilant, the active and the brave" N
business can reach that stage Of prosperit
where II can run itself.