The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1893-11-03
The End of IrOndaIe Furnace.
OLD BUILDINGS BEING TORN DOWN.
NEW INDUSTRIES TO BE STARTED.
Pease's Purchase.

The furnaces at Irondale were
built about fifty years ago. AT that
fine iron ore was to be found in large
quantities near Bloomsburg, and the
company made up mostly of Boston
and Philadelphia capitalists, prosper
ed greatly. During the war there was
mint OF money in the iron business,
and the two furnaces at Ironda'e were
kept going steadily, turning out thirty
tons or more day, which at that
time reached as high as $40 per ton.
C.R. Paxton was President of the
company and resided at Irondale. On
his removal to Virginia nearly twenty
years ago, E. X. Drinker became
superintendent, and moved out to the
Irondale mansion. But the iron trade
had declined, and the ore having been
worked out in this section, most of the
ore had to be transported by boat or
car, from Snyder county and Mary
land, which increased the cost of pro.
duction. 1t has been said that for the
last dozen years or more of its exis.
tence the company did business at a
loss. In 1880 the plant was purchas-
ed by Messrs. Knorr and Wintersteen,
and the entire management changed.
But iron still continued to decline in
price, and Col. Knorr's death occur
ing soon afterwards, the furnaces were
shut down, and have been operated
but little since then.
Recently the entire plant has been
purchased by Il. {. Pease The sale
includes the furnaces and shops, store,
residences and Morgantown houses,
railroad tracks, and everything con-
nected with the furnaces. The work
Of demolition is now going on. One
Of the furnaces has been torn down,
also the blacksmith shop, and on the
sit Of the latter foundation walls have
been laid for three story brick build
ing, which Mr. Pease says will be un-
der roof in thirty days.
Inordel to raise money to carry on his
enterprise Mr.jPease is circulating
subscription paper which reads as fol
lows:
ave, the undersigned, agree to take
the amount of bonds drawn by II. G.
Pease and to be secured by a first lien
mortgage to be executed by the said
II. {. Pease on all that certain real
estate In the town Of Bloomsbury
known as the Bloomsburg Iron Cos.
Property now held by H. c. Pease
under article of agreement with the
said Company. Said mortgage to be
in the sum OF $4,000 and the bonds
to be issued as hereinafter set forth
and to bear interest at the rate Of six
per cent. per annum payable semi
annually, the principal made payable
IN equal annual installments of $1,000,
the first thereof payable January l.,
1897. Same to contain the usual in
surance clause for the benefit of the
bOndholder, which insurance shall not
be Tor sum at any time less than the
amount of the bonds that may be un-
paid at such time. Also containing
the usual clause providing for fore
closure in case of failure, &c. Bonds
to be issued as follows: $4,000 up.
On the execution of the mortgage and
$1,000 for each 1000 square feet of
hoor space that may be erected on the
premises for factory purposes, pro-
vded that such additional building
Shall be fitted up with shafting to con-
meet with power to operate the same,
and the rental value of same inclu-
ding power and heat shall not be less
than $Ioo for 1000 square feet OF
hoor space. The mortgage to be
made payable to trustees to be named
by the subscribers"
There is no reason why this should
not be profitable investment. 1t is
supplied with excellent railroad facili
ueS, good water power, and everything
complete for the operation of large
manufactures.
Tondale was the centre of attrasc
uon on Sunday afternoon. Hundreds
oi towns people walked out there tc
see what is being done.