1815. Fairfax, Ferdinando. Description of Ferdinando Fairfax's Shannondale Iron Estate, with A Plan of a Company for Improving the Same. Washington: J. Crossfield, Printers, 1815.

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I OFFER to the attention of monied men of discernment, a very valuable IRON ESTATE, on the rivers Shenandoah and Potomac, in the counties of Jefferson and Loudon: for the working of which I wish to form a small, but able company, on permanent principles:

deeming the present moment to be peculiarly favorable to its operations. The seats for such works have been viewed by practical men and pronounced good; the ore banks are conveniently situated, and the ore abundant, easily raised, and rich; yielding iron of very superior quality, as appears from the testimony of those who have made and
wrought it; there are several favorable scites [sic]; the command of water is powerful: and the wood on twenty thousand acres of land (all of one tract) is abundant and convenient. There are few, if any, such Iron Estates in America; and this is peculiarly favorable in situation to the seat of government, where a supply of iron of the best quality is always in demand, and where it must be highly important to have it free from the chances of war: being also happily situated for the supply of a wealthy and populous farming country, needing such supply.

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I know of no men, of common prudence, that have failed to amass fortunes by this business, where the ore has been plentiful and good, and the wood abundant; who have adopted the improved mode, which was first practiced in Pennsylvania, by Mr. Robert Coleman: who, coming a stranger into the country, and commencing with nothing but his superior sagacity and activity, made by that business a princely fortune in a few years, and is now the largest owner of Iron Works in America!

The annexed Constitution for a Company, hath been digested under the inspection of the most experienced iron-masters, which a special view to certainty in the funds, permanence of operation, and safety to each individual stockholder. In it, I have endeavored to make such provision, as wealthy and punctual men ought to require; providing sufficient power, and at the same time sufficient responsibility, for the officers engaged in the concern. It is drawn on such cautious and certain principles, that it depends not on the life of an individual; but may proceed with the steadiness and uniformity of a banking company, with a stock of greater intrinsic value, and with profits infinitely greater. By it I offer strong inducements to persons inclined to engage in such a concern; putting the property, with all its advantages, at less to the company (of which I wish to be a member) than what it would actually sell for in farms and wood lots.

FERDINANDO FAIRFAX.

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QUERIES

Answered relative to the IRON PROPERTY of F. Fairfax.

Query 1. What are the indications of abundance of Ore, and of its quality?

Answer. It shews itself principally in three places, on the tops and sides of extensive hills, and also in their bowels, where broken by the river and by vallies, from 7 to 14 miles up the river from its mouth; but is seen also in several other places on my Land. By smiths who have actually wrought Iron made from this Ore, it is stated to be of a very superior quality: and, from the direction which the vein takes, it is a probably a part of the same which makes the Ore Bank of Keeptryste, so celebrated both for castings and bar iron: out of which cannon are made for the United States, by Mr. Henry Foxall, at Georgetown; being much better for bar iron than that.

Q. 2. What sort of a stream is the Valley Run, upon which you propose erecting a furnace, and is it not likely to be affected by dry seasons?

A. The Valley run has been thought adequate to carry a saw-mill with a single flutter-wheel, which I have accordingly erected upon it, preparatory to other works, and which is said to require much greater force of water than a furnace wheel; and from 30 to 40 feet fall can readily be had: but should more accurate information, or an apprehension of dry seasons, determine this stream to be insufficient for a furnace, one may be erected at Little's Falls, where we have a full command of the water from the river, for any and various kinds of water works, with a clear fall of 18 feet.

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Q. #3. What is the convenience of carriage for Ore and Fuel?

A. The ore banks are generally within a few hundred yards of the river, and in no case exceed the distance of half a mile; and they are also near and convenient to the proper furnace seats. In the present state of the works of the Potomac Company, the river Shenandoah is navigable for flour-boats, and other boats, from Harper's Ferry (at its mouth) through the whole extent of this property, and many miles above, a great part of the year; and will doubtless be rendered permanently so.

Q. 4. Do the lands, intended for the proposed establishments, possess timber, stone, sand, and other principal materials for building?

A. They possess timber, stone, and sand for every improvement desired; and lime, in abundance and at low price, can at all times be had from other tracts in the neighborhood: the whole country westward of the river abounding in limestone, which is on fact its substratum.

Q. 5. Is there any considerable demand in the circumjacent country for tan-bark, so that this article might readily be converted into money, in cutting down trees for other purposes?

A. The bark of Chestnut-oak. With which these lands abound, in the most mountainous parts, is most esteemed of any by tanners, and cannot be procured in the neighborhood, except from those lands; and when delivered in Charlestown, from five to seven miles off, commands a ready sale for cash, at a good price.

Q. 6. How far will the proposed works be from Harper's Ferry, and how progresses the United States' establishment there?

A. The proposed scites [sic] are from five to twelve miles above Harper's Ferry. The armoury is upon [page 7] a very respectable footing there, and produces arms, inferior to none, at the rate of one thousand stands per month: and the establishment is about to be greatly enlarged. Here may readily be sold (for fuel, building timber, gun stocks, &c.) Any wood which the company may choose to part with; there being no other resource from whence this place can be supplied to any great extent.

Q. 7. Can pig-iron be conveyed with ease and certainty from the works to Georgetown and Washington?

A. The navigation of Potomac having for years been open, the opening of that of the Shenandoah, which is now effected, of course removes every obstacle to bearing by water to our sea-ports, and quantity of pig-iron. I will further observe, that this facility of conveyance hath induced me to suppose, that it would be better to place one of the forges at Vestal's ford, (where we have command of more than ten feet clear fall, and any quantity of water required) than nearer to the furnace: because our wood-land being of about 16 miles extent along the river, and coal-wood being the most bulky article we shall have to handle, it seems to separate the great objects of its application; and because the scite [sic] at Vestal's, being upon our most public road, is highly favorable to all the inferior manufactures of iron, such as rolling, slitting, tilting, &c.

Q. 8. What proportion of the lands of the company are rented out, and for what term or terms? And what is the description of the residue of the tract, which may become also the property of the company, according to the last article of the constitution?

A. The small tenements upon the whole tract offered to the company, are so interspersed, as to [page 8] serve rather to protect from fire, &c. That to destroy in future the wood-land. Some are rented for lives, some for terms of years, all under very strict covenants; but the leases of the most important are already in my hands, for the good of the company. That part of the tract reserved for the future refusal of the company, is generally of the same description as that embraced in the preceding articles; except as to the peculiar water advantages, and the ore banks.

Q. 9. May considerable profits be expected by the company?

A. I can only say, that, from frequent offers made to me for the principal scites [sic]: from many inquiries made by me of experienced iron-masters, and from the judgment of practical men, I have no doubt that this property is capable, at a moderate expense for outfits, of as great profits as any iron estate in America, if not as great as any in the world.

F. FAIRFAX.

ALEXANDRIA, January 2, 1815.

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CERTIFICATES.

February 16, 1809.

SIR,
I HAVE, with great attention, examined your several banks of iron ore, and feel myself fully justifiable in saying, that I do believe the quality to be very good for both bar and castings, (equal to that of Keeptryste) and the appearance, as to quantity, very great indeed; that you have several good seats for furnaces and forges, with almost an inexhaustible supply of timber, for coal-wood; all on and near the Shenandoah river. From my long experience in the iron business, I trust I have some knowledge of the same, and feel no hesitation in putting my name to these lines. Yours truly,
GEO. NORTH.

Ferdinando Fairfax. Esq.

Ferdinando Fairfax, Esq. Sent to my furnace by Isaac Strider's boats, iron ore, which he tells me he dug from five different ore banks, which is verified by the appearance of the ore; four sorts I had blown at my furnace, and then a part of each made into bar iron, of which I have returned to Mr. Fairfax 56 bars, 1, 0, 1, 4, the greater part of it drawn fit for a tilt-hammer to draw into gun-scalps. The different kinds designated by notches as per memorandum. The above iron I return him for the ore he sent me.

ROGER JOHNSON.
January 4, 1809.
No. 1, notched on the end, Big-rock ore.
No. 2, Dillows, mixed 1-3 with R.I. red 2-3.
No. 3, Dillows, unmixed.
No. 4, Big-rock, mixed 1-3 with R.I. red 2-3.
No. 5, Conner's, pure.
R.J.

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I certify that I this day turned and welded, and beat down a bit or iron made of the ore of Mr. Ferdinando Fairfax, (which he calls No. 4) and which I have marked with four notches; and that I hardened the same in my smith's shop, so as to strike fire, like steel with flint.

ROBERT MOORE.
Bloomsbury Forge, Jan. 4, 1809.
The above operation was performed in the said shop, in my presence.

CHARLES GLISAN.
This may certify, that of several kinds of iron put into my hands, (said to be made of the ore of Mr. F. Fairfax) by Mr. James Stubblefield, superintendent of the United States' factory of arms at this place, I found No. 5 to work remarkably well, in closing and welding a gun-barrel, both as to heating, hammering, and welding. No. 1 was rather too hard for this purpose, though it was firm, strong iron. No. 3 did not work quite as well as No. 5, being rather harder. No. 2 welded well, but did not bear as high a heat as either of the other numbers above notes, being inclined to red-short.*

JOHN BREWER.
Witness -- James Stubblefield.
Harper's Ferry, Feb. 22, 1809.

I John Donaldson, do also certify, that I have tried Nos. 5, 3, and 1, of the abovementioned iron, in various ways and at different times; that I found all three to forge remarkably well, and weld well; that it was tough and strong, and bore a high heat, (No. 1, rather less so than the others) and No. 5, soft enough for any purpose; but No. 1, though tough form and strong, was rather too hard for gun-making.

JOHN A. DONALDSON.

Witness --
Jas. Stubblefield,
Robt. Whittet.
Harper's Ferry, Feb. 22, 1809.

* By reference to Mr. Johnson's memorandum above, it will seem that No. 2, contains only 1-3 of F.F.'s metal.

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We certify, that in several trials made of Mr. Fairfax's iron, Nos. 3 and 5, at the public factory at Harper's Ferry, we found it work remarkably well, in cocks and frisns (or pan hammers) for muskets; being firm, tough, capable of a high heat, free from cracks, and soft enough for the above purposes.

PETER CRANE.

JOHN LINDSEY.
Witness -- Jas. Stubblefield,
Robt. Whittet.
Harper's Ferry, Feb. 22, 1809.

I certify, that out of thirteen gun-barrels welded by me, which I was requested to distinguish, only one failed in the proof; but, as there were among them several that were not of Fairfax's iron, and the marks which I put on were not preserved to the last, I am not certain of whose iron that one was which failed.

Given under my hand, this 26th day of April, 1809.
JOHN BREWER.

N.B. As well as I can now recollect, the said thirteen barrels consisted of four of Johnson's iron, two of Winter's, and the rest of Mr. Fairfax's, either pure or mixed with Johnson's, as they were given in to me.

JOHN BREWER.

JOHN BECKHAM.

Armory, Harper's Ferry, March 20, 1809.

SIR,
I have proved a few barrels made out of your iron, which stood very well; the balance will not be ready to prove until the last of next week. Have not received any scalps from Johnson's forge yet.

I am sir,
Respectfully,
Your obt. Servt.
JAMES STUBBLEFIELD.
F. Fairfax, Esquire.

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CONSTITUTION OF THE SHENANDOAH IRON COMPANY.

Article 1. The stock of the company under the above denomination shall consist, in the first instance, besides the active capital, of 10,000 acres, chiefly woodland (part of a larger tract called Shannondale) lying in one connected body, principally in the county of Jefferson, Virginia, between the line of Loudon county and the margin of the river Shenandoah, except where intercepted from the river by Wormley's patent, and commencing at the bounds of the land lately sold to the U. States (for the use of their factory at Harper's Ferry) and running southward for quantity; but so as to include the ORE BANKS near the Yellow-rock, and the saw-mill of the valley-run; comprehending, also, the range of mill-seats at Connor's, having a full command of the water at Little's falls; also, the seats for mills or forges upon the great road, at Vestal's ford: and also, several valuable little farms upon the river, besides smaller
tenements, sufficiently interspersed to protect from fires the most valuable of the WOOD, consisting of locust; oak of various kinds, fit for plank, scantling, shingles, &c. Pine, of superior quality; chestnut, fut for shingles and nails; various other [page 14] timber, and chestnut-oak, for tan-bark, besides wood for fuel: all convenient to a thickly settled neighbourhood, on both sides of the mountain, where all those articles are beginning to be scarce, and are not in considerable demand. Which property shall be divided into __________ shares, at __________ dollars each, and shall be conveyed by Ferdinando Fairfax, the present proprietor by inheritance, by a good deed under general warranty, and subject only to leases upon a few of said tenements, several of which, and the most valuable, the said Fairfax has bought, unto the President and Directors herein provided for, and their successors, as trustees; to be by
them held for the use and benefit of the company, without power to convey the same, except by their authority according to this constitution, a copy whereof shall be annexed to the said deed of the said Fairfax; which shall be made when all shares have been taken, as mentioned below.

ARTICLE II. When all the shares are subscribed, the said Ferdinando Fairfax shall, by letter addressed to each subscriber, and by advertisement in some newspaper of the City of Washington, at least sixty days previously, call a meeting of the subscribers at __________ for the purpose of choosing __________ DIRECTORS to act in the concerns of the company for one year, and until the next stated election, and to receive the conveyances of the said Fairfax, as aforesaid. Whereupon he shall be entitled to demand of the shareholders respectively, upon each share by him disposed of, and shall himself advance upon each of his own shares, a prompt payment of __________ dollars, in a receipt of the cashier of the Bank of Columbia, (drawn to the president and directors of this [page 15] company) and also, their respective bonds, drawn payable to him, his heirs and assigns, and secured in a satisfactory manner, for __________ equal annual instalments from the said first election of directors, each for __________ dollars, free of interest for the time it has to run: which prompt payment shall constitute the active capital of the company, for the commencement of their operations upon the stock aforesaid.

ARTICLE III. There shall annually be a meeting of stockholders at the house of the manager, upon the fifteenth day of August, or at such other time of the year as they, for greater convenience, may ordain: at which meeting they shall choose __________ directors, (being stockholders) and transact such other business as by this constitution pertains to them.

ARTICLE IV. Every share shall entitle the holder, either in person or by proxy, to a vote in such concerns of the company as necessarily appertain to the stockholders, and such as are excepted out of the powers given to the directors; except that no stockholder shall enjoy above __________ votes upon __________ shares held by him. The presence of three stockholders, besides a majority of the acting directors, shall be necessary to form a board to do business, and a majority of votes shall decide all questions, except for the purchase and sale of land, the increase of stock, the further call for money, the erection of new works beyond the first determined upon, or the alteration of this Constitution; any of which cases shall require, from the member meaning to propose the same, notice by public advertisement, in a neighboring newspaper, of such his intention, at least ninety days previous to the meeting of stockholders; and the voice of a majority of all the stockholders shall be necessary for a decision [page 16] thereupon. When the whole of the shares of the company shall be held by __________ persons, or less, no election of directors shall be necessary; but each member, if lawfully competent, shall have the power both of a stockholder and director; and be subject to these regulations, as far as they apply to the existing case.

ARTICLE V. The directors chosen shall conduct the whole concerns of the company, until the next election, respecting the making of iron, and other business determined upon by the proper authority, and all matters naturally arising thereout, or necessarily connected therewith; but they shall not without the authority of the stockholders as above provided for, sell or buy land, except such as may have been given in security for debts due the company, and sold in consequence thereof; make an increase of stock, or a further call for money from the stockholders; erect new works, other than a furnace, a force, and their necessary appendages; or alter the constitution of the company.

ARTICLE VI. The directors shall meet at the house of the manager, as often as, in their opinion, the interest of the company shall require. They shall appoint, from among themselves, a PRESIDENT, who shall receive and transmit all communications, and give the casting vote at their board; and they shall supply, from amongst the stockholders, until the next election, any vacancy that may happen in their number. They shall employ a MANAGER, well skilled in the concerns of the company, who shall reside at the works, and shall give bond and good security, in such sum as they may deed reasonable and sufficient, for the performance as well of his duties as those of any deputy or assistant, of his own nomination, whom the directors may think proper to place under him, and for the faithful application, according to their [page 17] directions, of all monies and other effects of the company, that may come into his hands,
during the time the directors shall chuse to continue him; but shall not vote for directors. They shall employ an ABLE CLERK, to keep the company's accounts; to keep a book of record, in which shall be entered this constitution, with any rules and regulations pursuant thereto, made by the directors; all transfers of shares, made as herein after prescribed; all bills of sale of negroes, or horses, purchased for this company's use, and descriptive inventories of their personal property, annually to be taken; and a minute-book of the proceedings as well as of the directors as of the stockholders: which accounts and books shall, at all times, be subject to the inspection of any stockholder; and shall, by the directors, be laid before the stockholders, at their annual or other meetings.

ARTICLE VII. A committee of Investigation may be appointed, consisting of two members, at any meeting of the stockholders, to inquire into misconduct or abuses, committed under the directory; and to make report at the next meeting, or to call an extra meeting of the stockholders, if deemed necessary; and they shall have a reasonable compensation for expenses thereby incurred, to be paid out of the company's funds.

ARTICLE VIII. The directors shall, from time to time, fix and pay the salaries of their clerk, manager and his assistants; and make suitable regulations relative to the other necessary expenditures: but they themselves, being interested, shall have only one hundred dollars per annum, to defray expenses; subject, however, to be increased by a majority of the votes of the company.

ARTICLE IX. There shall be made by the directors a dividend of profits, with such reservation for current expenses and contingencies as they shall judge prudent, at least once a year, at a meeting [page 18] of the stockholders; to the paid to them, their attornies, or written orders.

ARTICLE X. All transfers of shares shall be made upon the books of the company, by the holder in person, or by power of attorney; according to the forms used in transferring stock of the late bank of the United States.

ARTICLE XI. It is hereby explicitly declared, for the information of members and of others, and ought to be so expressed in all specialties given to the company, that no stockholder shall be liable to the company, or to any member thereof, or to any other person, for any transactions of the company, to an amount beyond the nominal stock held therein, by such stockholder.

ARTICLE XII. On the part of the before named Ferdinando Fairfax, it is further stipulated, that he will relinquish to the company, as a further increase of their active capital, the last instalment bond given to him by the subscribers, for the purchase of shares, as mentioned in the second article; if, when the same shall become due, the annual profits of the company, shall not have yielded, upon an average of years, after commencement of business, at least fifteen per centum, upon the money which shall, to that time, have been paid and expended upon each share: and, moreover, that he will offer the company the refusal, within five years from its organization, of the remaining part of the Shannondale Tract, within the county of Jefferson, at eight dollars per acre; being two dollars less per acre than he has already sold a part of said tract for, not possessing and peculiar advantages: and likewise all his MINES or banks or iron ore, on any lands he now holds in the county of Jefferson; they making reasonable compensation for damage, if any, occasioned to his property, by working and removing the same, as to any tract or lot of land, not within the bounds of the Shannondale tract.

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WE, whose names are hereunto subscribed, do engage to become members of the SHENANDOAH IRON COMPANY, according to the preceding Constitution; and to take therein the number of shares affixed to our names, respectively: and we do moreover agree that upon any failure to pay, or satisfactorily secure, the several sums required by the said constitution to be paid (whether to Ferdinando Fairfax or to the company) upon the shares respectively, the said Ferdinando Fairfax shall have the option, either to sue for the same, or to retain the delinquent shares, upon paying up said dues; and in the case of any future calls for money, which in the whole shall never exceed __________ dollars upon each share, without the unanimous consent of the company a failure to pay the same shall subject the delinquent shares to sale, by the directors, at public auction, to raise the amount of such call, after reasonable notice of the time and place of sale.

Date of Subscription Name. Residence, and No. of Shares.

1838, October 25. Andrew Kennedy, Joseph T. Daugherty, Robert T. Brown, G. H. Hammond, William Yates, John 1838, September 21. L. Gallaher, William Crow, Charles G. Stewart and John B. H. Fulton to Richard Parker. Agreement among owners of Shannondale Springs Company. Jefferson County Deed Book 23, p. 366.

This indenture made this 21st day of Sept. 1838, between And. Kennedy, Joseph T. Daugherty, Robert T. Brown, G. H. Hammond, William Yates, John L. Gallaher, William Crow, Charles G. Stewart and John B. H. Fulton, of the first part, and ichard Parker of the second part, Witnesseth, that whereas the said parties of the first part have purchased jointly of Samuel W. Lackland certain lands and real property now in the possession of the Shannondale Springs Company lying on the Shenandoah River in the County of Jefferson, State of Virginia, and whereas, the said parties of the first part have executed five joint and several single bills to Lackland, dated on the 23d Sept. 1838, each for the sum of two thousand dollars with interest from the first day of January 1838, one payable on the first day of January 1839, one payable on or before the 1st day of January 1840, one payable on or before the first day of Jany. 1841, one payable on or before the first day of Jany. 1842, one payable on or before the first day of Jany. 1843, and whereas it is agreed between the said parties of the first part that each of them shall pay one ninth part of the said sum in the said single bills mentioned as the time shall become due -- and whereas the said parties of the first part are about to obtain a loan from the Bank of the Valley in Virginia for five thousand dollars, or less, on accommodation, to be obtained from the said Bank at its office in Charlestown upon the joint note of the same parties of the first part, or some of them, which loan is intended to be applied to the use and benefit of the Shannondale Springs Company, and whereas, sundry debts have already been incurred by the said company and by members thereof for the benefit
of said company, which have not yet been paid, and other similar debts will probably be hereafter incurred, under the direction of or by the approbation of the board of Directors of said company, and whereas it has been agreed that each of the said parties of the first part shall be personally liable to pay one ninth part of the loan aforesaid and any other loan which may be made for the same purpose, by order of the said board of Directors, and one ninth of all said debts heretofore contracted and to be incurred as aforesaid, should the said company fail to pay the same when due, and whereas each of the said parties of the first part is possessed of forty shares of the joint or capital stock of said Shannondale Springs Company, Now this indenture witnesseth that each of the said parties of the first part, each one for himself. For and in consideration of the sum of one dollar to each of the said parties of the first part paid by the said Richard Parker of the second part, the receipt whereof is hereby acknowledged, hath granted, bargained and sold, and by these presents doth grant, bargain and sell unto the said Richard Parker, of the second part his Executors and Administrators the forty shares of stock in said company as possessed by him aforesaid, to be held by the said Richard Parker, in trust for the purposes herein after mentioned, that is to say that whenever any one or more of the said parties of the first part shall fail to pay his or their proper ninth part or parts of the said single bills and said loan or loans, and the other debts above mentioned, when the same shall become due and payable, then it shall be lawful for the said Richard Parker, of the second part, his Executors or Administrators, to sell the said shares of such delinquent party or parties or so many thereof as may be so necessary to raise a sum sufficient to pay the proper ninth part or parts of such delinquent party or parties of the said liabilities then remaining due and unpaid and the expenses of sale, to the highest bidder, at public auction, for ready money, having first advertised the time and place of sale at least three successive weeks in the Newspaper printed nearest the Shannon Dale Springs, and out of the proceeds of such sale the person making the same shall pay to the person or persons entitled thereto the balance then due from such delinquent party or parties with all interest due thereon, and so soon as any one or more of the said parties of the first part shall pay off his or their one full ninth part or parts respectively of all said liabilities, the said forty shares of stock of each of the parties so paying now possessed shall be entirely free from all incumbrances created upon such shares by said deed. And upon making any such sale the person making the same shall have full power to convey
and transfer the stock so sold to the purchaser or purchasers and least [sic] there should be any ambiguity in this deed, it is declared to be the intention of the parties that the forty shares of said stock possessed as aforesaid by each of the parties of the first part, shall be made liable for his own delinquency and that no shares owned by any one of said parties shall be made liable for the delinquency of any other one of said parties. In testimony whereof the said parties of the first part have hereunto set their hands and seals this day and year first before written. And. Kennedy (Seal)
Robert T. Brown (Seal) J. L. Daugherty (Seal) G. W. Hammond (Seal) Jno. S. Gallaher (Seal) Chs. E. Stewart (Seal) Wm. Yates (Seal) Jno. B. H. Fulton (Seal) Wm. Crow (Seal) Signed, sealed and delivered in presence of H. Keyes, H. N. Gallaher, Jas. W. Bellar, E. K. Aisquith, Lewis Sutton, Jr., Saml. Reel