Robert Hare Powel, of the City of Philadelphia signed by Robert Hare Powel - 1885 dated $10,000 Autographed Bond (Uncanceled)

$10,000 Very High Denomination Uncanceled Bond signed by Robert Hare Powel. Printed by Lehman & Bolton, Phil. "Powelton Furnaces, Saxton, Bedford County, PA." Several rows of coupons remain at bottom. Only 75 issued!

Robert Hare Powel was born at Powelton, West Philadelphia, October 16, 1826 - July 9, 1883 (aged 56), and was a son of the celebrated Colonel John Hare Powel. Mr. Powel was one of the first bituminous coal operators in this State; but, coming into possession of the Sterling mines, he associated with him Mr. John C. Bradley, who took charge of the mining operations. Mr. Powel for some years past directed his attention to the construction of his immense iron furnace at Saxton, on the line of the Huntingdon and Broad Top Railroad, which was finished and put into operation last autumn. A description of this enterprise, recently published, says that the stack is 70 feet high, (?) lined at present for 18 feet, which diameter can be increased if desired to 19 1/2 feet. There are three Whitwell stoves each 70 feet hight and 13 feet diameter. A stack 192 feet high carries off the gases from the stoves. There are 24 boilers, each 32 feet in length, which furnish steam to a 1000 horse power engine, built by the Reading Iron Works. The cost of the works and paraphernalia thereunto appertaining was more than $425,000, and when fully completed will exceed $500,000, and this is one of the rare instances in this country at least where an individual has been found willing and able to expend such a princely sum upon an industrial enterprise, which is not only a monument to the founder and projector, but of value to the country at large. The furnace gives employment to 800 men, at the several callings, mining coal and ore, and converting it into metal. From eighty to ninety tons a day are turned out with a cost of something less than $14 per ton. The ore, coke and limestone are all taken from the property of Mr. Powel, within a radius of two miles. Coke is produced from the Broad Top coal, made in 105 improved Belgian ovens. For many years it had been prophesied the the Broad Top coal region was an excellent location for the erection of blast furnaces, but it remained for last year to witness the location of the initial furnace, and this was only accomplished after many trials and disappointments, but Mr. Powel surmounted every obstacle, and a fine success crowned his efforts. Mr. Powe was the pioneer in developing the Broad Top coal field, and introduced this coal into the market of the Eastern seaboard when there was hardly such a thing known as semi-bituminous coal. He then went to the Clearfield region when that district was in its infancy and opened up mines there. Probably ten thousand persons in one way or another are supported by the enterprises which this worthy citizen originated and carried to successful completion. The estate owned by Mr. Powel, in connection with the furnace, is valued at $500,000, exclusive of the plant, which, as stated above, is put at $500,000.

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