Clove Spring Iron Works - Stock Certificate
Inv# GS1080 Stock
Unissued General Stock. Superb color & nice graphics. Vignette of two female figures and eagle in upper center of stock & farmer in bottom left corner. Great!
Clove Spring Iron Works Dutchess Furnace, Clove Spring Iron Works, Clove Valley P. O., Dutchess county. One stack, 50 x 12, built in 1873 for charcoal and enlarged and changed to anthracite in 1877; open top, with "hat;" fuel, anthracite coal and coke; annual capacity, 8,400 net tons. Not in blast since June, 1882. Offered for sale by the executors of the Estate of James Brown. John S. Schultze, President and Treasurer, 59 Wall st., New York. From www.beekmanhistory.com: In 1873 The Clove Spring Iron Works built what we today call The Beekman Furnace. Even today as you walk Clove Valley Road you can see a number of houses that existed from that a Irish community that worked the furnace. Work typically involved 12 hour shifts in dangerous conditions. Iron furnaces ran twenty-four hours a day, seven days a week, for many months on end. The roar, fire and heat were continuous, while the furnace cast an eerie glow that could light up the night for a considerable area. Smoke from the charcoal production hung in the air, while the valley and the surrounding hills were stripped bare of trees for the needed charcoal. Mining boomed until the 1890's and many of the small ponds scattered about town today were originally open ore pits which filled with water when mining was abandoned following the discovery of the great iron ore deposits in the Midwest. By 1900 the population sank to one thousand and dropped to 800 by 1940. Gone was the boom time but for a short time it was special, it was an Anthracite Furnace that burned a metamorphic rock It was technology at its finest for that time. It roared and lit up the night and it will always hold a special place with the town.. Some of the stones of the old Beekman furnace were used to build the dam at Furnace Pond; others are being used to line driveways. A group of community members in 1989 led by the Town Historian Lee Eaton successfully petitioned the town to take ownership and protect it from further demise. Today it sits behind a fence waiting for someone to stop and read about its mighty feats.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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