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The perils of personal capital in antebellum America: John Spotswood Wellford and Virginia's Catharine Furnace

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  • Sean Patrick Adams

Abstract

The Fredericksburg Iron and Steel Manufacturing Company's ironmaking facility, Catharine Furnace, had the look of a prime mover in antebellum Virginia's industrial sector when it opened in 1838. Its manager and principal owner, John Spotswood Wellford, successfully tapped into his social capital to secure military ordnance contracts, but in the process the firm became utterly dependent upon his ability to secure this work through personal connections. By failing to expand the market for its pig iron and castings in local, regional, and national markets, the firm relied upon these ordnance contracts for shot and shell for its existence. When Wellford died in 1846, the Fredericksburg Iron and Steel Manufacturing Company collapsed. A few years later, Catharine Furnace stood cold and abandoned - a severe reminder of the limited prospects of Virginia's industrial economy and the perils of relying on an individual entrepreneur's personal capital during a critical period of American industrialisation.

Suggested Citation

  • Sean Patrick Adams, 2013. "The perils of personal capital in antebellum America: John Spotswood Wellford and Virginia's Catharine Furnace," Business History, Taylor & Francis Journals, vol. 55(8), pages 1339-1360, November.
    • Handle: RePEc:taf:bushst:v:55:y:2013:i:8:p:1339-1360
    DOI: 10.1080/00076791.2012.745067
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