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"The Bellefonte Nail Works were erected in 1881, among the stockholders being Gen. James A. Beaver, William V. Emory and Samuel Achenbach. Gen. Beaver was the president. The original cost of the works was $180,000.
In 1886 during Beaver's second campaign for governor and, P. G. Meek, Editor of the Democratic Watchman, attacked Beaver and the Nail Works on some issues concerning the company store.
The Nail Works only operated for several years. During the latter term of its operation it got into a tight financial situation and Gen. Beaver endorsed for the concern until it reached the sum of $80,000.
Eventually General Beaver made an assignment of all his property to the Commonwealth Trust Company of Harrisburg for the indebtedness of the Nail Works.
The final chapter in the history of this enterprise played out on Tuesday, November 27, 1900, on the steps of the Centre County Court house as the plant, machinery and even some of Beaver's personal property were sold to the highest bidder to relieve some of the debt. The bids were very slow, but finally the entire property was sold to Joseph G. Hitner, a junk dealer of Philadelphia, for $6,378, paying $6,100 for the machinery and other contents and $278 for the buildings. The real estate upon which the nail works stood, a plot of ground containing 22 acres, reached a bid of $3,500. The Trust officer was not willing to let it go at that price and so the sale was withdrawn."
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