Oregon Iron Company
| Company type | Private |
|---|---|
| Industry | Iron smelting |
| Founded | 1865 |
| Founder | William S. Ladd, Henry Failing, Herman C. Leonard, John Green |
| Defunct | 1878 |
| Fate | Reorganized as Oswego Iron Company |
| Headquarters | Lake Oswego , United States |
Key people | William S. Ladd (president) |
| Products | Pig iron |
The Oregon Iron Company operated as an iron smelting enterprise located in what is now Lake Oswego, Oregon. Established in 1865, it achieved the milestone of becoming the first firm west of the Rocky Mountains to produce smelted iron by 1867. Although it showed early potential, the company ceased operations within a few years, later reorganizing as the Oswego Iron Company in 1878 and subsequently as the Oregon Iron and Steel Company in 1883. Under its final name, the firm expanded by installing a larger furnace and reached peak output in 1890. Nonetheless, competition from more affordable imported iron and the economic downturn triggered by the Panic of 1893 led to the shutdown of its smelting facility by 1894. The company continued to operate a pipe foundry until 1928 before shifting focus to land management, selling property that played a role in Lake Oswego’s development until the early 1960s.
Early history
In 1862, entrepreneur and former legislator Morton M. McCarver discovered iron ore deposits near Oswego, situated south of Portland. The site featured high-grade brown hematite ore with metal content ranging from 56% to 75%, and reserves were estimated to be substantial. The location offered strategic benefits such as plentiful forests for charcoal production and accessible water sources for powering machinery, making it ideal for mining and iron smelting ventures.
The Oregon Iron Company was formed in 1865 by Portland investors including ex-mayors William S. Ladd (who served as company president) and Henry Failing, along with founders of the Portland Gas Light Company, Herman C. Leonard and John Green. Their objective was to develop Oswego into the "Pittsburgh of the West" by utilizing local iron production to support their other enterprises like the Oregon Central Railroad and Oregon Steam Navigation Company.
Construction
To erect a charcoal-fueled blast furnace, the company enlisted George Wilbur, who modeled his design after the furnace used by Barnum and Richardson Company in Lime Rock, Connecticut. British stonemason Richard Martin completed construction of the furnace in 1867. The firm built a dam on Sucker Creek to generate water power, cleared nearby timberlands for charcoal fuel, and quarried limestone from the San Juan Islands in Washington Territory, transporting it via company docks on the Willamette River.
On August 24, 1867, the Oregon Iron Company became the first enterprise in the United States to smelt pig iron west of the Rocky Mountains. The initial pig iron shipment was delivered to J. C. Trullinger, who owned Oswego’s townsite. Between 1867 and 1869, production reached nearly .
Despite initial achievements, Ladd’s group lacked expertise in iron manufacturing, and a conflict over water rights caused operations to halt in 1869. A brief resumption occurred from 1874 to 1876 to fulfill an order for iron wheels destined for the Central Pacific Railroad, but the company closed permanently in 1878 with its assets sold at auction.
Oswego Iron Company
Experienced furnace operators Ernest Crichton and L. B. Seeley from Ohio's Hanging Rock iron region purchased the company and renamed it Oswego Iron Company. They introduced significant enhancements including buying out Oswego townsite and surrounding timberlands, settling water rights disputes, refurbishing the furnace, opening new mining sites, constructing housing for workers, and establishing a narrow gauge railroad dedicated to ore transportation. Between 1877 and 1881, iron production increased to .
To fund these expansions amid depressed iron prices, the company incurred considerable debt. In 1880, ownership transferred to Portland financiers led by Simeon Gannett Reed alongside railroad tycoon Henry Villard.
Oregon Iron and Steel Company
In 1882, the enterprise was reorganized under the name Oregon Iron and Steel Company, appointing Simeon G. Reed as president and William M. Ladd, son of the original founder William S. Ladd, as vice president. Financial backing from Ladd, Villard, and Darius Ogden Mills facilitated the erection of a new smelting facility located north of the initial furnace, boosting production capacity fivefold to 50 short tons. This upgraded ironworks began operations in 1888, sparking rapid expansion in both business activity and workforce, which grew to 300 employees. Concurrently, Oswego's population increased, accompanied by developments such as hotels, churches, and a railroad connection to Portland completed in 1886.
The company's output reached its zenith in 1890 with a smelting volume of 12,305 short tons. Nevertheless, dependence on charcoal derived from wood constrained cost competitiveness when compared to more economical imported iron produced using coke fuel. A downturn in railroad demand combined with the economic turmoil of the Panic of 1893 led to the furnace ceasing operations in 1894. Despite this closure, the company continued operating a pipe foundry at the site until 1928.
An intriguing episode in the company's history involves the discovery of the Willamette Meteorite on its property, which subsequently became the target of attempted theft. In 1917, Pacific Coast Steel Company purchased the furnace to ensure a steady supply of pig iron during a period of scarcity.
Land development
As industrial activities waned, Oregon Iron and Steel retained substantial land holdings. William M. Ladd succeeded Reed as president and concurrently headed Ladd & Tilton Bank; he established the Ladd Estate Company to oversee these properties. This organization transformed the former industrial settlement into a prestigious residential area featuring amenities such as a country club, golf course, polo grounds, and renamed Sucker Lake as Oswego Lake. The Ladd Estate Company primarily operated as a land management firm until 1960 when it transferred control of power facilities to shareholders of the lake.
Remnants of infrastructure
The original blast furnace, situated within Lake Oswego's George Rogers Park along the Willamette River, stands as the sole remaining iron furnace west of the Rocky Mountains. It earned a place on the National Register of Historic Places in 1974. A comprehensive seven-year restoration effort concluded in 2010 successfully preserved this vital element of industrial heritage.
Two pigs produced during initial smelting in 1867 still exist: one is exhibited by the Oregon Historical Society, while another serves as a street marker in Lake Oswego. Furthermore, the crucible from the second furnace—dismantled and scrapped in 1926—is conserved at Roehr Park.
These surviving artifacts underscore the company's historical importance and reinforce its enduring legacy within Oregon's industrial evolution.