 It invested US$210,000 in bonds of the Lexington & Big Sandy River Railroad Company, with the stipulation that the eastern division of that line extend into Ashland instead of ending, as originally planned, in Catlettsburg.The early presence of the railroad in Ashland was largely responsible for this city becoming the dominant municipality of the county.Ashland furnace was sold to American Rolling Mill Company in 1921, which developed into Armco Steel Corporation.