Gephart's coup in restarting Bellefonte Furnace was repeated in 1900 with the revival of the former Valentine Furnace, now known as Nittany Furnace. After Gephart left the presidency in 1895, the furnace, the Nittany Valley Railroad, and associated ore lands had come into the hands of the Empire Steel and Iron Company. However, Empire essentially abandoned Nittany Furnace in April 1900, allowing the Commonwealth Trust Company, which held a lien on the property, to buy it at a sheriff's sale.
Gephart's revival of Bellefonte Furnace was duplicated in 1900 with the reactivation of Valentine Furnace, now known as Nittany Furnace. Following Gephart's departure from his role in 1895, the furnace, the Nittany Valley Railroad, and associated ore lands were acquired by Empire Steel and Iron Company. However, Empire largely abandoned Nittany Furnace in April 1900, enabling the Commonwealth Trust Company to purchase it through a sheriff's sale.