In the year 1850, I was induced by a proposition from the Benedict & Burnham Co., of Waterbury, to enter into a joint-stock company at my place in New Haven, under the name of the Jerome Manufacturing Co. They were to put in thirty-five thousand dollars, and I was to furnish the same amount of capital. We did so, and went on very prosperously for a year or two, making a great many clocks, and selling about one hundred and fifty thousand dollars worth per year in England, at a profit of twenty thousand dollars. They were very thorough in looking into the affairs of the company, which was all right of course, but did not suit all of the interested parties. My son was Secretary and financial manager of the company. He seemed to have a desire to keep things to himself a little too much, which also did not suit many of the interested parties. My son told me he thought we had better buy the company out, and said that we could do so without difficulty, and he thought it would be a great advantage to us. Some were willing to sell, and others were not. Mr. Burnham made an offer what he would sell for, which the secretary accepted, others of the stock-holders made similar propositions and the bargain closed, we paying them the capital they had advanced and twenty-one per cent. profits, and buying, in the mean time, seventy-five thousand dollars worth of brass—the profits on which were not less than twenty thousand dollars, which they had the cash for in the course of the year. About this time a man by the name of Lyman Squires bought stock in the company, and took a great interest in the business. A wealthy brother of his bought, I think, ten thousand dollars worth of stock. The stock was increased in this way to two hundred thousand dollars. The financial affairs were managed by the Secretary, Mr. Squires, and a man by the name of Bissell. They made a great many additions to the factory which I thought quite unnecessary, enlarging the buildings, putting in a new engine and a great deal of costly machinery. They laughed at me because I found fault with these things and called me an old fogy. I was not pleased with the management at all times, and although I had retired from active busines [Transcriber's note: sic], I felt a deep interest in the affairs of the company, and owned a large amount of the stock. The Secretary thought I was always looking on the dark side and prophesying evil, because I frequently remonstrated with him on the many extravagancies which were constantly being added to the establishment. I frequently told him that if the company should fail, I should have to bear the whole blame, because my name was known all over the world. He always told me in the strongest terms that I need give myself no uneasiness about that, as the company was worth a great deal of money. Things went on in this way till the year 1855, and while I was absent from the State, P.T. Barnum was admitted as a member of our company. Within six months from that time, the Jerome Manufacturing Company failed, the causes of which, and the results, I have clearly and truthfully narrated in another part of this book. The causes were not fully understood by me at that time. I have found them out since, and deem it an act of justice to myself to make them public. I was hopelessly ruined by this failure. The company had used my name as endorser to a large amount, many times larger than I had any idea of.
CHAPTER IX.
THE NEW HAVEN CLOCK COMPANY, AND OTHER CLOCK MANUFACTURERS IN CONNECTICUT.
I will here give a brief account of the firms carrying on this important business in Connecticut. The New Haven Clock Company, which succeeded the Jerome Manufacturing Company, are now making more clocks than any three other makers in the state. As I speak of the different manufactories, I will give the outlines and standing of the men connected with them. As their goods go all over the world, it is natural and pleasant for men who are dealing in their goods to know what kind of men they are at home, and what the community think of them. The New Haven company is a joint-stock company. The head man in this concern, is the Hon. James English, who is second to no business man in the State— high minded, clear sighted, and very popular with all who deal with him. He was, when a boy, remarkable for industry, prudence and good behavior. He was an apprentice at the house-joiner trade, but soon got into other business which gave him a greater chance to develope and become more useful to himself and the community. He began in life without a dollar, but is now said to be worth three hundred thousand dollars. His age at this time is about forty-eight. He is a Democrat in politics; has been elected to many important offices, and has been the first select man of New Haven for many years; he has been elected State Senator for three years in succession, and all of these offices he has filled with ability. In the spring of 1860, he was nominated as candidate for Lieutenant Governor on a ticket with Col. Thomas H. Seymour of Hartford, for Governor, which made the most popular Democratic ticket that has ever been run in the State. Had it not been for the great anti-slavery feeling there was at this canvass, Mr. English would have been triumphantly elected. Many of the opposing party would been glad to have seen him elected, and would have voted for him, had it not been for the influence they thought it would have on the Presidential election. We heard many Republicans say this in New Haven, and many did vote that ticket.
H.M. Welch, who has for a long time been connected with Mr. English in business, is largely interested in this clock company. He gives most of his attention to other kinds of manufacturing, in which Messrs. English and Welch, are very extensively engaged. Mr. Welch is one of the most intelligent, upright, and kind hearted business men in the whole State, and is admired as such by all who know him. He is also a Democrat in politics, very popular in his party, and is well qualified for any offices. He would make a good candidate for Governor or member of Congress. He is about forty-six years old, worth perhaps, two hundred thousand dollars; he has held many important offices, has been a Representative to the State Legislature for many years, and State Senator a number of times. He has recently been elected Mayor of the city, and has filled all of these offices with much talent.
John Woodruff, a member of Congress, elected for the second time from this district, is the next largest owner in this great brass clock business. He commenced to work at clocks with me when a boy only fifteen years old. He was a very uncommon boy, and is now an uncommon man, very popular among his fellow workmen, popular with Democrats, popular with Republicans, popular every where, and can be elected to Congress when there is five hundred majority against his party in his district.
Hiram Camp who is the next largest stock-holder in this clock company, is forty-nine years old. He commenced making clocks with me at the age of seventeen, and is now President of the company. He is a Republican in politics, and has been chosen Representative from New Haven to the Legislature of the State. At this time he is Chief Engineer of the Fire Department, is very popular with his workmen, and highly respected by the whole community in which he lives. Many others who hold prominent positions in this great business in New Haven, first came here with me when I moved from Bristol. I should mention Philip Pond, an excellent man who left the business two or three years since, on account of his health, but who is now connected in the wholesale grocery business of the firm of Pond, Greenwood & Lester, in this city. Also Charles L. Griswold, now a bit and augur maker in the town of Chester, who began to work for me twenty years ago, when a boy. He was once a poor boy, but now is a talented and superior man. He has been a member of the Legislature, and has held many offices of trust.
L.F. Root, now a leading man in New Haven, came to work with me when quite young, nearly twenty years ago. He also has held many offices of trust, and filled them with great ability. I could mention many others, but cannot in this brief work speak of them as their merits deserve. It gives me pleasure to know that the business of the Jerome Manufacturing Company has fallen into such good hands.
The Benedict and Burnham Company, now making clocks in the city of Waterbury, under the name of the Waterbury Clock Company, is composed of a large number of the first citizens of that place. In politics nearly all of them are Republicans. The oldest man of the company is Deacon Aaron Benedict, now about seventy-five years old—a real "old Puritan, Christian gentleman." He has been Representative and State Senator many times—Mr. Burnham of New York, another member of this company, is well known to almost every body as one of the richest men in [Transcriber's note: probable missing word 'the' here] whole country. My brother, Noble Jerome, who is an excellent mechanic and as good a brass clock maker as can be found, is now making the movements for this company, and Edward Church, a first rate man and an excellent workman, is making their cases. He worked with me seventeen years at case making, and can do a good job. I cannot pass without speaking about another man of this company, Arad W. Welton Esq. He was one of my soldier companions in Capt. John Buckingham's company, which went to fight the British in 1813, at New London, and in 1814 at New Haven. He stood very near me in the ranks. I shall never forget what pluck and courage he showed one night when the news was brought into camp that the enemy were landing from their ships. Our whole regiment was mustered in fifteen minutes, and on the way to pitch battle with the British and defend our shores. This Mr. Welton, who is now an old man, as stout and large as Gen. Cass, and looking something like him, was then a young man nineteen years old, and without exception the funniest and drollest fellow that I ever saw. He kept us all laughing while we were going down to fight that awful battle, which, however, proved to be bloodless. This incident occurred at New London, and I have often thought of it in latter days. Mr. Welton Is said to be a great business man, and the company with which he is connected is doing a good business.
The next clock company which I shall speak of, is that of Seth Thomas & Co., of Plymouth Hollow, Connecticut. As I have mentioned before, the senior Thomas is not living. The business is carried on by a company, the members of which are all Republicans in politics and respectable men. Fifty years ago this spring, Heman Clark built the factory which Seth Thomas, two or three years afterwards, bought, and in which he carried on business until his death, about two years since. It was never Mr. Thomas' practice to get up any thing new. He never would change his patterns or mode of manufacturing, until he was driven to it to keep his customers. At the time when I invented the one-day brass clock in 1838, he said much against it, that it was not half so good as a wood clock, and that he never would take up any thing again that Jerome had adopted; but he was compelled to, in a year or two, to keep his customers. He sent his foreman over to Bristol, where I was then carrying on business, to get patterns of movements and cases and take all the advantage he could of my experience, labors, and improvements which I had been studying upon so long. I allowed my foreman to spend more than two days with his, giving him all the knowledge and insight he could of the business, knowing what his object was. A friend asked me why I was doing this, and said that if I should send my man to Thomas' factory he would be kicked out immediately. I told him I knew that perfectly well, but that if Mr. Thomas set out to get into the business, he certainly would find out, and that the course I was taking was wisest and more friendly. I have thought since how quickly such kind treatment as I showed towards his man can be forgotten; yes; this company have all forgotten the service that I rendered them twenty years ago, and as I have said before, would probably have been making the old wood clock to this day, had it not been for other parties. There always has been a great deal of jealousy among the Yankee clock-makers, and they all seemed to hate the one who took the lead. The next establishment of which I shall speak, is that of William L. Gilbert, of Winsted, Connecticut. He is said to be miserly in feeling, and is quite rich; not very enterprising, but has made a great deal of money by availing himself of the improvements of others.