Much speculation might be indulged in as to the real cause of the decline and loss to Baltimore of so important an industry, but the plain facts force but one conviction; namely, the unwillingness of these successful old manufacturers to adopt newer methods of hat making, leading to such reduction in cost, through improvements, as to preclude the chance of their successful competition with those of more progressive ideas. While Baltimore hat makers clung tenaciously to the old ways, whereby labor and expense were incurred unnecessarily, those at the North were readily adopting the various new methods by which improvements in the art of hat making were constantly being made; thus, with the use of newly invented machinery, the cost of making hats was greatly lessened, and the Northern manufacturer constantly gained in competition with those of Baltimore. The invention of the Wells _Forming Machine_ added largely to the misfortune of this business. An expensive machine, with a comparatively tremendous production, required a large market as an output; a heavy royalty also was attached to it, and the business of Baltimore at that time appeared not to be in condition to justify its introduction. Though the machine was invented in 1841, it was not until the year 1852 that the venture was made to introduce into Baltimore the Wells _Hat-body Forming Machine_. With the pecuniary assistance of Wm. P. Cole, Messrs. Bailey & Mead, in 1852, commenced hat forming by machinery, the "mill" being located on Holliday street, and afterwards removed to Front street (present number 320). From failure of support, caused by inability to revive the depressed condition of the hat business, the venture of Messrs. Bailey & Mead was not successful, and Mr. Mead retiring from the firm, the business was continued by Messrs. Bailey, Craft & Co., mainly in the interest of Mr. Cole's factory, until about 1869, when hat forming by machinery in Baltimore was entirely abandoned, followed with the retirement of Mr. Cole from the manufacturing business.