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.