40 
WISC0JS^SI^^ STATE AGRICULTURAL SOCIETY. 
little, however, the factory extended its operations and produced 
other parts. But, as the profits were small, the capitalists aban¬ 
doned it, and it failed in 185G. 
“Another American, Mr. Robbins, scented a good speculation, and 
bought the factory and tools for $75,000. A new company, “ The 
American Watch Company,” was formed, with a capital of $200,- 
000, which was increased to $300,000 before the war which put on 
foot a million of soldiers, and, as every one wanted a watch, there 
was great animation in the watch business. At this juncture, which 
might have been a lucky one for our industry, we failed to compre¬ 
hend our real interests. Instead of sending good watches to the 
Americans, the worst trash was sent. The Americans, however^ 
went to work on an entirely different plan. The company increased 
its capital and turned out a better ordinary watch than the Swiss 
watch. At the end of several years the x\merican watch enjoyed a 
good reputation, while ours were discredited everywhere. In 1865, 
the capital was increased to $750,000, and the operations of the 
company grew to immense proportions. The Waltham Company 
give employment to 900 workmen, and make about 425 movements 
per day. They have again increased their capital, till it amounts 
to $1,500,000, besides $300,000 as a reserve fund. This watch fac¬ 
tory is a real power; there is none like it in Europe. We have- 
seen it in all its details, and we have admired its splendid organi¬ 
zation. 
“ Last May, on the eve of the exhibition, we still seemed masters 
of the situation. One event, however, dealt us a mortal blow. 
The Waltham Company announced a reduction of from 40 to 50 
per cent, on prices already lower than their rivals, the reduction to 
date back to January 1st, 1876. It is unnecessary to tell you, gen¬ 
tlemen, how very detrimental this was to the Swiss watch. Still 
another and more important reason explains the growing pros¬ 
perity of the American company. Their tools work so regularly 
that all parts of ^the watch may be interchanged by a simple order 
on a postal card, without necessitating the forwarding of the adjoin¬ 
ing piece. 
“ The question has often been asked, can the Americans sufficient¬ 
ly supply the demand of their markets? Yes, they can; we are 
driven out of the American market. In 1860 the American com¬ 
panies produced only 15,000 watches. To-day they produce 250,- 
