by Tom Adelstein
Writers present Hamilton as a company started in 1892. In fact, the company with the familiar name evolved over 18 years under different names. The first Company occupying Hamilton’s factories and towers was reorganized fives times with many of the same shareholders. The key word here is reorganization. The following information is an exact rendering from a book entitled,
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| Library of Congress 1889 |
CHAPTER XIV.
IN May, 1874, several prominent citizens of Lancaster, Pa., together with J. C. Adams, organized a watch company with a capital stock of $78,000. In June of the same year, a Board of Directors was elected together with the following officers:
President, E. J. Zahm; Vice-President, John Best; Sec’y and Gen’l Manager, J. C. Adams, and Treasurer, J. B, Roath.
The companywas incorporated Sept. 26, 1874, under the name of the Adams & Perry Watch Mfg. Co. E.H. Perry was appointed superintendent and several of his patents were adopted by the company, a royalty of three dollars per movement being paid to him.
A machine shop was started and work on the tools and machinery commenced.
Mr. C. A. Bitner, of Lancaster, donated a three-acre tract of land as a site for a factory and work on the building was commenced in the fall of 1874. The factory was completed in the summer of 1875, and the tools and machinery were moved in. About this time the first misunderstanding arose, Mr. Adams’ plan was to import the escapements, etc., but his suggestions were overruled and those of Mr. Perry, to manufacture the complete movement in the factory, were adopted. Mr. Adams thereupon resigned his position both as Secretary and Manager.
In the fall of 1875 the company found themselves pressed for ready funds and accordingly bonds to the amount of $35,000 were issued. The first movement was finished April, 7, 1876, twenty-two months after starting the building of the machinery.
The great delay in getting out the movements involved considerable expense and the company again found themselves in an embarrassing position. An effort was made to increase the capital stock, but it proved a failure, and the factory was closed May 16, 1876.
Efforts were immediately’ set on foot and a new company was organized. The old directors then resigned and were succeeded by eleven new ones. The following resolutions were then adopted : ” That all contracts with operatives be annulled. That all the patents owned by E. H. Perry shall be assigned to the company, with the proviso that if Mr. Perry shall leave the company, he shall have the right to allow one other company to use them. That the royalty hereafter be paid to Mr. Perry be $1 for each movement. That the directors raise $50,000 by issuing convertible mortgage bonds, or by any other means, and that said bonds be sold to the stockholders at 80 per cent of their face, and any part of said bonds remaining unsold to be placed upon the market at par. That the capital stock be increased to $250,000 and Mr. A. Bitner appointed manager.” The following officers were then elected:
President, Dr. H. Carpenter; Vice-President, B. F.Eshelman; Treasurer, C. A. Bitner; Sec’y, J. P. McCasky; . Manager, Abraham Bitner. For some unknown reason the bonds above mentioned were never issued, and on June 10, 1876, the company being pushed by their creditors were obliged to make an assignment to C. A. Bitner, who sold the property at public sale. It was purchased by Dr. Carpenter for a syndicate for $47,000, subject to two mortgages aggregating $30,000.
In August, 1877, the Lancaster Watch Company was formed, and they advanced a cash capital of $31,000, consisting of seven shares of $3,000 each. These shares were owned by A. Bitner, S. F. Rathfou, John Best, Bitner & Hostetter, Eshelman & Rathfou, J. P. McCasky, and H. S. Gurra.
Work was commenced Sept. 1, 1877, and a new movement was designed and modeled. It was a three-quarter plate, full jeweled. In the fall of 1878, the capital stock was increased $35,000, mainly through the efforts of Mr. A. Bitner.
The company was reorganized Oct. 31, 1878, under the name of the Lancaster, Pa., Watch Company, Limited, with a capital of $160,000. The old model adopted by the company not proving satisfactory, a new one was ordered, but before any of this pattern could be placed upon the market the company again found itself short of ready funds.
An attempt was made to borrow money, but owing to a misunderstanding among the stockholders, this proved a failure. A new company was formed May 9, 1879, under the title of the Lancaster Watch Company.
The new company leased the property, paying 6 per cent, interest, taxes and insurance; this lease was for a term not to exceed five years, the interest being based on a valuation of $130,000.
The following officers were then elected: Prest., J. I. Hartmann; Sec’y.,J. P. McCasky; Treas.,J. D. Skyles. Mr. A. Bitner was appointed Manager. Things went on swimmingly for some time, the product being greatly increased, and in April, 1883, the Lancaster Watch Company surrendered its lease to the owners, the Lancaster, Pa., Watch Company. The two companies then consolidated with a capital stock of $248,000, with the same officers and a few slight changes in the board of directors.
In July, 1883, the factory was again closed, but later on the board succeeded in borrowing $35,000 and work was resumed, although a heavy indebtedness had accumulated and many of the stockholders began to grow uneasy. Mr. Bitner then made the dissatisfied stockholders a proposition to take their stock off their hands without compensation and assume all indebtedness.
Several large stockholders transferred their stock and together with other blocks, which he purchased at ridiculously low figures.
Mr. Bitner soon became the owner of 5,625 of the 8,000 shares.
In 1886, the Keystone Standard Watch Co., with a full paid capital of $500,000 purchased the factory. Its officers are:
President, Dr. C. M. Shellenberger; Vice-President, Geo. M. Franklin; Sec’y and Treas., W. Z. Sener. Directors, Geo. M. Franklin and W. Z. Sener, of Lancaster, and Dr. C. M. Shellenberger, Stanton Wilgus and W. J. Atkinson, of Philadelphia.
The officers of the new company are all men of means, ability and energy, with the reputation of having succeeded in every enterprise they have ever undertaken. Under their control the factory has been steadily increasing its output and the quality of its goods. They expect within a short time to reach a production of at least 300 a day.
The superintendents and foremen are as follows: Superintendent, Abraham Bitner; ass’t supt.,J. H.Koch; master mechanic, W. H. Denny; foreman, train, Joseph Buettner; plate, Wesley Rooney; screw, A. Burkhai’t; jeweling, A. Buch; motion, Joel Baker; balance, C. E. Wilson; flat steel, W. Coho; escape, H. Coho; springing, Marcus Keeport; finishing, E. Snyder; gilding, Joseph Gorde; dial making, Frank Rooney; dial painting, George Hetrick; inspector John W. Bitner.
Their entire product is placed through Atkinson Bros., of Philadelphia, PA.
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