The progress of this Company was amazing. Within a year its capital
was increased to two hundred and forty thousand dollars. Before
another year had expired, this was increased to three hundred
thousand; and in the year following, to four hundred thousand. The
Company manufactured the cloth invented by Mr. Chaffee, and many
articles made of that cloth, such as coats, caps, wagon-curtains and
coverings. Shoes, made without fibre, were soon introduced. Nothing
could be better than the appearance of these articles when they were
new. They were in the highest favor, and were sold more rapidly than
the Company could manufacture them. The astonishing prosperity of the
Roxbury Company had its natural effect in calling into existence
similar establishments in other towns. Manufactories were started at
Boston, Framingham, Salem, Lynn, Chelsea, Troy, and Staten Island,
with capitals ranging from one hundred thousand dollars to half a
million; and all of them appeared to prosper. There was an
India-rubber mania in those years similar to that of petroleum in
1864. Not to invest in India-rubber stock was regarded by some shrewd
men as indicative of inferior business talents and general dulness of
comprehension.
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