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Stokes who was trustee for the firm of Phelps, Dodge & Co. Barnum, the great showman, in a clock venture called the Terry & Barnum Manufacturing Company until its bankruptcy in March of 1856.The day preceding Phelps' death, he transferred his remaining 1,000 shares to Stokes. Willis James for the sum of Eight Thousand Dollars and that the President be authorized to make and execute a deed of the same." The above resolution and sale on November 16, 1854 effectively ended the original Ansonia Clock Company and sold the balance of the firm to the Directors of Phelps, Dodge & Company. He also continued his clockmaking activities at Terryville, CT after 1855 for a few years under his own name.Samuel Terry extended a mortgage for the entire property to Terry & Andrews which was payable ten years from date, only interest due annually.III A history of clockmaking published in the Bristol Herald in 1890 noted "...The firm eventually utilized a two-story factory for the clock business which was in use by January of 1851, though Phelps did not sell the property to the company and lease them the water rights until April 12th of that year.This land was noted as being on the northwest comer of a lot on which also stood a stone factory owned by Phelps, which was used by the Jerome Manufacturing Company of New Haven.
During January of 1853, Anson Phelps sold 1,000 shares of his Ansonia Clock Company stock to his son-in-law, James B.
Phelps held controlling interest with 1,334 shares while Terry and Andrews held 1,333 each.
Theodore Terry was chosen President and his son Hubbell P. The new location, Ansonia, was a village in the town of Derby, CT which Anson Phelps had named after himself.
In 1841, Theodore Terry, nephew of Eli Terry the man who had started the manufacture of inexpensive clocks in the first decade of the 19th century, formed a partnership with one Franklin C. The new firm of Terry & Andrews was to tool up and manufacture inexpensive brass clocks.
On August 13, 1841, Theodore Terry of Bristol and Franklin C.
Ansonia was one of three Connecticut clock manufacturing firms which exhibited at the New York World's Fair which opened on July 4, 1853. No official clock company was formed during these years though the parent firm of Phelps, Dodge & Company continued to manufacture clock movements and sell some cased clocks, but in relatively small numbers.