Yale Lock Manufacturing
In the summer of 1868, Henry R. Towne was introduced to Linus Yale, Jr. by a mutual friend. Towne was, by this time, looking for a new business opportunity and had become impressed about the possibilities of Yale's new "cylinder" lock. In October 1868, the two men formed the Yale Lock Manufacturing Company, to be located in Stamford, Connecticut. Towne provided new capital and management of the firm, and Yale the invention. Yale died later in 1868, and Towne reorganized the company as Yale & Towne Manufacturing Co. Towne stepped down as chairman in 1915.
Within this timeframe he developed the Towne-Halsey plan. According to F.W. Taylor and mentioned in his book Scientific Management "it consists in recording the quickest time in which a job has been done, and fixing this as a standard. If the workman succeeds in doing the job in a shorter time, he is still paid his same wages per hour for the time he works on the job, and in addition is given a premium for having worked faster, consisting of from one-quarter to one-half the difference between the wages earned and the wages originally paid when the job was done in standard time."
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