History of East Boston; with biographical sketches of its early proprietors, and an appendix, Part 39

Author: Sumner, William H. (William Hyslop), 1780-1861. cn
Publication date: 1858
Publisher: Boston, J. E. Tilton
Number of Pages: 883


USA > Massachusetts > Suffolk County > East Boston > History of East Boston; with biographical sketches of its early proprietors, and an appendix > Part 39
USA > Massachusetts > Suffolk County > East Boston > History of East Boston : with biographical sketches of its early proprietors, and an appendix. > Part 39


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"And lastly, The business and property of the parties aforc- said, touching said Island, shall be conducted and managed as is above provided, until some other mode shall be agreed upon.


436


HISTORY.


[1832.


" In witness whereof, the parties hereto have interchangeably set their hands and seals the day and year above written.


" Signed, sealed, and delivered in presence of W. H. SUMNER, [L. S.]


FRANCIS J. OLIVER, [L. S.]


Henry R. Daland. STEPHEN WHITE. [L. S.]


" Suffolk, ss. Boston, July 21st, 1832. - Then the above- named Francis J. Oliver, William H. Sumner, and Stephen White severally acknowledged the foregoing instrument to be their respective free acts and deeds.


" Before me, WM. C. AYLWIN, Justice of Peace."


In order to confirm the sale under the resolve of the 10th of February, 1832, another petition was presented to the legisla- ture, and another resolve was passed, as follows : - ,


" Resolve on the petition of Maria F. Greenough, Guardian, March 25th, 1833.


" On the petition of Maria F. Greenough, as guardian of her five minor children, praying that her acts done under a resolve of the legislature, made and passed on or about the tenth day of February, in the year of our Lord one thousand eight hun- dred and thirty-two, may be confirmed; and for the reasons therein set forth,


"Resolved, That the sale and conveyance of said minors' right, title, and estate in and to one undivided moiety of a cer- tain island in Boston harbor known by the name of Noddle's Island, made by said Maria, on or about the twenty-first day of February, in the year of our Lord one thousand eight hundred and thirty-two, by a deed of that date, recorded with the Suf- folk deeds in lib. 362, fol. 215, be, and the same hereby are, con- firmed.


" And said Maria is hereby empowered to make and execute, acknowledge and deliver such other and further conveyances to the grantees named in the deed aforesaid, as in the opinion of herself or counsel, shall be proper or necessary to pass and con- firm to them in fee-simple, the right, title, and interest of said minors in and to the premises mentioned in the deed aforesaid, free from all conditions." 1


1 Resolves, 1832 to 1834, p. 439.


437


FURTHER PURCHASES.


1832.]


In pursuance of this resolve, a confirmation of the deed given by Mrs. Maria F. Greenough and children to Stephen White, Francis J. Oliver, and William H. Sumner, on the 21st of February, 1832, was executed for the purpose of establishing the validity of the sale of the minors' interest, before a change of circumstances should make it difficult to show a strict com- pliance with the resolve of the 10th of February, 1832, given on a preceding page, and of allowing the purchasers to enjoy the premises without question in this respect; subject, however, to the mortgage made by William H. Sumner et al. to Mrs. Greenough and her minor children, 21st February, 1832.


This " confirmation" was dated on the 18th of April, 1833, and recorded 24th of April, lib. 367, fol. 295.


It was in this manner that Stephen White and Francis J. Oliver, Esqrs. became associated with the original projector in his purchase of Mrs. Greenough's one half of the Island, the proportions of this half which each held being, William H. Sumner three sixths, Stephen White two sixths, and Francis J. Oliver one sixth. The eighth provision in the indenture, which stipulates that White and Oliver should each pay to General Sumner one fifth of the net gains or increase in the value of the property was fulfilled and payment made, as the parties settled their accounts from time to time.


The purchase of one half of the Island was thus completed in a satisfactory manner.


These same gentlemen next commenced negotiations with the other proprietors for the rest of the Island, and soon suc- ceeded in purchasing the one sixth owned by Mrs. Hayden, the former wife of David Hyslop. She was heir-at-law to her minor son, David Hyslop, who, as the only surviving child of David Hyslop, the former husband of Mrs. Hayden, died in the possession of one sixth of the Island estate.


By a warranty deed, dated on the 8th of September, 1832, John Hayden and his wife Jane Hayden, in her right, conveyed to William H. Sumner, Stephen White, and Francis J. Oliver, for the consideration of $15,000, one sixth, or six thirty-sixths, of Noddle's Island ; three thirty-sixths to Gen. Sumner, two thirty-sixths to White, and one thirty-sixth to Oliver.


Four sixths of the Island being now in their possession, these


37*


438


HISTORY.


[1833.


three persons concluded to associate with themselves men of capital and enterprise, procure an act of incorporation, and prosecute their object as a company systematically and with increased vigor. With this end in view, a proposition was made to Edward H. Robbins, Esq., for him and his associates, T. H. Perkins and others, to become jointly interested with the proprietors, and to take the active management of the concern. But he declined this offer, thinking that, on account of his con- nection with the Winnisimet Company, the interests of the two companies might come in conflict. Numerous individuals were then thought of, until, some time after, the same proposal was made to Mr. Samuel S. Lewis, who had been distinguished as the projector of Commercial wharf and street, and had carried out the undertaking through almost insurmountable obstacles. Mr. Lewis at first thought the enterprise was too heavy for him to engage in ; but on further consideration, and finding that he could secure the cooperation of D. D. Brodhead and Amos Binney, Jr., Esqrs., men of character and influence, he said, that if a company could be formed of forty men from the vari- ous classes of society, and who should be acceptable to the original proprietors, he would engage in the project. This was assented to, and the then owners offered to sell one half of that part of the Island already purchased, and also to sell to him or them, as the case might be, one half of what should hereafter be purchased of the Island at the same price it cost; that is, they were to be let in on equal terms after all the risks had been run in the purchase previously made. This proposition, so gen- erous in its character, was agreed to by Mr. Lewis, who entered into the enterprise with great zeal, and interested other gentle- men in the plans, who had a well-founded confidence in him as a grand projector.


On the 3d of January, 1833, William H. Sumner, Stephen White, and Francis J. Oliver conveyed by warranty deed to Samuel S. Lewis, Daniel D. Brodhead, and Amos Binney, Jr., for the, consideration of $27,000, one undivided third part of the Island (being one half of what they then possessed), subject to a mortgage dated the 21st of February, 1832, for $32,500.1


1 Suffolk Deeds, 5th January, 1833, lib. 365, fol. 99.


439


PURCHASE FROM MRS. GERARD.


1832.]


Meanwhile, negotiations had been going on for the purchase of Mrs. Gerard's two sixths of the Island, which had fallen to her by lot in the division of her mother's estate. It was some time before the object could be accomplished, for Mrs. Gerard was unwilling to unite in any speculation which, if it should prove to be unfortunate, might involve the rest of her property, especially as she and her husband were at too great a distance to have a personal knowledge of the operations which might be undertaken ; and thus the embryo company was embarrassed in the prosecution of its plans.


But these difficulties gradually disappeared. In a letter dated January 20th, 1832, Mr. Gerard says, in reference to the Island : " If any company should be formed, you may sell one half of our interest, viz., one sixth of the Island, at a hundred and fifty dollars an acre. . .. We should like to secure to ourselves the privilege of putting our remaining half interest in the Island into the company, if, by a certain time, we should think proper to do so."


The proposed plan of operations was now fast growing into favor, and even common foresight predicted its success. On the 25th of July, 1832, a proposition was made by J. W. Ge- rard, Esq., to Stephen White and Francis J. Oliver, Esquires, to sell a part of Mrs. Gerard's interest in the Island, and to put the residue in with the other proprietors as common stock.


The conditions of this proposition were as follows : -


" 1st. The Island to be estimated at 660 acres, including mill- pond and marsh, according to Wm. Taylor's survey for David S. Greenough, Esq., but 650 acres only of land to be paid for.


" 2d. Mr. and Mrs. Gerard will not sell less than a quarter of their interest in the Island, nor more than half, the price not less than $150 an acre for what may be sold, as the Island now is, clear to Mr. Gerard of any charges thereon for im- provements or otherwise, which from this date are to be added to the price.


"3d. The residue will be put in with the other proprietors as common stock in shares of half an acre each, - each share to be entitled to a vote.


"4th. Improvements to be made, - towards which Mr. and Mrs. Gerard will agree to be assessed from time to time in the


440


HISTORY.


[1832.


whole, on the part unsold to the following extent, and no more, viz. : If one half of their interest is sold, $5,000; if one quarter, $2,500, and so in proportion between those quantities.


"5th. If one half of their interest is sold, and if assessments under an act of incorporation or otherwise to a greater extent than $30,000, on the whole Island shall be required, then Mr. and Mrs. Gerard may either consent to pay the same, or they may elect to have set off in severalty such proportion of the lands and properties of the company, as the stock then held by them may bear to the whole lands and properties of the com- pany, unless the company or the other proprietors should elect to buy out their stock, in which case they obligate themselves to sell out at its fair value, to be fixed by three disinterested men under oath, one to be chosen by each, and those two to name a third, provided such valuation is not less than at the rate of $150 an acre with interest, together with such sums as may have been assessed and paid thereon with interest, placing Mr. and Mrs. Gerard in as good a situation at least as if they now sold all their interest out at $150 an acre.


" 6th. Whether this sale is made or not, Mr. and Mrs. Gerard authorize General Sumner to act in the sale or disposition of the water powers of the Island for such sums as he may think proper.


" 7th. In case of no sale, Mr. and Mrs. Gerard agree as ten- ants in common to pay their proportion of expenses on one third of the Island for the application and establishment of a ferry and railroad, the erection of a house and repairs to wharf, etc., not to exceed for the whole Island, $6,000, under the fol- lowing restriction, namely, for their share of the expenses of the application for the ferry and railroad, they agree to pay in cash. The others to be paid for, out of the rents, and out of their share of the proceeds of any lots or water powers of the Island, which may be sold by all the proprietors jointly to third per- sons.


" 8th. This offer of sale to be binding on Mr. and Mrs. Gerard for 3 months (three months) from this date if notice of accept- ance be given to him in writing within that time.


" Mr. Gerard gives above the terms on which he is willing to sell part interest in Noddle's Island. He will be happy from


441


THE FORTY SHAREHOLDERS.


1833.]


time to time to unite with the other proprietors, in such other points within his power as may tend to bring the Island into notice, and add to its value."


This astute proposition was dated on the 25th of July, 1832, and signed by J. W. Gerard, Esq. Subsequently the time of accepting it was extended to the 10th of January, 1833. It will be borne in mind that the East Boston Company was not yet incorporated, but that this proposition has reference to such a company, and the conditions of transfer of one sixth of the Island for one sixth of the stock of a company when it should be formed ; so that this same proposition, by which one half of the Gerard interest was sold to Messrs. White and Oliver, held good in respect to the other half, for the corporation subse- quently formed.


Gen. Sumner and Benjamin Welles, Esq., were trustees of Mrs. Gerard under her marriage settlement dated 2d October, 1820. On the 4th of January, 1833, alterations of certain trusts were made, and authority given to the trustees to convey to Stephen White and Francis J. Oliver one undivided sixth part of Noddle's Island for the sum of $16,250; 1 and in pursuance of this authority the above-named trustees conveyed to Messrs. White and Oliver, on the 4th of January, 1833, one undivided sixth part of the Island for $16,250, reckoning its extent at 660 acres, according to the survey of Wm. Taylor, 17th Oct., 1801. Mr. and Mrs. Gerard joined in the deed.2


As Gen. Sumner was one of the trustees of Mrs. Gerard, and had an interest in the Island, he could not at the same time be grantor and grantee, and consequently the sale was made to Messrs White and Oliver, for the proprietors.


It had been mutually agreed that Mr. Lewis should bring in the forty gentlemen who would engage in the prospective com- pany, and the shares, the number of which was fixed at 5,280,3


1 Recorded Jan. 17, 1833. Suffolk Deeds, lib. 365, fol. 167.


2 Recorded Jan. 17th, 1833, lib. 365, fol. 168.


3 The property was at first to be divided into as many shares as there were acres, 660 (leaving out the odd three acres) ; then the number was doubled, 1,320, - being one share to every half acre. As the plan became more exten- sive, and embraced a greater number of individuals, this number of shares was quadrupled, equalling 5,280.


442


HISTORY.


[1833.


were to be divided among them in proportion to the amount of money paid in by each person. These gentlemen were pre- sented and accepted, and the few who fell back from the agreement procured acceptable substitutes in their stead.


The names of the subscribers to the 5,280 shares, with the number of shares each one took, are as follows : -


Names.


Shares. 1320


Names.


Shares.


Wm. H. Sumner


Wm. B. Reynolds .


40


Sumner and Welles, Trustees of


Benj. T. Read .


40


Mrs. Gerard .


880


Griggs and Weld . 20


Stephen White 880


Saml. O. Mead . 20 .


F. J. Oliver


440


Jos. Ripley 20


S. S. Lewis


242


Stephen Lock 20


D. D. Brodhead


243


Thos. Patten 20


Amos Binney


243


Guy C. Haynes


20


Robert G. Shaw


80


Asa Lewis


20


Jno. Brown


80


Wm. Wyman


20


Jno. Binney


80


Benj. Lamson


. 20


Jos. W. Revere


80


Jno. Henshaw .


. 20


Jno. Heard, Jr.


80


Ammi C. Lombard


80


Jos. Mariner


80


Thomas M. Thompson


20


Jno. Kendrick & Co.


40


Edwin Adams 20


Gardner Greenleaf


40


James Bartlett . 20


Gridley J. F. Bryant .


40


Thos. H. Stevens 12


Whole number of shares


5,280


.


Of these gentlemen, Wm. B. Reynolds, Griggs and Weld, and Samuel O. Mead, declined taking the shares apportioned to them, while Gardner Greenleaf increased his to forty-four. Capt. Joseph Smith, Wm. S. Rogers, John G. Flagg, H. Cum- misky, and Patrick McManus entered the company and took the remaining shares.


During this time, the then owners of that part of the Island already purchased had been assiduously engaged in completing their arrangements, and, after mature deliberation, had asso- ciated with themselves the gentlemen named, of high standing and influence in their various professions. On the 25th of March, 1833, Francis J. Oliver, Stephen White, Wm. H. Sum- ner, and their associates, were incorporated under the name of the East Boston Company. The act of incorporation was ac- cepted on the 2d of April, and by-laws were adopted on the 5th of the same month. The directors were Wm. H. Sumner,


.


.


443


THE COMPANY INCORPORATED.


1833.]


Stephen White, F. J. Oliver, Samuel S. Lewis, Daniel D. Brod- head, Amos Binney, and Gardner Greenleaf ; and at a meeting of the directors held on the 3d, Wm. H. Sumner was chosen pres- ident of the company and of the board of directors. S. S. Lewis was chosen clerk of the directors, and clerk, treasurer, and superintendent of the company.


On the 20th of April, 1833, a deed of bargain and sale of the five sixths of the Island and of all the flats now purchased was given to the newly formed East Boston Company, by Wm. H. Sumner, Stephen White, Francis J. Oliver, Samuel S. Lewis, Daniel D. Brodhead, and Amos Binney, in consideration of $70,000 to them paid by the East Boston Company.1 All that was wanting now to put the whole Island into the hands of the company was to accomplish the transfer of stock for the remain- ing one sixth, owned by Mrs. Gerard, according to the propo- sition already made, and this transfer was soon made.


In Mr. Gerard's proposition, the remaining one sixth, it will be remembered, was offered, with the concurrence of Mrs. Ge- rard's trustees, Wm. H. Sumner and Benjamin Welles, Esquires, for one sixth of the stock of the company to be formed.


On the 5th of April, at a stockholder's meeting, " The presi- dent submitted the following preamble and votes in relation to Mrs. Gerard's interest in the lands in East Boston ; the same having been read and considered, on motion of Mr. White, it was thereupon Voted, unanimously, That the same be and they hereby are accepted and ordered recorded, namely : -


" Whereas, on the 25th of July, A. D. 1832, proposals were made to Stephen White and Francis J. Oliver, Esquires, two of the original associates in the purchase of Noddle's Island, in behalf of Mrs. Eliza Gerard, wife of James W. Gerard, Esq., through the trustees under her marriage settlement, in respect to putting in with the other proprietors as common stock, the residue of her interest in the Island, being one sixth part thereof, on condition that if assessments under an 'act of incorporation to a greater extent than thirty thousand dollars on the whole Island shall be required, - then Mrs. Gerard may either con- sent to pay the assessments on her shares in the company's


1 Suffolk Deeds, lib. 368, fol. 228.


444


HISTORY.


[1833.


stock or elect to surrender the certificates thereof, and have set off in severalty such proportion of the land and property of the company as the amount of her stock may bear to the whole land and property of the company, unless the company should choose to buy out her shares, in which case she agreed to sell them at their fair value, - to be fixed by three disinterested men, under oath, one to be chosen by each party, and those two appraisers to appoint a third, provided the valuation should not be at a rate less than $150 an acre, with interest from said 25th of July, together with such sums as may have been as- sessed and paid thereon with interest.' And whereas said pro- posals are extended to this company,


" Voted, That the said proposals be and are hereby accepted, and on the due execution and delivery of suitable conveyances to this company by the parties in interest and those authorized to convey the share of Mrs. Gerard in said Island, the terms of said proposals shall be binding on the company, and certificates of stock shall be issued to her trustees accordingly, - provided, however, that if under the conditions aforesaid an election shall be made to surrender the stock and have a partition made in severalty, the assignment thereof shall be by appraisers as above provided, and the share of Mrs. Gerard shall not be set off so as to affect or disturb any sale or contract of sale act- ually made by the corporation of any part of the Island or its flats. And the company shall convey to her trustee such share accordingly.


" Voted, That this company become parties to indentures in order to receive a conveyance of the one sixth part of Noddle's Island, its flats and appurtenances from the trustees of Mrs. Gerard, and that the treasurer sign the same and affix the com- pany's seal to one part of said indentures, and acknowledge and. deliver the same as the act of this company, and accept a de- livery of the counterpart thereof and take seizin and possession of the estate thereby conveyed. Also,


" Voted, That the directors be and they hereby are authorized to receive on behalf and in the name of the company from the proprietors of the residue of the Island, proper and sufficient conveyances of their proportion of the same, its flats and appur- tenances, and to accept seizin and possession thereof, and to


-- ----


445


ARRANGEMENTS MATURING.


1833.]


cause the deeds of conveyance to be duly entered and recorded in the registry of this county."


This last vote, it appears, refers to the procuring of the conveyances, and to making the title of the new company to the Island sure and complete. On April 9th, 1833, at a direc- tors' meeting, it was " Voted, W. C. Aylwin and John R. Adan be employed to procure from the several proprietors of Noddle's Island, the necessary conveyances of said Island, flats, and priv- ileges, to the East Boston Company." It is worthy of note here, that in this place, and in others where the title to the Is- land is concerned, the right of the owners of the Island to the flats in fee-simple under a special grant of the governor and company of Massachusetts Bay on the 13th of May, 1640, is fully recognized and maintained.


At a meeting of the stockholders on the 22d of April, it was ".Voted unanimously, That as the property has not yet been conveyed to the company, and the certificates of stock have not issued, that portion of the ninth article of the by-laws of this company is hereby repealed, and that in lieu thereof the follow- ing be and the same is hereby adopted as part of the 9th arti- cle of the by-laws of this company, namely : --


" Article 9th. The corporate stock of the company shall be divided into five thousand, two hundred and eighty shares, and certificates thereof shall be issued in the form adopted at the meeting on the 5th day of April last."


This vote pertains to matters not particularly pertinent here, only so far as it shows that the company was not yet in full and complete possession of the Island. The bargains, however, and all the preliminary arrangements prior to actual operations, were rapidly coming to a conclusion. A letter from Mr. Ge- rard will be introduced, as it adds a few particulars to what has already been given, and accompanies the deed, which had been sent to New York to be acknowledged : -


" New York, April 23, 1833.


" W.M. H. SUMNER and BENJ. WELLES, Esquires,


" GENTLEMEN, - I enclose to you the deeds [which were] sent on to be acknowledged and executed by Mrs. Gerard and my- self, transferring our remaining sixth interest in Noddle's Island


38


446


HISTORY.


[1833.


to the East Boston Company in exchange for one sixth of its stock. I have also before me a copy of the by-laws of the com- pany, and the votes passed in relation to the transfer. There are some variations in the votes from the proposals made by us to Messrs. White and Oliver, but I accept the by-laws, and also the votes, with the following additional vote (to be inserted after the first vote), the necessity of which addition arises from the omission in the recital of the proposals of the words following, underscored in article 5th : 'or they may elect to have set off in severalty such proportion of the lands and properties of the company as the stock then held by them may bear to the whole lands and properties of the company, etc.' My meaning (as plainly expressed in the above words underscored) was not to lose the privileges in the stock unsold by our selling portions of stock to pay assessments or otherwise. I remember stating very clearly that it would be necessary for us to make sales to pay assessments. But I do not mean to restrict myself from selling any more than the other proprietors, whenever I think it may be for our interest. The vote may perhaps be implied from the nature of the whole contract ; but it is better to leave nothing to construction, but to have all important points expressed.


" It might possibly be contended that the privileges followed the stock sold; to guard against such a construction, I have expressly provided against it in the vote I send on.


" There is another point on which I wish to reserve myself, that is, the contract of junction proposed to be made with the Winnisimet Company. We have only been informed gener- ally that such a junction is contemplated, but we know nothing of the terms and conditions of the union. I now beg leave to say that our executing the conveyance to the East Boston Company is not to be considered as implicating us to any other. contracts, unless upon inspection of them we expressly approve of them. I need not say that we shall gladly comply with every reasonable wish, that may tend to the common benefit of the proprietors, but being distant from the scene of operations, we wish to express ourselves upon the points to be reserved.


" We waive all minor points, and only reserve those which we may think essential to our interest.


" If you wish a more formal assent of Mrs. Gerard and my-




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