Burlington Company facts for kids
The Burlington Company was a group of eight American investors who bought and sold land between 1768 and 1770. They were especially active in an area that is now Otsego County, New York. The company got its name from Burlington, New Jersey, which is where all the investors lived.
How the Company Started
One important member of the Burlington Company was William Franklin. He was the last Colonial Governor of New Jersey from 1763 to 1776.
Land Deals and Key People
Between 1768 and 1770, the company bought several land mortgages from George Croghan. A mortgage is like a loan where land is used as a guarantee. These mortgages were first given to William Franklin, who then passed them on to the Burlington Company. One of these mortgages was for a large piece of land – 40,000 acres (about 160 square kilometers) – that Croghan owned in Otsego County, New York.
William Franklin was a lawyer and supported the British during the American Revolutionary War. He was also the son of the famous Benjamin Franklin.
In 1772, William Franklin bought a 50% share in the Burlington Company. A year later, in 1773, the other original shareholders sold their shares and rights to two new people: Andrew Craig (merchant) and William Cooper. William Cooper was a merchant from Burlington.
The Otsego Land Purchase
After buying the shares, Cooper and Craig took legal steps to buy the Otsego land. They did this without telling William Franklin. Cooper and Craig then bought the Otsego land for $2,700. William Franklin and George Croghan's family tried to challenge this sale, but they were not successful.
Later, after the American Revolutionary War, William Cooper founded two towns on this land: Cooperstown and Burlington, New York. One of his children was James Fenimore Cooper, who became a famous author. He wrote some of his stories about this frontier region.
See also
- List of real estate topics
- History of New York (state)
