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 the area that is now Otsego County, New York. The company got its name from Burlington, New Jersey, which was where all the investors lived.
Contents
The Company's Beginnings
The Burlington Company included William Franklin, who was the last Colonial Governor of New Jersey from 1763 to 1776. He was also the son of the famous Benjamin Franklin. William Franklin was a lawyer and remained loyal to Britain during the American Revolution.
Land Deals and Investments
Between 1768 and 1770, the company bought several land agreements, called mortgages, from a person named George Croghan. These mortgages were first given to William Franklin, who then passed them on to the Burlington Company. One important mortgage was for 40,000 acres (about 160 square kilometers) of land that Croghan had bought in Otsego County, New York.
In 1772, William Franklin also bought a 50% share in the Burlington Company. This meant he owned half of the company.
Changing Owners
By 1773, the other original owners of the Burlington Company sold their shares and rights. This included the mortgages that Franklin had passed to the company. The new owners were Andrew Craig (merchant) and William Cooper. William Cooper was a merchant who also lived in Burlington.
The Otsego Land Purchase
After taking over, Cooper and Craig started a legal process called a sheriff's sale in 1773. They did this without telling William Franklin. Through this sale, Cooper and Craig bought the large Otsego land for $2,700. William Franklin and the family of George Croghan later tried to get the land back, but they were not successful.
Founding New Towns
After the American Revolutionary War, William Cooper went on to found two towns on this land: Cooperstown and Burlington, New York. His son, James Fenimore Cooper, later became a very famous author. Some of his well-known stories were set in this frontier region.
See also
- List of real estate topics
- History of New York (state)
