Land Speculation
Two of the directors of the Hagerstown Bank, Colonel William Fitzhugh and Major Charles Carroll were, like Rochester, wealthy landowners interested in acquiring land in the new "frontier" of the U.S. In 1800, Fitzhugh and Carroll convinced Rochester to travel with them on a prospecting visit to the frontier lands of New York State, and specifically to the lands along the upper portion of the Genesee River. Fitzhugh and Carroll acquired land along the river on their trip, but Rochester, sensing the opportunity to develop a town, chose a 120-acre (0.49 km2) tract along Canaseragea Creek near the hamlet of Dansville. Upon a return trip to the area, they travelled farther up the river to a small abandoned tract of land near the river's Upper Falls. The men saw a business opportunity here as any goods which travelled up the river would need to be unloaded here and portage fees could be charged. They purchased 100 acres (0.40 km2) of land around the falls for $1,750.
Rochester's interest in the land he now owned along the Genesee, in part, prompted him to decide to relocate his family there in 1810. In early June of that year, the family reached Dansville and established a homestead.
Read more about this topic: Nathaniel Rochester
Famous quotes containing the words land and/or speculation:
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—Samuel Johnson (1709–1784)