The story of textiles; a bird's-eye view of the history of the beginning and the growth of the industry by which mankind is clothed . anal Company, the stock of which heand Clark were empowered to buy, had been incorporatedin 1792 under the name of The Proprietors of the Locksand Canals on Merrimac River for the purpose of makingthe Merrimac River navigable to Newburyport. Theconstruction in 1793 of the Middlesex Canal, however,which opened communication with Boston, was a barrierto the commercial success of the canal to Newburyport, sothat the proprietors built only a small canal for the pass
The story of textiles; a bird's-eye view of the history of the beginning and the growth of the industry by which mankind is clothed . anal Company, the stock of which heand Clark were empowered to buy, had been incorporatedin 1792 under the name of The Proprietors of the Locksand Canals on Merrimac River for the purpose of makingthe Merrimac River navigable to Newburyport. Theconstruction in 1793 of the Middlesex Canal, however,which opened communication with Boston, was a barrierto the commercial success of the canal to Newburyport, sothat the proprietors built only a small canal for the passageof wood and lumber around Pawtucket Falls. As the in-come to the original proprietors from the canal up to 1820had hardly averaged 33>^ per cent, a year, it was easy forMessrs. Boott, Appleton, Jackson, and the others to pur-chase the six hundred shares which represented a paid incapital of sixty thousand dollars. Patrick T. Jackson, Kirk Boott, Warren Dutton, PaulMoody, John W. Boott, and Nathan Appleton made theirfirst visit to the property November, 1821, during a snow-storm. One of the company remarked that they might. THE STORY OF TEXTILES 203 live to see the bleak, barren place which then had less thana dozen houses have a population of twenty thousandpeople. Articles of association were drawn up under thename of the Merrimac Manufacturing Company, Dec. 1,1821, with a capital stock of six hundred shares, and KirkBoott was appointed the treasurer and agent of the com-pany at a salary of three thousand dollars. He was alsoauthorized to buy the remainder of the canal stock, and theMerrimac Company took over from him such interest in theCanal Company as was deemed for their advantage to own. The Merrimac Manufacturing Company was grantedincorporation by the legislature, Feb. 5, 1822, and the fol-lowing directors were chosen, who ordered an assessment offive hundred dollars per share: Warren Dutton, Patrick , Nathan Appleton, Israel Thorndyke, Jr., John ;
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