Brown Land Company

The Brown Land Company, incorporated June 6, 1903, under Chapter 176 of the General Laws of Rhode Island. Its incorporators included the three trustees of the Estate of John Carter Brown: Sophia Augusta Brown (1825-1909), widow of John Carter Brown; Moses B. I. Goddard (1831-1907), partner of Brown & Ives; George W. R. Matteson (1833-1908); and Frank W. Matteson (1869-1933), family trustees. The principal corporate objectives and purposes as set forth in its charter were to engage in the business of purchasing, acquiring, taking, holding, managing, improving, leasing, mortgaging and selling real estate. Upon its incorporation, the company's total authorized capital stock was $300,000 with the Estate of John Carter Brown providing the total amount and owning all shares.

At the first stockholder's meeting on June 29, 1903, incorporators voted to purchase from the trustees of the Estate of John Carter Brown all commercial and unimproved property owned by the estate. Principally located in Iowa, Nebraska and Minnesota, these lands provided significant income. Officers of the company proceeded to register as a foreign corporation in the above states, a necessary step to comply with contemporary Iowa, Nebraska and Minnesota laws regarding use and sale of property.

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