Connecticut. School Fund Managers.

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The state of Connecticut created a school fund from the proceeds of the sale of the state's Western Reserve land to the Connecticut Land Company in 1795. This company, a syndicate of 35 purchasing groups representing 58 individuals, paid $1.2 million on credit, with each purchasing group issuing personal securities. The Connecticut General Assembly empowered the school fund managers to take mortgages on lands in the Reserve as collateral security on personal bonds to the fund. Due to poor planning and company mismanagement, resale of Reserve lands was slow and few of the original proprietors made profits. An 1810 report on the school fund showed that $162,533 of interest on the company's debt was unpaid and that the collateral of the original debt was not safe. The school fund was managed throughout the 19th and 20th centuries and by 1957 had earned over $17 million since its founding in 1795.

From the description of Record books, 1801-1803, 1807-1810. (Rhinelander District Library). WorldCat record id: 23865313

Archival Resources
Role Title Holding Repository
creatorOf Connecticut. School Fund Managers. Record books, 1801-1803, 1807-1810. Western Reserve Historical Society, Research Library
creatorOf Connecticut School Fund Managers Record Books, 1801-1810 Western Reserve Historical Society
Role Title Holding Repository
Relation Name
associatedWith Brace, Jonathan. person
associatedWith Connecticut Land Company. corporateBody
associatedWith Connecticut. School Fund Commissioner. corporateBody
associatedWith Kingsbury, Andrew. person
associatedWith Ripley, Hezekiah. person
associatedWith Treadwell, John. person
Place Name Admin Code Country
Connecticut
Ohio--Western Reserve
Western Reserve (Ohio)
Subject
Education
Education
Bonds
Bonds
Connecticut
Connecticut Land Company
Connecticut. School Fund Managers
Land tenure
Land tenure
Mortgage bonds
Mortgage bonds
Public lands
Public land sales
Public land sales
Real estate investment
Real estate investment
School lands
School lands
Western Reserve (Ohio)
Occupation
Activity

Corporate Body

Active 1801

Active 1810

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