In November, 1813, nine men met in the city of New York to sign an agreement, handwritten by Nicholas Low, to form the Ballston Spa Company for the manufacture of cotton, wool and linen fabrics. They pledged an initial capital of $100,000 in shares of $100 each. A month later the Company announced it would “extend the capital stock” to $800,000, a staggering sum for those days.
Low was a businessman and friend of the rich and powerful of the nation. One was his late colleague Alexander Hamilton. During the 1790s, Low helped midwife the birth of the village of Ballston Spa, in Saratoga County. He owned most of the land upon which it was laid out and spent a fortune developing the village, including the famous Sans Souci Hotel. [Read more…] about Ballston Spa’s Abandoned 1814 Factory Awaits Rediscovery