CAPT. JOHN CHANDLER.
��The company received its charter from the New Hampshire legislature in 1823, and erected its first two mills in the two years following, built of stone, and run entirely by water. When Mr. Webster became connected with the management, there were in •operation about 14,000 spindles, in three small mills, and the company was considerably embarrassed finan- ciallv. For many vears it struggled under the weight of these difficulties and the pressure of the hard times, but the ])erseverance of its founders kept its affairs active till better days should come. A \ery large portion of its original stock was owned by merchants and lawyers of Salem, prominent in the early days of that ■city's commercial importance. It is an interesting incident in the history of the company that out of the origi- nal number of twenty-eight stock- holders, twenty-one now hold, with their tamilies and descendants, over two thirds of its capital stock. Many of these men made in this their first investment in manufacturing enter- prise, and carr)-ing it through hard circumstances to success, ha\ e come to look upon it as upon some old keepsake, grown dear to them by long, association and companionship, and perhaps for the share it has ])layed in the fortunes of their lives and experi- ences.
Prominent among these Salem mer- chants were the firm of Pickman, Silsbee tS: Stone, already referred to. These experienced and far-seeing busi- ness men realized in Capt. Webster a coming man, fitted by his large expe- rience, pushing energy, and faithful integrity, to do a work for this com- pany that few could do ; to give its affairs the forcible direction needed, place it upon sound financial footing, and insure it complete success. Hence, in 1834, Mr. Webster was chosen clerk and paymaster, and also what was then termed " outside agent." It will be remembered that in those days a very large part of the shipping business was done by boats upon the river, and the
��entire charge of this department was his special business, while the agent proper gave his attention to the affairs of the office and yard. Mr. Webster served in this capacity until 1846, when he was chosen agent. He served as agent until 1855, when he succeeded Benjamin Wheatland as treasurer, in which capacity he served actively until declining health made his resignation seem necessary, which he tendered in 1 882, and was succeeded by J. H. Sawyer, of Providence — his entire service with the company covering a period of nearly a half century.
During this time two large mills were built, and the whole property greatly improved and enlarged ; new machinery put in, propelled by steam power, large reservoirs built to pro- vide a belter supply of water in times of drought, and every facility adopted that could enhance its value or increase its progress. From the time of Mr. Webster's first coming, it was his resolute purpose to place the affairs of the company upon solid ground, and make it a success from ever\- stand-point. That he attained this end, one has only to examine its pres- ent capacity and standing to be as- sured. Upon as sound a financial basis as any corporation in the state, it is profitable to its owners and an in- estimable benefit to the community around it. Its property adorns the place, and its management has always favored and supported all matters tend- ing to the good of the town. It was Mr. Webster's constant care and en- deavor to direct its affairs, not only toward financial prosperity, but for the best good of the community, seeking to produce harmony and good feeling between all, and encourage liberality, good order, and particularly the cause of education. Prominent in all that tended to the public welfare in what- ever direction, he was not partisan or sectarian, but always actuated by the highest motives.
In matters of religion Mr. Webster is a devoted Unitarian, but of suffi- cient liberality to see good in all peo-
�� �
