In 1789, legislation had shown that 22/40 of company ownership was shared by Cabot and Higginson incorporators, with 9/40 being owned by Fisher, 4/40 by Brown, 4/40 by Thorndike, and 1/40 belonging to Chapman.

On February 17, 1789, the Massachusetts legislature decided to repay The Proprietors of the Beverly Cotton Manufactory for £500 of their losses and efforts in starting the mill, as a valuable resource for the community.

[5][6][7] Although the plant was not erected until the summer of 1787, there are port records indicating shipments of cotton being imported as early as March 1785.

George Cabot persuaded Thomas Somers and James Leonard, investors from England, to come to Beverly in the fall of 1787.

[8] "A building of brick was erected in the second parish, near 'Bakers Corner,' at the junction of Birch Plain and Ipswich Roads.

He made notes in his diary that "In short, the whole seemed perfect, and the cotton stuffs which they turn out, excellent of their kind.

Much of the funding that kept the mill alive in the beginning years came from the Public Treasury of Massachusetts in the form of a bailout.

Being a major asset to the region, they noted the following: the employment of otherwise unlabored women and children, the ability to fabricate almost any type of cotton or linen at the time, the low costs of cotton locally in the region (50% lower than imported goods.)

Several proprietors and contributors did not join the ownership, including Nathan Dane, Thomas Somers, and James Leonard.

On February 17, 1789, The Legislature decided to repay "The Proprietors of the Beverly Cotton Manufactory" for £500 of their losses and efforts in starting a valuable resource for the community.

"[16] On January 11, 1798, John Cabot and Joshua Fisher, having bought all shares of the company, sold the five and three-fourths acres of land to Samuel Blanchard of Wenham for $2630.29.

Blanchard operated the factory on his own account until March 21, 1801, when he sold one-third to George S. Johonnut of Baltimore for $1,011.01.

It has been mentioned that the mill may have ceased operation during the Embargo of 1807 when commerce in Salem and Beverly was paralyzed.