The lake is classified as a cold- and warmwater fishery, with observed species including rainbow trout, smallmouth bass, chain pickerel, horned pout, and white perch.

[2] It supplies drinking water for the town of Meredith from an inlet near the south end of the lake.

[3] The water level is controlled by the Dam Bureau of the New Hampshire Department of Environmental Services.

Corliss Brook) was purchased by John Jenness in 1795, and used to power a gristmill and sawmill in Meredith Village, though it was not the best local waterpower source.

[5][6] John Bond Swasey redirected the flow into a 600-foot canal and consolidated waterfall (construction 1816-1818) which greatly improved the amount of waterpower available, allowing further industrialization of the village.