It is named variously for businessman Samuel Waldo, who eventually gained control of the patent, and for the Muscongus River, one of the grant's boundaries.
Trade was carried on without interruption to the mutual advantage of the European-American settlers and natives until the opening of the first Indian Wars in 1675, a period of 45 years.
After 1675, the patent lay dormant until 1719 when Leverett's great-grandson, John Leverett, President of Harvard College, revived the ancient claim and formed the Lincolnshire Proprietors, also known as the Ten Proprietors, so named for the ten shares distributed, one to each member.
[1] In 1759, Waldo accompanied the governor of the Province of Massachusetts Bay, Thomas Pownall, and his 400 men to help establish this site.
To open the Penobscot River area to settlement, the governor selected Fort Point in Stockton Springs to build a breastwork and blockhouse.