Prior to the War of 1812, William Gray had the largest private fleet in the United States with 60 square-rigged vessels.

Elizabeth was a pioneer in philanthropy, volunteering a significant portion of her time to helping the poorest citizens of Boston.

In 1820, he was elected a member of the American Antiquarian Society[2] He owned Gray's Wharf in Charlestown.

[3] In Boston "he lived on Summer Street, in the mansion previously occupied by Governor Sullivan.

[5] He was also a part owner of the Dedham Manufacturing Company and was president of the Boston branch of the Bank of the United States from 1816 to 1820.