The Pulteney Association
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The Pulteney Association was a purchaser in 1792 of a large portion of the Western New York land tract known as the Phelps and Gorham Purchase. The Pulteney Associates were British investors. Nine-twelfths was owned by Sir William Johnstone Pulteney (1729-1805), a Scottish lawyer, two twelfths by William Hornby, former Governor of Bombay, and one-twelfth by Patrick Colquhoun, a Scottish merchant. Some of their heirs owned land in western New York into the 1920s, with the last parcel of The Pulteney Association property, 10 acres (40,000 m²), being sold in December, 1926.
In 1788 Oliver Phelps and Nathaniel Gorham purchased all of Massachusetts' preemptive right to land in Western New York, some 6,000,000 acres (24,000 km²) (the "Phelps and Gorham Purchase"). They were to pay $1,000,000 in three equal annual installments for this land, payable in certain Massachusetts securities that were then valued at 20 cents on the dollar. Under the terms of the purchase agreement, they took title only when they extinguished the Indian title. Later in 1788, they were able to extinguish Indian title to all lands east of the Genesee River between Lake Ontario and the Pennsylvania border, as well as a tract 12 by 24 miles long paralleling the west bank Genesee River ("The Mill Yard Tract"), all totalling some 2,250,000 acres (9,100 km²).
In 1790, with the price of Massachusetts securities soaring, Phelps and Gorham became unable to pay the second installment on the purchase contract, and the preemptive right to lands west of the Genesee River reverted to Massachusetts. The state resold that right to Robert Morris, a signer of the Declaration of Independence, a financier of the American Revolution and the wealthiest man in the United States. (See Holland Land Company, The Holland Purchase, and The Morris Reserve.) Phelps and Gorham did receive the deed to the lands east of the Genesee to which they had extinguished title, but they conveyed all of the remaining unsold land to Morris.
In 1792, Morris' London agent, William Temple Franklin, grandson of Benjamin Franklin, sold 1.2 million acres (4,900 km²) of the Phelps and Gorham Purchase east of the Genesee River to The Pulteney Associates. The Pulteney Purchase, or the Genesee Tract as it was also known, comprised all of the present counties of Ontario, Steuben and Yates, as well as portions of Allegeny, Livingston, Monroe, Schuyler and Wayne counties. After Sir William's death in 1805, it was known as the Pulteney Estate.