A Brief History of the Trust

By David McAvenny

Most of this article is taken from a letter in 1953 to the people of Annisquam from Henry Worcester, Alden French, and Brooks Stevens, Jr

In 1935 the property including the Bent’s Pasture and Lighthouse Beach was owned by Quincy Bent, a summer resident of Annisquam. This was the peak of the depression, and he decided he wanted to dispose of the property. He was considering offering it to the City of Gloucester as a public park.

Rejecting the Idea of a Public Park

Some Annisquam residents heard of this and felt that such a park would reduce the value of Annisquam property and spoil the rare charm of this unusually beautiful area. A group of three men, Mr. Henry Worcester, Mr. Arthur Wiggin, and Mr. Adolph Leeds purchased the whole property of twelve acres from Mr. Bent. They set up the Squam Rock Land Trust in which the title was vested.

It was expected that many of those concerned about a public park would purchase shares in the Trust but unfortunately this interest disappeared. 1n 1949, Mr. Leeds, no longer wishing to be a shareholder, sold his interest to Mr. Worcester and Mr. Wiggin. In the fall of 1952, Mr. Wiggin felt he wished to dispose of his shares also.

A group from Squam Rock Road and Adams Hill Roads had meetings to try to to find means of preserving the area and various plans were discussed. Since most of the group happened to be summer residents it was difficult to make decisions during the winter months. As a temporary solution, Brooks Stevens, Jr. bought Mr. Wiggin’s shares so that Mr. Wiggin could retire. That allowed decisions to be postponed until summer when all Annisquam residents could be involved.

Holding Off Developers

Mr. Stevens, in buying, believed that conditions had changed since 1935, and that many people in 1953 would be willing to purchase shares and participate in the ownership and responsibilities. There was little seashore property left, especially with a good beach attached, and in this case, there was a land court title going to mean low water. Already offers had been made by real estate developers, and the completion of the new Route 128 was expected to put more pressure on the Annisquam area.

Pasture and Beach Left Intact

There were many meetings in the summer of 1953 where various alternatives were discussed. At a very well attended meeting of the village Hall Association on Saturday night, August 16, 1953, the overwhelming majority voted to leave the higher land, the blueberry pasture and Squam Rock itself undeveloped. It was felt that Annisquam Residents could reach the beach on foot without undue hardship. The cost of ownership, annual taxes and costs were to be widely shared among residents and others interested in Annisquam.

The cost to the original purchasers of the Trust property in 1935 was $10,000. To that $8,000 was added for taxes paid over the 19 years since the purchase.

Shareholders established

These shareholders split their shares so that there would be approximately 180 shares of $100 in value. These shares were offered to local residents. It was made clear that if there were not at least 170 shares subscribed none would be accepted. It was also made clear to every purchaser that there would be no monetary return on their investment and further that there would be annual assessments to pay for taxes and other expenses. It was believed that intangible returns in other forms would make this investment worthwhile. Sales were limited to ten shares per individual shareholder.

The following year, on Friday, July 9,1954, the first meeting of the reorganized Trust was held. 198 shares had been purchased. The first action of the Trust was to purchase the shares held by the estate of Henry Worcester and Brooks Stevens, Jr. for $18,300.