According to Swasey family tradition, this stone was used to measure property boundaries in the Mereidith's earliest days. Deed records, however, indicate its significance lies more in designating the southwest corner of the "Swasey mill lot."

As early as 1800, deeds show the mill yard "on the outlet of Measly Pond" (now Lake Waukewan), indicating the existence of mills before John Bond Swasey purchased the property. The stone also marks the corner of the old "Corporation Square," where community band concerts took place.

The current building at the corner of the mill lot was once the studio of on of Meredith's most famous residents, Bob Montana, creator of Archie comics.

To the south of the stone on Main Street, a number of noteworthy residents have resided including Baptist minister Parker L. Fogg, who was dismissed from the pulpit around 1830 for "indulging too much in intoxicating spirits."

The Elm Hotel also once occupied the property south of the stone and stood where the post office is located today.