sageways between the country east of the state and the country west. Accordingly, on the thirtieth day of March, 1792, the following act was passed by the legislature: An Act for establishing and opening Lock Navigation within this State.[1] The legal name of the company which was to operate on the Mohawk was the "president, directors, and company of the western inland lock navigation in the state of New-York." The word "northern" was inserted in the legal name of the Hudson-Lake Champlain company, which was otherwise the same. The two companies were chartered by one and the same act, on exactly the same basis; we will consider, however, only the one under discussion.
The Western Inland Lock Navigation Company, to operate between the Hudson, and Lake Seneca and Lake Ontario, was to be capitalized at $25,000; one thousand shares of twenty-five dollars each, no stockholder being allowed more than ten shares. The subscription books were ordered to be opened at New York and
- ↑ Laws of the State of New-York (New York, 1792), vol. ii, ch. xl.
