Evening star. [volume] (Washington, D.C.) 1854-1972, 1864-02-17
LOCAL NEWS.

RIVER AND CANAL IMPRovEMESrs.-O Our
citizens will find matters of great interest In
the following measure now before Congress in
relation to the river navigation and the drain :
age OF the city:
a BILL TO provide for the improvement OF the
Potomac River opposite the city OF Washing
Be it enacted By the Senate and House of Repre-
SenfGtirey Of the United States OF America an Con-
sress assembled, That the Secretary of the Ints-
the District OF Columbia, and the Mayor o; the
city of Washington, are hereby appointed COM
missionsrs whose duty il shall be, ster giving
at least thirty days notice of the same in one or
more OF the daily papers published in the cities
of Washington and New York, to open hooks
cf subs cIipion to the capital stock of the Poto-
mac improvement Conn pany, at some suitable
place in tGe city OF Washington.
Sec. .. Aid be Il TuTtssF enacted, That the cap
ital stock of said c0mpaLy shall cans 81 OF one
million dollars, TO be divided into ten Thousand
shares of one hundred dollars each; aad tnat
wherever an amount not less than one thou
sand shares Of said stock shall have been sub
scrihed in good faith, and ten pr cent paid
thereon to'sone person dnly designated by els
ccmmss toner's aforesaid to receive the SAM, it
shall be the duty of the commissioners atore-
said, by public notice OF at least twenty DAYS
in one or more Of the daily papers published
in the cities OF Wasbir gten and New York to
call meeting OF the stockho ders, at some
suitable place irs the city Of Washington, for
the purpose of electing not less than five nor
"a.
each Of whom shall be q stockhoider, anJ at
least two OF whom shall be residents of the
district of Columbus; and at such election "a n
share OF said capitai stock shall entitie the
holder thereof To one vote The com missiouers
aforesaid CT aty two of them shall at as in.
spectors Of sa ID election, and shall certify
Ger their hands The names of the directors thus
chosen, and shall also notify the said directors
OF their cleo ion; and OF the time and place Of
holding tie frst meeting of said dire ,rS; at
which meeting the aforesaid commissioners
shall deliver the said 5irpct1~s 10 pF
subscription 10 the stock of said coIilpaus II.
gether with the amount paid thereon, after de-
quoting all the expenses incid ut 70 said or
gariZation, including ten dollars per ~ ea IN
Tor their services while attending to the duties
herein provided 10 be- by them perform d; and
thersupon the stockholders, taeir successors
and assigns shah constitute body eorporat,
and polite In deed and in Lao. uudrr the
name, style and title Of "The Potgmac In
provpment Company" and ny that nara sha |
have perpetuai succession, and shall be 4 oia
TO sue and be sued, plead and be in plead n, ,
defend and he defended. IN all court; of law
and equity within he United States; ani to
make anG use common seal and ADOPT hy-
laws for its regulation and goS erhmeut; sad
corporation shall also have power 10 y IF
chase, hold ana sell real e tate and other prot-
erty, End 10 exc cute mortgages ami deeIs o.
trust uron its property and franchises, real
and personal; and 10 negotiate loans and hor-
row money upon its bonds or othsr securities
Meetings OF the stockholders OF said coroo-
ration ior The election Of directors, aud for "a
traDss ction Of other business, shall he holden
annually, and at such other times and upou
such notice US may be prescribed in the b.
laws.
The directors elected as hereinbefore proyi-
ded shall hold their offices for one year, a ad
until others are elected TO fill their places; aud
majority OF SAID directors shall constitute g
quorum for the transaction Of business.
Sec. ;. And be II further enacted, That the di-
rectors of said corporation shall at their first
meeting elect from their own number, pres
ident and vice president They may also from
time to time appoint q treas urer, secretary and
chiefengineer, together with such other OH GERS,
agents and employees as they may deem neces-
sary. each OF whom shall hold Office or posi-
ton cnly during the pleasure OF said direct ,rs
The directors shall also have power to fill va
cane ss in the board that may be caused by the
Cea1h, removal or resigns alton Of any OF its
members. They may ALSO require the sup
seribers to the capital stock to pay the amount
by them respectively subscribed at such time,
in such manner and in such installmants as
they may deem proper; and if any stockholder
shall refuse or neg lect to pay any installment,
as req uired by resolution of the board OF di-
Iectors after reasonable notice Of the same, the
said board of direc.ors may forfeit said st lck
and all previous payments thereon for the use
OF said eofpoI alton, under such gener resu-
latlons as may be adopted in the by. laws of
said corporation, or may 8 ne for and collect tie
same In any court OF competent jurisdiction
Sec. 4. And Le 1t further enacted, That the said
corporation Is hereby authorized aud emuoH-
cred to locate and construct snch breakwa ecs
In The Potomac river from and below the 10 wtr
end OF Mason's or ABaiostan Island, as NAV
navigabte channel OF said river from Its pres
ent iocauon, so that it will run parallel with
and contiguous to the general outline Of the
maryland shore or said river in front OF tn
city OF Washington-npons such loo iIions and
plans fer the same as may be approved by the
aforesaid commissioners or either one OF them
acting in connection with the Secretiry of the
Interior; and sad company are authorized and
empowered TO remove any por ion of the pres
ent Long Bridge across said river opposite the
foot OF Fourteenth street apd Msryland ave-
fnr
mept OF the requisite width and depth for the
said rev chanLel, and to construct in lieu
thereof and across the Potomac river upon
snrh plans and locations as may be approved
by The Stores aid commissioners, a new aud
permanent bridge OF stoI and iron, ID consist
ct suitable sPalS and draws for the g. fe pas
sage OF the water, and the accommodation OF
steamt oats and yeseeis navigating said river;
and TO be suitahie and con veuisat for the pas
sage CT railroad traffic and common travel
over tie same.
Sec. s. A;.d be II further enacted, That whan-
ever the said corporation sha have completed
the Improvement as tne same are herein con-
ternplaied and provided for, and the same
shall have been certified and approved by ths
. comm nissioEers aforesaid, then the title OF so
much land ard river bottoms as may be re-.
clsiInt q by said improvements and as may now
be vested in the Uiited States, snail become 4
vested in said corporation; and the same may
lie sold or used by and for the benefit of said \
corporation in any manner that shail not in
priy az indiyic pRIs or corporations.
Sec 6. And be it further eadcted, Thai said
cor por alton is hereby authorized and empow. 4
cred 10 levy and Collect under the sanction
an 1, apnroyai OF the aforesaid comm .ssioners.
such tolls ppon' the railroad ana comm IN trayei
and traffic Ser said bridge herein autboriz.d
TO LP eonsiructsd IN lieu OF the present Lnue
Bridge, ss may ne. necessary 10 pay for ina
Inainienapee OF said hrdgeSnd the intsre It at
seven rsr cent per annum on the entire cost of
its construction, aud TO accnmnlate at thu end /
OF twenty yrsrs from its completion n sia king
fund which snsilrepay the TOT its censtruc.
tions snd hat after the expiration OF said
twenty >, ars, and the repayment 70 s.id corno.
ration q said principal and interest, the said
bridge shall become the property Of the United