The national Republican., 1867-07-12
GHO.sErowH mArTKns.

SBOBSsKOWn hAEEH0s
MzacnAHrs' Mnnrna.--Punusatt 10 adjourn.
nsnt, ths merchants asd badness men gspsr.
lily Of Gsorgstewn held meeting at the rooms
u ths Msrssants' R1ehangs ysstsrday, 70 far
her consider the subject of organising the Po-
lomao Water Power Company, and taking further |
Aotion relating 70 the squsdust and Aisrandris |
sanai.
The meeting was called 10 order By Evan Ly. |
ons, ESQ.,, prssldsnt Of the Merchants Exchange,
and Thos. Wheeler, ESQ.,, acted as secretary.
John A. Wills, ESQ.,, Of washinston, was In. |
70 be inaugurstsd which would prove Of general
interest, and relieve the community Of George |
town Of the incubus Of inactivity which has 90
long hung - . pail over the people. He said
must BE- done 70 break the bands that
fstter the community, and therefore would advo-
cate an enterprise which, though private In itself
was Of public bensht. He said Mr.. Henry A.
Dodge had secured grant from the chesapeake
and Ohio Canal Company Of the surplus water.
power on the Georgetown level, now existing and
10 be created By an improvement Of the feeder
and dam No. l Of said canal, at the Little Falls
Of the Potomac river, four miles above George
town. Upon tho basis Of this water privilege
Mr.. Dodge proposes to organise 9 water. power
company, With view to develop the resources
and notwithstanding industry Of the District Of
Columbis, with capital stock Of $500, 900. dn
shares Of $1ool with the privilege Of incrsasing
the stock 70 $500, 900.
Mr. W. said Il was . fortunate occurrenos that
the great franchise had been secured By sitissn
Of Georgetown, and he thought II very liberal on
the part u Mr.. Dodge 10 give the people Of
Georgetown an opportunity TO share with him
Joint stock company, which Is offered TO them
at one half Of Its real value. He desires to or
ganirs the company with $500, 900 stock capital,
and the only cash required would be $50, 600, or
less, to make oil necessary improvements and
rsPairsi and for every dollar thus spent yield
Of three dollars will result. Careful surveys and
estimates have been made By eminent engineers
Of the outlay necessary TO develop this water.
power and from them Il appears that BY an sxpsn.
diture Of about $50, 900 an immediate increase
Of some Q, 900 inches Of surplus water power can
be obtained, and that further increase can be
secured BY proportionally small additional out
lays. from time to time, as an increased demand
for tho water.powsr shall arise. The estimste
is not only for the water used BY the mills now
running, but for double the amount, with . Wow
10 ascertain what smount Of surplus can bo Gre
ated.
The speaker felt confident In saying that the
expenditure would create at least Q, 900 inches
surplus, and inquired II there was . demand for
that amount. Tho quantity Of water used east
Of the aqusduct Is limited, so as not TO inter
fere with navigation. He understood there was
IN OuoT IOr ftVVu tuCuont huu II W. sho oa'P'e'
can be used at once, therefore making market
Immediately for the 6onui in running the present
mills and those contemplated.
As . money interest, tho stock will yield . per-
oentage Of rs cents II all Sold but should only
half the stock be disposed off would pay l2I PER
cent interest which is as much as similar invest
msnts yield. At existing rates, the sales Of this
quantity Of water $1,000 inches) will yield
| $50, 900 bonus, and t3 per inch annually there
| after, which to subscribers at dfty cents on the
dollar will pay an interest Of twenty-five por
csntum.
Mr.. W. said the enterprise was Of that do.
scriptiou which would run itself, costing nothing,
the dam becoming tighter aud hrmer every year
after Its hrst repair Tho organisation and per-
fection Of the Potomac Wster.Powsr Company,
he said, would be the means Of opening bril-
liant future, as q time would come In the history
Of Georgetown whom the level Of tho town will
bo converted into one whole water.powsr con.
duit AIludiug to the Alexandria Canal Com.
pany. Mr.. Wills said the proposition to give that
company an interest in the water.power was O
conditional one, allowing the company sixty
days to accept, but not fulfilling Its asgreemsn,
the power reverted to Georgetown He argued
that the enterprise now under confederation wal
one that concerned Georgetown s . whole, By
converting II into . manufacturing centre
which will play into commerce, rejecting baci
tho interest Of rs industry TO every property
holder; and he therefore urged every citisen u
take stock in the proposed company as moan
Of enhancing his own property should tn
proposition Of Mr.. Dodge Be not seosptsd her
! Il will 70 elsewhere, and money viii BE- put lat
the pockets Of those mot idsntiAsd with the Dis
In oonolusion, he said that the contract On
: tered into By Mr.. Dodge with the chssapssk
and Ohio Canal vas, that Mr.. Dodge shall us
and make sales Of water.power not needed 10
ktak hA q
} shall not be less than 2,70O inches that can b
disposed Of without detriment to tho canal, 70
J manufacturing purposes, tho expenses Of repair
! to bo pro rato, but tho Canal Company agree I
pay all expense Of repairs for water used 10
navigation.
MT. wills attributed the failure Of most join
, stock companies To the fact that vast sums Q
money are paid for repairs and purchase Of ma
J ohinery; but In this instance, whom the dam
put In proper order 1t will require no repair an
, the services Of q president directors, secretary
&c., receiving large salaries, would be dispense
I with. He was informed BY prominent bus
ness man that his water.powsr sewer costs hi'
about 81, 900 per snnum, and the waste OF wats
every twelve hours, II computed at the cost
Z coal, would amount to $s5. .ooo' Il the propose
b company was In successful operation, instead
! paying 81, 900 the cost per annum would not o.
eeed $500 for water power, and no such enormor
waste Of water would be permitted
At the conclusion Of the remarks Of Mr. will
the following preamble and resolutions, ofers
9 BY Mr.. D. L. Shoemaker, were adopsd:
2 Rs,olpsa, That BY 3 judioious Development
the great natural watsr.powsr Of the Potomi
river In our vicinity, ,we see no reason to prevent
. but, on tho contrary, many reasons to enoourat
u the belief that Georgetown before many yea
% may become great manufacturing As we'll as
70 great commercial city.
y Rssokved, That We have carefully examine
d and considered the proposals Of Mr.. Henry !
Dodge, for the formation Of company for u
10 Inauguration Of this policy BY tho improyomei
T. Of the wAter-power Of the Georgetown level
the Chesapeake and Ohio canal, to be called
p Potomac Water Power Company Of Georgetow
o and that as q homo enterprise Offering large
!, ducements for the profitable Investment Of cal
ID tai, we earnestly solicit In Its behalf the aoti
90. operation Of the millsrs, merchants, capiti
In lists, and citizens Of Georgetown generally,
Of subscription to Its stock.
ID ResolVed That the success Of this enterpri
sh must inevitably be followed by large inerea
ID Of our manufactures and commerce, togeth
% with Q consequent and proportional increase
n population and rise In the value Of real estai
and that, therefore, In our Judgment the pr
4, psrity Of our whole community Is 90 far identin
10 with It's success that II becomes the duty
every citizen to promote Its success, rs BY
doing he thereby most enectually promotes
own.
90 On motion Of Mr.. George Waters, the resol
IN tions were referred to the same committee