Evening star., 1932-02-21

Gen. Henry Lee, receiving part payment and
contract for $4,000 more in three annual
installments with interest at per cent Gen.
Lee, however, forfeited the payment he had
made, and the share owned by Washington
finally sold at auction by his estate in
1928 for $4,000
\A/AsHINGTON'S first public engineering
enterprise after the Revolution was the
Potomac River Co., in which he was a prime
mover. He had attempted previously I'd in
terest Virginia and Maryland in improving
navigation Of the Potomac to establish a trans
pcrtation line over to the headwaters Of the
nection. The immediate purpose was to secure
fur trade and other commerce Of the great
valleys beyond. In 1772 the Virginia Assembly
had enacted bill for the organization of q
stock company to clear the Potomac Two
years later Washington and John Ballandyne
started to raise subscriptions but the war de-
layed the project
In September, 1884, he set out to make his
sixth and last trip beyond the Alleghenies, re-
turning October 4. having travelled 6s1 miles.
The result was the incorporation by Virginia
and Maryland Of the Potomac Co., first great
interstate commerce corporation Of the United
States. The company organized in 1785 with
Washington as president. For almost four
years he devoted time, energy and money to
the project, travelling up and down the Potomac
to supervise operations.
This work Of Washington lent inspiration to
other internal improvements Of the country,
such as projects for canals in New York and
Pennsylvania and roads to connect them With
the Ohio Valley.
The State of Virginia moved to give WASH
ington more than 10000 worth of Potomac
Co. stock to his proposed national university
River Co. stock, In appreciation for his seTv-
ices. washington, however, declined both IS
personal gifts. but accepted them with the
proviso that he be permitted to donate the
grants to public purposes. He left the Potomac
Co. stock to his proposed National University
and the other stock to what became Washing
ton and Lee University.
That part Of the Potomac River improve
ment including the dredging work and build
ing of canal around Great Falls and Little
Falls was accomplished. The remainder Of
the plan to carry the canal to Cumberland
and to build a road from the headwaters of the
river across to headwaters Of the Ohio was
deferred until after the War Of 1872, when the
Chesapeake & Ohio Canal Co. was chartered.
Out of this project came the plan and building
of the Baltimore & Ohio railroad.
Washington was also interested from his
youth in the Ohio Co, which was chartered
in 1H9 to establish settlements west Of the
Alleghenies and to develop and direct trade
with the Ohio Indians. The stockholders In
cluded Gov. Dinwiddie and both of Washing
tons half brothers. The company erected a
store, and Col. James Byrd built fort at the
mouth of Red Stone Greek, where the town
Of Brownsville now is situated. The company
also started to build fort on the site of what
now is Pittsburgh, but this the French captured
and completed as Fort Duquesne.
Washington was also an investor in bank
stock. He came into possession of consid-
cradle holdings in the Bank of England in con-
nection with the Gusts properties. which were
sold for him by an agent after the Revolution.
His efforts to make Alexandria q large COM
mercial city led to the chartering Of a bank
there Washington was q stockholder in this
bank well the Bank Of Columbia.
His vital interest in land investments led
him to purchase 5000 acres in the Mohawk
Valley OF New York, which In interest and
principle cost him 1,sT5 pounds. He had sold
about two-thirds Of this property by 1898. and
valued the remainder ct. $6,000.; P.'