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 had been opened and the canal about Great Falls completed. It was given out that in July the entire force of workmen would be concentrated at Shenandoah Falls to hasten the opening of a channel at that point. At the annual meeting in Alexandria, August 4, it was reported that high water had delayed operations but that by November 1, the channel would be open from tide-water to Cumberland. Since the last meeting of the company £2,990 sterling had been paid into the treasury, making a total of paid up assessments to date of £13,719 18s 8d.

The election of a president for the year ensuing was postponed, as it was plain that Washington was soon to be named President of something of more note than a Potomac Company. In May 1787 he had been elected president of the National Convention at Philadelphia, and it was clear that he would be first choice as executive of the new republic. He was elected President of the United States for the term beginning March 4, 1789. From the day of his withdrawal from the Potomac Company its affairs languished—proving