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 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. 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