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1860-61.] Doci^MENT No. 22. 9
is founded. He anticipated no little difficulty in obtaining
even a naked charter, as the State of Virginia owned $190,000
in the stock of the Dismal Swamp Canal Company^ with
Avhich work the one desired would come in direct competition,
and if successful would eventually supersede it. Mr, Parks,
therefore, applied for the revival of an old act, and the charter
was granted by the Act entitled " An Act to amend and re-enact
an Act passed 15th March, 1850. incorporating a com-pany
to be called the G-reat Bridge Ijumber and Canal Com-pany,"
for the purpose, as expressed in the Act, of obtaining
lumber and cutting a canal from the waters of Elizabeth
river to the waters of North Landing river in the State of
Virginia. This charter authorized a capital of not more than
$500,000^ nor less than $50,000, and is liberal in its grant
of privileges. The benefits of the charter were secured by the
unaided eilbrts of Mr. Parks, by inducing his friends to take
the minimum amount of stock, $50,000, in the time pre-scribed
by law ; and the company was duly organized in No-vember,
1854, with the following officers : Asa Worthing-ton,
of New York, President ; Marshall Parks, Vice Presi-dent
; James Gordon, Thomas V. Webb, B. F. Simmons and
A. M. Burt, Directors. The city of Norfolk, though at one
time fully impressed with the importance of the proposed
work to its own prosperity, as is manifest from the survey
ordered by the Common Council, took no stock, although
havincr, under the charter, authoritv to subscribe in its cor-porate
capacity. Not only so, but a larger portion of the
merchants and traders of that place looked upon the scheme
as visionary, and by refusing to extend any aid to its advance-ment,
rendered it extremely difficult to induce non-residents
to embark in the contemplated undertaking.
Tt being necessary to secure from the Greneral Assembly of
North Carolina a confirmance of the charter obtained from
the legislature of Virginia, or a distinct act of incorporation,
Mr. Parks collated and published, for the ]>ublic, a pamphht
containing many facts and statistics bearing immediately
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| Title | Page 975 |
| Full Text | 1860-61.] Doci^MENT No. 22. 9 is founded. He anticipated no little difficulty in obtaining even a naked charter, as the State of Virginia owned $190,000 in the stock of the Dismal Swamp Canal Company^ with Avhich work the one desired would come in direct competition, and if successful would eventually supersede it. Mr, Parks, therefore, applied for the revival of an old act, and the charter was granted by the Act entitled " An Act to amend and re-enact an Act passed 15th March, 1850. incorporating a com-pany to be called the G-reat Bridge Ijumber and Canal Com-pany," for the purpose, as expressed in the Act, of obtaining lumber and cutting a canal from the waters of Elizabeth river to the waters of North Landing river in the State of Virginia. This charter authorized a capital of not more than $500,000^ nor less than $50,000, and is liberal in its grant of privileges. The benefits of the charter were secured by the unaided eilbrts of Mr. Parks, by inducing his friends to take the minimum amount of stock, $50,000, in the time pre-scribed by law ; and the company was duly organized in No-vember, 1854, with the following officers : Asa Worthing-ton, of New York, President ; Marshall Parks, Vice Presi-dent ; James Gordon, Thomas V. Webb, B. F. Simmons and A. M. Burt, Directors. The city of Norfolk, though at one time fully impressed with the importance of the proposed work to its own prosperity, as is manifest from the survey ordered by the Common Council, took no stock, although havincr, under the charter, authoritv to subscribe in its cor-porate capacity. Not only so, but a larger portion of the merchants and traders of that place looked upon the scheme as visionary, and by refusing to extend any aid to its advance-ment, rendered it extremely difficult to induce non-residents to embark in the contemplated undertaking. Tt being necessary to secure from the Greneral Assembly of North Carolina a confirmance of the charter obtained from the legislature of Virginia, or a distinct act of incorporation, Mr. Parks collated and published, for the ]>ublic, a pamphht containing many facts and statistics bearing immediately |
