Smyrna times., 1871-11-29
10 junction and Breakwater Railroad.

THE Junction ana Dr6dkWdG6r hdllr0aQ.
u, Friday. 18th inst, at meeting Of the
D;ractors of the Junction and Breakwater
H,iir,ad Company, a very important question
=, tbe interests of the people of Sussex county
',,s srttled. 1t was nothing less than confirm
;',r the posSesSion of said road to Mr. Baum
rarlnpr. of Lancaster CO., Pa, or placing the
ee.ntrolGug interest in the hands of the New
Work friends of the enterprise. 10 properly
understand the whole matter, 1t is necessary to
raview sorae of the history of the road. The
s,.t section, from Harrington to Milford, it
I'LL br remembered, was constructed through
o;j received from the lottery grant. The second
",ction from Milford to Georgetown, after a
j9ng suspension of the work, was started by
,be S15 600 stock subscription of our New
York friends.
M Its comnletion was assured by the loan from
ha Stotn The third and last section from
,SnorTetown 40 to Lewes, was built by contract
r;tb NaSsrs. Barry 4 Shelf, who were the
friends and agents or partners of Mr.. Thos.
Ranm,,rIner. a of Lancaster CO., Pa. They
cnmm,strd the road, backed by Mr. Baumgard
nor who was the capitalist, with iron greatly
;nf,rior TO any that had before been used on
tbs rand and were paid 5000 90 in cash for
tbo;r work. and besides, were given 5000
Sbar.S of the stock of the company, which, at
ifS value, dtuUuulCu " - LOU,NhI.NWI more.
V,w when we remember that there has only
baen issued altogether, $1,000 shares of the
car;tl stock of the Company, it will at once
bp seen that Mr. Baumgardner, who is the real
a cnrr Of this stock has majority Of all the
Stack of the company thus far issued, and is
thereby enabled to control the whole road in
his interest. The upshOt of it all amounts to
this; this Mr. BtumSardner was paid in cash.
or its equiv mt, very nearly, if not quite, the
full cost of all the materials furnished and
ali the WORK done on the road BY him or his
partners and then into the Jarqain ,cas hrolru
the wtoic vad JirOm Hurringfon TO Le,res !
aud this to pay him tor constructing. in an
inferior manner, only the third sections of Is
miles with the pier at Lewes Under such
bargain his 5000 shares of stock cost him
little or nothing; not at any rate exceeding SIS
per share.
With this 5000 shares thus acquired. Mr..
Blumgardner manages to own aud use the
whole road in his own interests.
The New York friends of the enterprise
who had already put IN $4,000 cash into the
road, and secured the organization of the \.
Y L. Del steamship company to run at a
very heavy loss, in connection with the road.
aud which has already run the connecting line
for two yearS-were willing, and desired to put
in $l0)UJ)0O more of cash capital, at once, to
relieve the road of all its debts except the /
State lien, and put it on its feet entirely, and
wholly relieved from embarrassment for the /
fluTt, and secured with its New York conncc- \
TONS forever to the Interest of the people of
Sussex countv-lnly asked in return for their /
money that sufficient amount of the uniSsued
capital stock OF the company y-iOt worth cent
10 our peop!e-ShOuit be issued to them t,
give them the control Of the management of |
the road In addition to this, they pledge !
themselves to build the road from Georgetown
to Seaford, and have it in complete running
order by the 3Dth Of April next.
1t was between these two parties that the |
directors, were called upon to decide.
llr. Baumgardner has again and again I
declared that his interest in this matter is on.y
that ne may m Ike all the meney he can tor his
stock he has been exceedingly anxious to
sell It. aud has tried hard to dispose of it
Satisfactorily, but failed; and he is determined
to ho.i the r5ll in his clutches and in his
interest until he can do 80.
On the other hand the New York parties.
while hoping interpreting ultimately, to make
money III the enterprise, look to building up
great system Of railroad connections en- and
across the Peninsula. tributary to the New
York market, that shall result in the develop
ment OF the resources Of the Peninsula, and
create large business for the road and steam
snip Inc that shall pay in the future.
With It's affairs in this condition and under
tnese circumstances, the majority of the board
ueho9rateiy voted to confirm the possession Of
The road IN the hands of Mr. Baumgardner