Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1894-07-19

The Most Important Deal OF It's Kind on
the Peninsula Since the Pennsylvania
Railroad Company Acquired Control OF
the r., W. N B., and Delaware Railroads
Enoch Pratt, of baltimore. IL Interested
Henry p. Scott, Of the banking firm
Of Elliott, Johnson g. Company. OF this
city. has Just consummRted the biggest
deal in transportation lines that has
been made on this Peninsula since the
Pennsylvania Railroad Company acquired
control OF the Philadelphia, Wilmington
and Baltimore railroad, the Delaware
railroad and their branches, Including
the Delaware, Maryland aud Virginia
system
He has purchased the Baltimore and
Eastern Shore railroad, aud the Chop
tank Maryland and Eastern Shore
steamboat lines being backed financially
by John E. Searles, OF the American
Sugar Refining Company one Of the
leading cspitalis' OF the country.
Tho deal has been in contemplation for
two or three years and has been in the
hands Of a number OF brokers'. SIX
weeks ago Mr. Scott took the matter In
hand, and brought 10 TO a successful
1
regarding IL being given out to-day.
A new company will be formed which
will take In these properties, probably
with a capitalization Of 81, 600, 600 com.
mon stock and 81. 500, COO preferred and
| 81, 250 600 first mortgage FIVE per cent.
forty year gold bonds. The property
which will 20 into the company will com
prise about ninety miles OF railway,
which have been relaid with new steel
rails wi hin the last three years.
valuable rolling stock, equipment,
terminal properties, etc, some fifteen
hrst-elaes boats, about half Of
which are as magnificent asl any bay
steamers, and considerably over one
hundred wharf properties including
South street wharf, Baltim re- Mr.
Seott's frm will probably offer the bonds
TO its trade In near future There will be
a FIRST mortgage on oil these properties
which it cost upwards Of SO 600, 600 to
build. Since the interest on the bonds
will amount to but about $50 600 per
year and these companies under competi.
tioE have been averaging a net total Of
about $200. 600, there bonds will be ex.
ceedlngly attractive.
Captain Willard Thompson, Of this
city, has been receiver of the railroad
company as we'll as general manager of
the Eastern Shore Steam boat Company,
and it WAS his plan that these c9mpan-
les could best be mRnBged through con.
solidation and that the Eastern Shore OF
the Chesapeake bay, whose traffic they
practically control could ba best de-
veioped by a company with sufficient
ability 10 furnish the best transporta-
tion facilities tie and the other mer
interested In The transaction are much
pleased with the quickness displayed
by Mr. Scott in closing O deal involving
so many rival interests
The Eastern Shore Steamboat Company
was owned and controlled entirely hy
Wilmingtoniens. the leading men being
members Of the Harlan and Hollingswortl
Company Taylor Cause was presi-
dent aud Thomas B. Smith, Thomas
jackson and Captain Willard Thompson
were directors They are in accord will
the new management and will retain
part Of their interest In it.
In addition to Mr. Searles. Of Phila
delphia, Enoch Pratt, a well.kno FI
Baltimore fnancler, Is interested In the
project, not TO mention others whose
support will insure 10 all proper financial
assistance.
The projectors say that probably nc
section of the world is better ada pied
for trucking purposes than the lover
part Of this Peninsula and with able
money assistance and modern transpor-
tation facilities, Il should be one of the
mo t thickly. populated parts of the
United States 10 grows almost
every thing that Is palatable, from soft
shell crabs to potatoes, and since itl
products are almost exclusively
Of the food kind. very littl,
injury is felt from business depres
sion. It's stun is perishable ant
? must be shipped, consequently trans
4 portation earnings are practically sure
10 is intended to associate with the new
: company proper immigration agencies
: Anything that improves aud developes
3 portion Of this Peninsula will have
/ | favorable effect on Delaware, evel
though present operations are not withii
/, its limits, and this movement Is one O
the most Important for good that ha
] "a.