Democratic messenger., 1894-07-21

Railroad and Steamboat Traffic
With the Eastern shore.

With the Eastern shore.
All the preliminaries for the con
solidation of the Baltimore AMI East
ern shore Railroad Company and the
Choptank. Maryland and Eastern
Shore Steamboat Companies have been
completed.
The syndicate is headed by Mr.
John f. SearleS. secretary of the
American Sugar Refining Company,
who has associated with hin. il is said
sufficient capital TO insure the -ncccS>
of the deal
Negotiations for the purchase Of the
steamboat properties have been closed
and part OF the purchase price has
been paid Contracts have been signed
by the presidents of the MARYLAND and
Eastern Shore Steamboat lines and the
representatives oi the syndicate Ia turn
over the properties into the con>olida-
tion when the whole purchase price Is
paid. which will be ~ soon rs 1t j.
called for Ii is said thai the piice
paid for the two Steamboat lines is
about 500, 900.
The syndicate has been formed for
,25O.OOO. New bonds To the amount
of $1,000, 900 will be issued hv the
consolidated company. With the
money derived from the sale OF these
bonds the steamboat lines will he paid
tor. and all liens against the Baltimore
aud Eastern Shore Railroad iha; come
in ahead of the first mortgage will he
settled
The formation of the new company
will he effected after the sale by fore
closure of the Baltimore Il Eastern
Shore Railroad. This foreclosure will
take place about the latter part of
August, and soon after that the new
company, which is 10 operate the con.
soli,lated properties. will be organized.
The present bonlholders of the Balti-
more x Eastern Shore Railroad will
become ints rested in the new corpor-
alton by The exchange of their present
holdings of bonds for preferred stock
in the new company. The bonds now
outstanding amount TO 81 10000.
These will be exchanged ut 63 per
cent. in the new issuelof preferred
stock. making 81 100000 in The pre-
ierred security.
The promoters of this consolidation
saw it will he equally advantageous to
Baltimore city and To the Eastern
Shore counties of Maryland. The
new company will he operated from
Baltimore. This will give il an inter
est in aiding I" build up the trade Of
the city with the eastern section Of
the State, and it is safe To assume that
il will always endeavor 10 increase
Baltimores facilities for trading with
the territory into which these several
lines will operate. The advantage 10
the Eastern Shore, say the promoters,
will he derived hy having one com
panv. with unity of Interests, serving
the farmers and shippers OF that see
iion. Directed from one central
head, every point on the shore can he
reached and served much more read
ily than when these companies were
operated as competing lines.
1t is the purpose of the new corpor-
alton Ia meet promptly all needs of
shippers and the travelling public. y
fast boat will soon he put on the line
between Baltimore and Claiborne and
connection made ut that point with
the railroad. giving speedy passage
between Baltimore and points on the
road from Claiborne TO Ocean City
On the other hand, travellers desiring
a long trip on the bay can take the
boat ut Baltimore and 30 as far down
as Salisbury or below. where conncc-
ton with the railroad can he made.
Thus the combination would he able
to give long rail ride or Il long boat
ride, rs passengers may prefer.
1t is furthur said by the promoters
that every important point in the
Eastern Shore counties, from Accomac
county, Va. to Talbot county, Md,
will he reached and shippers given
every facility Tor reaching the Balti
more market. and for placing their
products in section 10 which they
are naturally tributary and with
which they are, or ought 10 he, more
closely affiliated. Much of the trade
of the Eastern Shore has heretofore
gone To Philadelphia simply because
the facilities for reaching that market
have been better than for reaching
Baltimore. The new corporation will
endeavor TO correct this condition by
giving ample and quick services 10
L Ill. Lii.