Smyrna times., 1894-07-25
The Peninsula Traffic
CONSOLIDATION OF THE E, s, R, R,
AND VARIOUS STEAMBOAT LINES.

CONSOLIDATION OF THE E, s, R, R,
AND VARIOUS STEAMBOAT LINES.
For some time past there have been
intimatiOns that very important rail-
road and steamboat transaction was
taking place which would very mater
tally aid in the development of the
lower part of this Peninsula, and
EUery EUening is at last able to state
many of the facts for the first time.
Through the energy of Mr.. II. P.
Scott, of Elliott, Johnson & Co.,, the
we'll known bankers of Wilmington,
there have been purchased the Balti,
more 4 Eastern Railroad Co., the
ChOptauk Steamboat Co., the Mary
land Steamboat Co., and the Eastern
Shore Steamboat Co. Captain Willard
Thompson, of Wilmington. has been
receiver of the railroad company as
we'll as general manager of the Eastern
Shore Steamboat Co., and it was his
plan that these companies could best
be managed through consolidation. and
that the Eastern Shore of the Chesa-
peake Bay, whose traffic they practi-
cally control, could be best developed
by company with sufficient ability to
furnish the best transportation facili-
tiles.
Mr.. Scott has succeeded in securing
the financial support in his undertak-
ing of Mr.. John E. Searles, of the
American Sugar Refining Company
and his friends. A new company will
be formed which will take over these
properties, probably with a Capitaliza'
Of n cfn
81 100000 preferred, and $1,000
first mortgage five per cent gold
bonds.
The properties which will go into the
company will comprise about ninety
miles of railway, which haye been
relaid with new steel rails within the
last three years, very valuable rolling
stock. equipment, terminal properties,
etc. fifteen first. class boats, majority
of which are as magnificent as any hay
steamers, aud considerably over 100
wharf properties, including South
street wharf, Baltimore.
Mr.. Scott's firm will probably offer
the bonds to it's trade in the near
future There will be first mortgage
on all these properties, which cost to
build upwards of $3,00O,0O0.
Since the interest on the bonds will
amount to but $50, 900 per year, and
these companies under competition
have been averaging a net total OF
about 100000, these bonds will be
exceptionally attractive.
Probably no section of the world is
better adopted for trucking purposes
than the lower part of this Peninsula
and with able money assistance and
modern transportation facilities il
should be one Of the most thickly pop.
ulated parts of the United States. II
grows almost everything that is pala.
table, from soft-shell crabs to potatoes
and since its products are almost exclu
sively food products, very little injury
is felt from business depressions. Its
stuH is perishable and must be shipped
out, consequently transportation earn
ngs are practically sure. It Is intended
to associate with the new company
proper immigration agencies.
7 The names of the gentlemen men.
toned are sufficient to secure al
proper financial assistance. In addi
tion to those given, Mr.. Enoch Pratt,
of Baltimore, and some of the Eastern
Shore people will be associated in the
new management.
Anything that improves and devel
. ops portion of this Peninsula will
have a favorable effect on this state
even though present operations are no
I within its limits, and this movement il
looked upon as one of the most imDor
tant for good that has yet been taken