Middletown transcript., 1894-07-21
A GREAT COMBINATION.

| Effected by II. p. Scott, of Whining
ton-The Peninsula to be Opened Up.
For some time past there have been
intimations that very important railroad
| and steamboat transaction was taking place
which would very materially aid in the
development of the lower part of this
Peninsula.
Through the energy of Mr.. H. P. Scott,
of Elliott, johnson & Co., the well-known
bankers of Wilmington, there have been
purchased the Baltimore & Eastern Rail.
road Co., the Choptank Steamboat Co., the
Maryland Steamboat Co., and the Eastern
Shore Steamboat Co. Captain Willard
Thomson, of Wilmington, has been re-
ceiver 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 East
ern Shore of the Chesapeake Bay, whose
traffic they practically control. could be
best developed by company with sufficient
ability to furnish the best transportation
facilities.
Mr., Scott has succeeded in securing the
financial support, in his undertaking ofMr.
John E. Searles, of the American Sugar
Refining Co., and his friends. A new COM
pany will be formed which will take over
these properties, probably with a capitali-
zation of 100000 common stock and
81. 100000 preferred and 81 ,25O,OOO first
mortgage per cent. 40 year gold bonds.
The properties which will go into the
company will comprise about 90 miles
of railway. which have been relaid with
new steel rails within the last three years,
very valuable rolling stock. equipment,
terminal properties, &C., Is first class boats,
majority of which are as magnificent as
any bay steamers. and considerably over
100 wharf properties, including South
street wharf. Baltimore.
Mr.. Scott's firm will probably offer the
bonds to its trade in the near future. They
will be first mortgage on all these proper
ties, which cost to build upwards of
$4,000, 900.
Since the interest on the bonds will
amount to but about 100000 per year,
and these companies under competition
have been averaging net total of about
100000. these bonds will be exception.
ally attractive.
Probably no section of the world is
better adapted for trucking purposes than
the lower part of this Peninsula, and with
able money assistance and modern trans
portation facilities it st ould be one of the
most thickly populated parts of the United
States. 1t tgrows almost everything that is
palatable. from soft-shell crabs to potatoes,
and since its products are almost exclu-
sively food products very little injury is
felt from business depressions. It's stuff is
perishable and must be shipped out. conse-
quently transportation earnings are practi-
cally sure. 1t is intended to associate with
the new company proper immigration
agencies.
The names of the gentlemen mentioned
are sufficient to assure all proper financial
assistance. In addition to those given, Mr..
Enoch Pratt, of Baltimore, and some of the
Eastern Shore people of Wilmington will
be associated with the new management
Anything that improves and develops
a portion of this Peninsula will have
favorable effect on this State, even though
resent operations are not within its limits,
md this movement is looked upon as one
,f the most important for good that has yet
,een taken.