Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1895-01-19
Sinepuxent
.....Beach Co.
pHILADEIPHIANS WOULD
BUY THE OCEAN CITY
PROPERTY.
But one man. Who holds an OPP
ton on u Majority of the
Stock, Prevented the
Closing of the
Bargain.

stock, Prevented the
Closing of the
Bargain.
Philadelphia capitalists are endea-
voring 10 purchase the property Of the
Sinepuxent Beach Company, but
barrier, unlocked for n it j. novel.
has obstructed their operations. and
may eventually throw the company in.
to court for powers to sell. The Sine
puxent Beach Company is composed
Of Baltimore and Washington bust
ness men, and was organized Tor the
purpose of developing Ocean CITY and
surrounding property.
For some time past officials Of the
company have been negotiating with
Philadelphia capitalists interested, and
they have, il is stated, made n
splendid offer for the property. The
company's stock Is valued at 500.
Upon investigating the books Of the
company, It was found that Il control
ling interest was held by Mr.. John +.
Waggaman, OF Washington. ID. C..
All the stock was, however, called in
on this offer, and wa. deposited with
the Mercantile Trust Company, of
Baltimore, which was 10 arrange the
transfer 10 the Philadelphia parties.
Then the obstacle appeared Mr.Wag-
gaman. II Is stated. does not own n
share OF thu stock in the company.
He had succeeded in purchasing an
option on majority OF the stock. pay
ing rs much a Sll0 per share for
some OF il, and had sold ii to various
parties. In the sale, however, he re-
tanned the voting privilege on each
share, 81 that, though personally own
ing not one share, he holds the voting
power of over half the stock. When
the question OF the sale came up, Mr..
Waggaman, il is said, refused 10 dis
pose OF this voting right without com
pensation. asking, il is said, $4,000
for bis interest in the company. This
the company would not give, and the
prospective buyers felt no desire to
pay so much To Mr.. Waggaman to
secure his release of his right 10 vote
on the stock of the company, they say.
Every share, however, that Mr.. Wag-
gaman had sold had been sent To the
Mercantile Trust Company. its own.
ers being DESTROYS OF parting with it
at the advantageous figure offered by
the Philadelphia parties. The latter
have visited the property, and have
come to the conclusion that its posi-.
bilities are good. They would, they
said, pay a considerable price for 1t,
and would expend considerable money
in its improvement. The bulk of the
stockholders, some Of whom reside at
Ocean City, are, they say, much wor-
ried over Mr.. Waggaman's delay.
Several stated yesterday that the mat
ter might probably be taken to court.
where receiver could be appointed
and the property sold. despite Mr..
Waggaman.
The Sinepuxent Beach Company
was incorporated in 1890. The com
pany has capital stock Of $685. 900
The investment was a profitable one.
but it is said that more money is need
ed to bring about the best results and
develop the possibilities of Ocean City
than the company could command.
The sale of the property was deemed
the wlsest course 10 pursue The
present officers of the company are !:
Charles Goldsborough, president; Har.
vey l.. Page, vice president Robert
G. keene. secretary aud treasurer.
These, together with John F. Wagga
man, W. Sidney Wilson. Calvin b.
Mutt, James Bates, |. +. Emerson and
b. X. Plain, from the board of direc-
tors for the present year.