Smyrna times., 1899-06-21
STATEMENT OF FACTS
CONCERNING THE LOCAL STEAMBOAT
WAR AT SMYRNA, DEL.
Its Relation to the Local Trade, as Given
by the Secretary of the Philadelphia
and Smyrna Transportation Co.

Oy tne secretary OF the Philadelphia
and Smyrna Transportation Co.
SO much has been written in our
State papers and as most of the infor-
nation seems to be of very visionary
nature and various journals have given
out very sensational statements not
founded on facts, it seems best now
the matter has been settled, to give
correct version of a matter, which for
small local business, has attained
wonderful and inaccurate publicity.
In 1896, during the panic and short
ness of money to be loaned, Philadel-
phia & Smyrna Transportation Co. was
forced into the hands of the sheriff.
All properties were sold and the COM
pany paid 100 cents on the $1.OO on all
of its Indebtedness, except about 81, 900
and at the same time it's propertyw was
sold at loss of over $13, 900 less than
the appraised value. Realizing that
the business developed by the organi-
zAtion by twenty years work was
worthy of saving, some of the stock
holders bought in the wharf proper
ties and other real estate, and contin-
ued the business. Considering the
company to be i'll crippled condition
and easy to overcome, George F.
Brady, of MiddletOwn, and others, put
on another steamer in opposition, Civ
ing it out they would squeeze the
company out of existence.
In 1897, they built the iron steamer
Geo. F. Brady and equipped it with all
the modern cOnvencies and reduced
rates one half.
The old company had established a
reputation for fair and honorable deal
ing with its patrons and i'll the hour of
need, the public continued to place it's
business with the old company, even
at higher rates and fewer modern con-
venience. 1t was question of money
opposed to public opinion and by the
steadfast adherance of the people the
Transportation Co. was able to
weather the storm.
In 1897, the Steamer ..'E. Van Sewer"
was bought and placed on line by the
old company. The Brady company
continued the fight losing money all
the time. In 1898, to give the farmers
an outlet to the large crop of straw
berries, the old company bought the
Steam Barge Anna and Mary" and gave
a daily and successful service to its
patrons.
The uneven fight dragged on, but
there was but one ending of it to any
impartial observer.
In the fall of 1898, it was decided to
build a new and modern boat and
Enoch Moore & Sons, of Wilmington,
made model and contract was placed
conditiOnally. At this time the
Steamer Delaware" new boat,
bnilt out West, came into these waters,
and as she was for sale and seemed to
meet the requirements, the contract
for the new boat was held up until a
trial of the Delaware" could be made.
It took some time to get this steamer
ready and when tried she failed to fill
the requirements. 1t was then too
late to build and several boats offered.
were examined without any choice
being made.
About this time, Jno. w. Watkins,
the manager of Brady Steamboat Co.,
made a proposition to buy or sell to
Cosgriff & Beck, but as it was not au-
thorized, it was passed by and Mr..
Watkins then ordered CosgrIff & Beck
to go to Middletown to see the Messrs.
Brady on the subject. The next ad-
vance was made by W. H. Brady, sec
retary and treasurer and John W.
Watkins, manager, of the Brady Steam
boat Co., calling on James p. Hof-
fecker and asking him to go with them
to call on j. II. Hoffecker. This call
was carried out and proposition was
made to consolidate. Mr.. j. II. Hof-
fecker promised an answer in few days,
and after consulting those interested,
he was authorized to reject the propo-
sition on account of its unfeasibility.
The capitalization would have been
over $3.50, 600, and this would have been
too high for profit. Mr. j. II. Hof.
fecker then, on behalf of the old com
pany, made proposition to purchase
the real estate of the Brady Steam
boat Co. This was refused by the
Brady Steamboat Co., and later,
through Cosgriff & Beck, they placed
the property of the whole company on
the market, asking for propositions.
Two propositions were made, but as
the Brady Steamboat Co. insisted on a
complete closing out of all their prop
erty, an offer of 800, 900 was made them
and accepted and the deal closed within
ten davs Tho money to make this