Milford chronicle., 1919-07-25

SIXTY YEARS AGO the eastern part Of Sussex county
without shipping facilities other than what the waters
OF the creeks and bay afforded The land of small
value. as compared with prices of today and growing
of fruits and vegetables for city markets impos
sby profitable basis because of this lack of ability
ship the product Of the soil to those who would
at profitable prices.
The people who lived Sussex county and had business
sagacity what the possibilities and the great
increase that would follow in the value of lands and the
crops grown on the acres of Sussex county discussed the
of building railroad thru this dormant section Of
Delaware diversified farming 1t real
lied also that whatever benefited Sussex county would
benefit the State of Delaware and for that these
who advocated building and opening the resources
of the lower county carried campaign of education
for State Aid to accomplish this purpose.
The result of this campaign the loan of the States
Credit for about half million of dollars, for which the
State given mortgage upon the roads built from
Harrington Lewes and from Georgetown to Berlin Nd
Part of that mortgage held today by State of Della
and part of the assets of the State Treasury and
the Pennsylvania Railroad pays the annual interest
promptly each year.
But by far the greatest part OF the money used build
these railroads from the people of lower Kent
parts of Sussex county, and for that money
they given certificates of stock each of which was
for the twenty-five dollars, and which div
idend has been paid by the operating company The
profit coming to the people came thru the oppor
tunities which followed the opening Of the railroad to
the products market rates which permitted them
realize products well their fruits and
vegetables.
This condition resulted in the general opinion that the
stock certificates of value interest bearing
investment and they permitted to fall out of all
estimates element of value in an estate.
The real holders enabled to dispose of oak
timber of pine in the form of ping boards and building
lumber and even the shipment charcoal grew be of
such large proportions that the manufacturers and ship
pers amassed fortunes of inconsderabe magnitude
After few years this general clearing up of the land
started the growth Of diversified and in peach cul-
alone Delaware became famous. In the production
Of strawberries the section of Delaware in Sussex county
these roads opened up natural opportunities
record of production has been made that other section
fthe world has equalled.
This briefly the history of the building of few miles
of railroad the result of efforts made by the people
themselves. Now the most recent developments,
which calls up this memory of what the cause Of the
present prosperity of Sussex county.
For years the Delaware Maryland and Virginia Rail
road as consolidated has been recognized as one OF
the profitable feeders of the Pennsylvania Railroad
If the most profitable of them allor their Della
Railroad Division. But in view Of the outstanding
of unknown people, the lines have been
operated to show almost even balance between
receipts and expenditures while floating debt has ac
cumulated which is impossible for the stockholders to
liquidate.
At meeting of the directors last Spring, Special
Committee was named to investigate and report as to
what should DONE and that committee reported last
that either buying the outstanding stock or fore
closure proceedings be used collect the money due IN
the shape Of floating debt.
The plan proposed is pay ten per cent oil the Iace
value Of the shares outstanding equal to two dollars ana
fifty cents for each share the holders which is clear
recovery of ten per cent the advanced sixty OF
more years ago. Unless this is accepted the foreclosure
proceedings will be stated October 1st 1919 ana as
there could be but bidder the stockholders Woud
lose all and the stock become absolutely worthless
Those who had stocks recorded on the books Oh the
company have this past week received notice Oh the pu
poses Of the Pennsylvania Railroad Company the lease
holder and is probable that the oer will be accepted
In another column print statement OF the enre
transaction the railroad point Of view which seems
to be the best solution at hand.
The future Of county now lies IN transportation
facilities and as they improved viii Sussex county
improve For that reason alone is wise to accept the
onosals Of the Pennsylvania Railroad to buy the stock
This gives them full control and full interest in the pron
and prosperity Of people for as they prosper 50 WIN
the railroad find increased business.