Before 1854, the area based around Bridgeton was a strong business and legal section in Cape May County. The local residents there, however, wanted to have a strong banking industry, but a local named Richard Holmes along with several other locals turned to the strong type of enterprise, a turnpike company. Holmes and the locals began a local turnpike syndicate with other businessmen and began the Cape May Turnpike Company upon incorporation in 1854. The turnpike company, upon incorporation, was to build a toll road along roughly the U.S. Route 9 corridor. Progress in constructing the toll road was slow at first, with subscribers from Cape May County being hesitant to buy stock from the turnpike company. A friend of Richard Holmes, Wilmon Whilldin, owned a steamboat company in Cape May and apologized for not buying stock in the company. Citing the Panic of 1857 made it hard to convert securities to cash, Whilldin suggested that a steamboat would be more profitable than the turnpike. The money from the steamboat would go ahead and helped the financially depressed businesses in local communities.