The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-08
SUGAR PLANT ASSURED
EASTERN CAPITALISTS CONFER
WITH LOCAL BUSINESS MEN.
Offer TO Take 100000 StOck-They
Have other Plants in
This Country.

rhe subject of sugar-beet culture and the
organization of a company to construct a
mill in this city was considered by a large
meeting of business men Of the city yester-
day afternoon at the Denison At the meet
ing were j. j. Evans and Edward Kanaley
of Rome, N Y, who are interested with
English capitalists in the establishing of
chain of sugar-beet factories in this coun-
try Mr.. Kanaley is the general manager
of plant at Rene. which was the first to
be started east of the Mississippi. 1t was
put into operation year ago, and since
then another plant has been constructed at
Binghamton, N. Y. The parties he repre-
sents desire to erect ten plants in this part
of the country, and are now forming local
companies for this purpose at Fort Wayne,
New Castle Logansport and North Judson.
1t was with the idea OF forming a company
in this city that the two gentlemen came
to Indianapolis.
The plan they proposed to the meeting
yesterday was to organize local COM
pany of ten members, who would be the
managers Of the enterprise, and who would
each subscribe for a nominal amount Of
stock. The capital stock of the concern
would be placed at 100000 divided into SOY, :
600 common and 100000 preferred. The
Eastern capitalists would construct the
plant and take $3.50 900 of the common stock.
The local company would agree to float the
100000 preferred stock, the proceeds to be
used as a working capital The remaining
100000 of common stock would be used TO
float the preferred stock, bonus OF one
share of common being given TO each puI-
chaser of one share of the preferred.
BEFORE BOARD OF TRADE.
The two promoters of the enterprise de-
sired an immediate answer to their pro-
posal, and the matter was laid last night
before the board of governors of the Board
of Trade by Z. B. Martindale. After dis
cussion the governors decided that the COM
mttee of which Judge Martindale is the
head should have entire charge of the mat
ter and act as it thought proper Those
who spoke upon the matter seemed favora~
bly, inclined to the proposition, although, as
Judge Martindale said, there is little doubt
that sufficient local capital would be OBJ
tanned to construct the plant Independent
of outside assistance. 1t is therefore hot
a certainty that the sugar-beet committee
will accept the proposition made by the
two gentlemen from Rome. The committee
has been very active of late In obtaining
seed and in stirring up an interest among
the farmers in the central counties of the
State. There is no doubt that the present
year will be utilized for extensive expert
ments, and that the results will be such as
profit in beet-raising. The beets raised
this year will be used for stock feed One
acre of beets is equal to three or four acres
of corn when 1t comes to producing food
for cattle. BY next season contracts will be
made with the farmers and a plant con-
structed, so that sugar-makinS will be in
augurated in this city in the fall of next
year. 1t is now too late to put in plant
for this season.
CAPACITY OF PLANT.
Mr.. KanaIey favors the construction of
plant requiring $50 tons of beets a day.
which would make about 800 barrels of
sugar. Sugar plants are run 100 days, be-
ginning about Nov. /, and to supply $50
tons of beets a day for this length of time
would require the cultivation of about 3, 800
acres in the root. The beet crop can be
calculated very closely before it is grown
as the yield is practically fixed according
to the acreage and is not subject to much
change on account of drought or other
causes that affect most crops. Still, it is
dlf1cult problem to know to what extent
contracts should be made with farmers in
order TO obtain just the amount of product
The price paid by the factory in Rome
Tor Deets Is about four dollars a ton,
tons am acre. 1neiudng apou threel reHn
haul to the ears, it costs the farmer from
$27 to 1913 an acre to raise the beets, which
thus leaves very satisfactory margin OF
proht, With the use of improved imple-
mepts for their culture, the cost per acre
may be reduced to about $22.
Mr.. Keraley says that it is feasible to
produce in this country all the sugar nee
eSsary for home consumption, and that 1t
can be done at profit at present prices of
sugar. In time, after the industry is estab-
lished II may be possible to considerably
reduce the cost to consumers. At present
the tariff gives the American producers an
advantage over the beet-sugar factories of
Germany and France. Mr.. Kanaley believes
that $50 plants of $50 tons capacity each
could supply all the sugar demanded in the
home market to-day. The best sections of
the country, he says, for the growth of the
igan, New York and California, with prob
ably the Indiana section being the best of
all.
e. B. Martindale said last night in the
governors meeting that there is no doubt
that in five years all the sugar consumed
Germs.