The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1899-06-07
A CAROLINA RICE TRUST.

The rice planters in South Carolina
are forming syndicate to construct
great levee of twenty miles or more
along the Savannah river for the pro.
lection of corps from storms and
freshets. which means q great in
crease in rice production. A cor.
respond0t of the Atlanta Constitu-
.ion sayS:
A movement of great Importance to
the rice planting interests of Savan
nah aud this vincinity is now we'll
under way. 1t is nothing more NOT
less than a proposed consolidation Of
all the rice planting interest ON the
Carolina side of the river. In short,
it is proposed to organize syndicate.
in which all of these interests are to
be included to be operated as a joint
stock company and as one concern
A capitalization of over $1,000
600, with bonded Indebtedness OF
about $4O1, 200, is proposed. The
object of the bonded indebtedness is
to construct leyee of over twenty
miles in length. which will guarantee
absolute security to the rice crops
during the harvest season from the
storms and freshets which have prov.
ed SO frequent of recent years, and
wrought such immense loss to the
planters The latter have realized
that until such security is guaranteed
it is useless to attempt to continue
operations With safety assured from
storms and treshets, rice planting is
reasonably safe business with assured
profits in years of fair harvest and
fair prices.
George G Baldwin. who so sue
cessfully financed the Edison Electric
Illuminating company, is at the head
of the movement. and may be techni.
cally regarded as the promoter. It
is said through Mr.. Baldwin syndi-
cate of northern capitalists in Boston
and elsewhere are ready to put up
the necessary $500, 900 to build the
levee. This means nothing more nor
less than that all the rice planters in
the territory affected should enter
the syndicate, taking stock according
to the value of their lands. those who
do not feel able to undertake further
risks agreeing to accept q price for
their lands To- be determined by a
fair appraisement, in which the inter
ested parties are to be equally repre-
septed after the manner in which |
such appraisements are usually con-
Quoted.
1t can be safely stated that in the
Hast thirty years millions of dollars
have been lost in Georgia and Caro-
lima in the rice planting business. due
entirely to the damage wrought by
freshets and storms The scheme is
a gigantic one, but the plan is simple,
and there seems to be no reason why
it should not be carried to compile
ton, the only thing necessary being
to secure the consent of the planters
themselves
The plan, which has been submit
ted to The owners of the plantations
to be put into effect after they have
completed their organization or syndi>
cate, is,in brief, as follows
Four hundred thousand dollars
worth of bonds to be issued, to be
taken by the Northern syndicate.
which will furnish the money for the
building of the great dam and other
improvements. An issue Of common
stock to be made to be % per cent.
in excess of the aggregate of the
amour. of bonds and preferred stock,
the holders of bonds and
preferred stock to receive com
mon stock in equal amounts
to their holding The 25 per
cent. excess of common stock to go
to the promoter andto the person who
conducts the operations necessary
to the formation of the syndicate and
securing the capital. for his servl ces
Sk;a yor1