The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-31
4 RICE PLANTERS SYNDICATE.
conLlnued trom Elghth Page.


the owners of the plantation, to be put
into effect after they have completed
their Organization or syndicate, is, in
brief, as follows: Four hundred thousand
dollars of bonds to be issued, 10 be taken
by the Northern syndicate which win fur
nish the money for the building of the
great dam and other minor improve
ments; the bonds to be twenty-year god
bonds bearing per cent. interest; the
planters 10 receive pay for their planta-
tons according to agreed valuations for
the acreage contributed by each in s per
cent preferred stock. An issue of COM
mon stock 10 be made to be % per cent.
in excess of the aggregate of the amount
of bonds and preferred stock. the holders
of bonds and preferred stock to receive
common stock in equal amounts TO their
holdings. The Is per cent. excess of COM
mon stock to go TO the promoter, that
is, to the person who conducts the opera
tions necessary to the formation of the
syndicate and securing the capital for his
services in this regard
This would mean a total capitalization
of at least 100000, as the amount OF
preferred stock issued to the plantation
owners would in all probability at least
be equal to the amount of bonds issued.
Surprising this to be the case, the issue of
common stock alone would be $1,000 600,
and the share of the promoter would be
100000 This would be quite a large re-
muneration, on paper but as the value
of common stock is proverbially uncer-
tain, the promoter, in this case Mr. Bald
win, could hardly be considered as hav-
ing bonanza.
IL is not at all certain that the syndicate
will be financed on these lines, A
planter stated TO a Morning News repor-
seem to have too much water in it. even
for rice syndicate. Water is necessary TO
the production of rice, but it is too much
water that has brought the planters 10
GRIEF now, and the same disaster might
ensue 10 The syndicate should there be too
much water in the stock. copy of the
plan as outlined has been furnished to
each of the planters interested, and is re
Ceiving their serious consideration. That
something Of practical Importance will re-
suit is hardly TO be doubted. Those who
know what can be done on a well protect
ed rice plantation are confident that il will
be 10 the interest of the planters TO enter
into an arrangement of this kind. All the
planters interested have not yet agreed to
go into the scheme, but there is so much to
be gained by its consummadon that there
is little doubt that ii will be completed
before another planning season. The con-
solidation of all the planting interests I'M
der one management would in itself effect
an immense saving in the many varied ex-
penses of conducting a rice plantation. The
completion of the syndicate on a safe basis
will be of immense benefit locally. New
banks will mean sure crops. and this will
restore the rice planters to their former
status in the financial world, and the re-
suit would be to give steady employment
to thousands of rice field negroes who are
now in destitute condition for the lack
of work. The city would be relieved of
some of its surplus and undesirable popu-
lation and the consequences would be ben
eficial generally.