a year, if not more,
that he had houses and lots and some nice stock investments, and it
occurred to him, as it would have to anyone, that Eugene might be able
to shoulder a comfortable investment in some kind of land speculation,
particularly if he could see his way to make much more money in the long
run. The idea Winfield had was as follows: He was going to organize a
corporation to be known as The Sea Island Development Company, to be
capitalized at ten million dollars, some two or three hundred thousand
dollars of which was to be laid down or paid into the treasury at the
start. Against this latter sum stock to the value of one million
dollars, or five shares of one hundred dollars par value each, was to be
issued. That is, whoever laid down one hundred dollars in cash was to
receive in return three shares of common stock and two of preferred,
valued at one hundred dollars each, bearing eight per cent. interest.
This ratio was to be continued until $200,000 in cash was in the
treasury. Then those who came afterward and were willing to buy were
only to receive two shares of common and one of preferred, until one
million in cash was in the treasury. After that the stock was to be sold
at its face value, or more, as the situation might dictate.

The original sum of two hundred thousands dollars was to go to purchase
for the corporation an undeveloped tract of land, half swamp, half
island, and facing the Atlantic Ocean beyond Gravesend Bay, now owned by
Winfield himself, where a beautiful rolling beach of white sand
stretched some three miles in length and without flaw or interruption.
This would clear Winfield of a piece of property which was worth, say
$60,000, but at present unsaleable, and give him magnificent holdings in
the new company besides. He proposed to take a mortgage on this and all
improvements the company might make in order to protect himself. At the
west end of this tract--inland from the sea--was a beautiful bay, which,
though shallow, gave access to a series of inlets and a network of
waterways, embracing nine small islands. These waterways, when dredged,
would be amply deep enough for yachts and small craft of all
descriptions, and the first important thought which occurred to Winfield
was that the mud and sand so dredged could be used to fill in the low,
marshy levels of soil between them and the sea and so make it all into
high, dry, and valuable land. The next thing was to devise a beautiful
s