The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1881-09-16
FFFvlY eART,|I!s GlIITTE.
Corvallis, Sept. l6, 1881.
The NEW SOUTH

Atlanta. Georgia, and while. il can
not be doubted that the effect OF this
enterprise will be mostly beneficial to
the industrial and agricultural devel-
opment of the South, it should not
be forgotten that another and might
ier agency than this is quietly at
work, whose results in the near future
will astonish the civilized world.
This new agency is the extension OF
railroads in the South A recent
letter from Atlanta, Georgia, states
anthoritiveiy that within the past
eighteen months there has been sub
scribpd IN the North and in Europe
the enormous SUN of 100000
for investments in railroad building
in the South. III this estimate none
Of the vast sums invested in the
Southwest are included. That is to
say, one hundred millions of dollars
have been invested in the purchase
and building of railroads only in that
part of the Southeast of the Mississippi
river and south of Richmond, Va.
It is unnecessary to enumerate the
various railroad systems covered by
these investments. The public is in
terested rather ir the effect OF sucIl
investments upon the business of the
South. Discussing this effect, the
writer of the letter in question says
the immediate development will BE-
something hitherto undreamcd of in
the South. OF more than 100000,
0oc invested, fully $40, 100000 will
be invested at once in improvements.
AT Atlanta for instance, The sum of
ST., 7,s00,ooois is contracted to be spent
in the next twelve months in build.
ing and equippina new lines already
commenced from that city as head
quarters. The work of the various
roads involving this vast expenditure
is alrea1yf feguD, and the money IN
provided. The extent OF this deye..-
opment NAV be imagined when it is
stated that the entire railroad system.
OF Georgia, every mile Of road now
built, costs very little more than,
shat involved in the new lines now
under contract at Atlanta. There
are. ofconrse, many roads being b,iiit
outside Of these contracts, carrying
the total capital sent in, and devoted
TO building new roads in the els Mis-
slssippi south, to more than s3s 600,
900.
The money already appropriated
10 building the new roads, vast ns it
is, ia for the most part devoted to
main stems. To feed aud protect
these, stem branches n1ust be bnilt
whisll will involve more expenditure
and consequent deyel pp,nent. There
are now organized two companies TO
build feeders to The Georgia Pacific,
and they clnim to have money 10 be-.
gin work as soon ns they obtain their
eharters Col. Cole eonlemplates
building several branches to the mair
stem he Ia building for the Cincinnati
and Georgia line. But another and
important factor In the work of dc.
yeloping the South Ia the fact that
the investment Of this vast capital
has taken from the hands Of the
Southern holders, at advanced prices,
millions OF slollars' worth Of railroad
stocks and bonds, the money from
wi,iei, will be put In real estate, fac
tories and other business. To illus
trhte' In Atlanta one gentleman
cleared 100000 on the rise In East
Tennessee and Virginia stock when
he sold the Cincinnati ii and Georgia
syndicate. Another cleared s7o,oe0,
and siI!l another $2so,ooo. IN Au.
gusta and ether Georgia cities NIL.
lions were cleared by the rlse under
sharp Northern demand and mAnipu.
latioH Of Georgia railroad stock from
a5to ls5, OF Central from 90 TO le5,
Memphis and Charleston from 10 to
80, atnl other local stocks in propnr-
ton. Large amounts of these have
been marketed to tho North at high
figures, and the sellers must setk
other investments or use for their
money. This gives great impetus
TO local enterprises and values.
As an incident to the influx of the
vast amount of capital into the South
will be tile investment OF other large
sums in mining aud manufacturing
industries. Immigration, as nee.
esssry consequence, win flow into
these States in q broad and steady
stream. Farms will multiply, Bread.
stuffs, cattle, cotton aud tobacco will
l.e produced In enormously increased
quantities. The magnificent fields,
The inexliaustible mines, tho vast