The home journal. (Winchester, Tenn.) 1858-188?, 1881-08-24
The New South.


feet Of this enterprise will be mostly
beneficial to the industrial and agricul-
tural development Of the South, it should
not be forgotten that another and
mighticr agency than this Is quietly at
work, whose results in the near future
will astoni>A the civilized world. This
new agency is the extension Of railroads
in the South. \ recent letter from At
lanta, Ga, states authorltativcly that
within the past eighteen months there
has been subscribed in the North and in
Europe the enormous sum Of 800, OOO,-
600 for investment in railroad building
in the South. In this estimate none Of
the vast sums invested in the southwest
are included. That is to say, one hun
drcd millions Of dollars have been in
vested in the purchase and building Of
railroads onl y in that part Of the South
east Of the Mississippi river and south Of
Richmond, Va. 1t is unnecessary to
cnumcratc the various railroad systems
covered by these investments. The pub
lie is interested rather in the effect Of
such investments upon the business Of
the South. Discussing this effect the
writer Of the letter in question says that
the immediate development will be
something hitherto undrcamed Of in the
South O! more than 500 900 III
vested fully $50 900, 900 will be invest
ed at once in improvements At At
anta, for instance, the sum Of SlI-
| 800 900 is contracted to be spent i'll the
next twelve months IN building and
cquppng new lines already commenced
from that city is headquarters. The
work Of the various roads involving this
vast expenditure is already begun, and
the money is provided The extent Of
this Development may be imagined when
| it is stated that the entire railroad sys-
TEN Of Georgia, every mile Of road now
built cost very little more than that in
VOWED in the new lines now under con-
tract at Atlanta. There are, Of course,
many roads being built outside OF these
contracts, carrying the total capital sent
in, and devoted to building new roads Ill
the cjs-Miss,ssippi south, to more than
S3j 600 900.
The money already appropriated to
building the new roads, vast as it is, is
for the most part devoted to main
stems 70 feed and protect these, stem
brancLc, must be built, which will in
yoJye more cypcuditure and consequent
.dryc,ouwout, There are now organ
lied two COMPANIES to build feeders to
the Gcgrgia Pacific, and they claim to
have money to benin work as soon as
thew obtain their charters Col. Cole
CONCENTRATES building several branches
TO tine main stem he is building for the
Cincinnati and Georgia line But anoth-
err and important factor in the work of
dryelopiur the South is the fact that
the Investment Of this vast capital has
taken from the hands Of the Southern
holders at advanced prices millions
dollars worth Of railroad stocks and
bonds. the money from which will be
mt in real estate, factories, and other
business. 70 illustrate: In Atlanta,
one gentleman cleared 800 900 on the
rise ON East tennessee & Virginia
stock when he sold to the Cincinnati and
Gc.rin syndicate. Another cleared
$40, 0DO and still another S2JO,OO0.
In Augusr. and other Georgia cities
millions were cleared by the rise under
sharp northern demand and manipul.-
tion Of G,roroia Railroad stock from IS
to 80, of Central from 80 to !65, Mem
phis IL Charleston from 40 to 93, and
other local stocks in proportion Large
amounts Of these have been marketed
to the North at high figures, and the
sellers must seek 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 the investment of other large
sums in mining and manufacturing in
dustrics. Immigration, as a necessary
consequence, will flow into these States
/ in T. broad and steady stream. Farms
will multiply. Brcaclstufis, cattle, cot
ton and tobacco will be produced in
enormously increased quantities. The
magnificent fields, the incxhaustble
mines, the vast stretches of timber, the
salubrious climate of the garden spot of
the world will at last be utilized, and a
Southern empire, not of politics but off
business will grow up, bloom, flourish
and bring forth fruit to an extent that
will rcvolutionizc the channels of trade
This is no fancy picture. Even Young