The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1888-04-06
OUR CHIEF SEA PORT.
1t is Destined in the Very Near Future to
Become Il Great CITY,
Especial Cor. STATE CHEoNICLE.l

Thinking that your readers are interest cd
IN the material development OF all sections
| OF the State, your occasional correspondent,
whose attention has been recently called
to the rapid strides this city by the sea is
making in the march of progress, feels
| that the CHRONICLE ought to make it
| known abroad. Some time since one of
our daily newspapers published Il compar-
son of the rate of increase Of the popula-
ton Of Wilmington from the census of
1880, over that of 1870, with that of Nor
folk, Portsmouth, Raleigh, Savannah,
Charleston and Mobile, and it was there
demonstrated that Wilmlngton's rate of
increase was more than double that of
Savannah and Norfolk, and about fifteen
times as great as that Of Charleston and
Mobile. If any of your readers gainsay this
| let them consult the census and be con-
vinced. The rate Of increase since 1880 is
create even than that shown above.
While the population has increased, so
has her wealth, and especially the credit
of her merchants A very prominent
Wall street broker of wealth, northern
man, recently told the writer, that in the
estimation of Northern merchants, the
| credit of the Wilmington merchants gen
orally, had improved in the last decade
more than that Of any Southern city. For
! several years past, there has been a grad
ual, steady improvement, but it is not
until within the last eighteen months that
| the Improvement became visible on all
sides; and that feverish, restless spirit,
| the fOrerunner of a boom began to pervade
the atmosphere. But progress is in the
air, il IS contagious and is getting to be
| perfect epidemic.
! First came Ill February, 1886, an i'm
mense conf1agration, which consumed
/ large portion Of the business houses of the
city and half million dollars insurance
was iminedlaIely put into circulation.
Mechanics and artisans began to pour in
and have remained, making us good citi-
! z-ns Raleigh has sent us number
anon, them a prominent contractor who
/ has located permanently and is investing
/ largely Then a Building Association,
! conducted on legitimate eight per cent
! plan, as formed and two thousand shares
/ Of the par value of one hundred dollars
! Immediately taken; a few months later
another, with two thousand shares, was
started and both institutions are flourish
ing. To these. more than anything else,
Is due the great increase III value of real
estate. And right here, it might be OBJ
served that the building associations thus
conducted. are the solution of the diff
Guilty as to how to restore to land its val
ue as a security for borrowing. The bank
ing system ID vogue, established since the
war, has thrown real estate almost entirely
out of the market as a security for the
loan of money, and thus has deprecated
it in value: while it has al preciated stocks,
bonds and personal securities But with
these building associations, the poor mans
bank, real estate always finds welcome.
And remarkable is the career of these as
soclatlouS here when we say, they have
never lost a cent, and have never fore
closed d mortgage. Real estate in conse-
Quence thereof to-day is worth from
twenty-five to fifty per cent more, and
finds a more ready sale than i'll the Spring
of 1886 So trade and commerce has re-
ceived like impetus. The Interstate
commerce bill and its operations have
restored to this city the position which by
nature it was intended to hold and enjoy
And with IS feet of water from the ocean
to the wharyes the city is pushing its ad
vantage. In consequence the hardware
merchant is seen smiling as each day you
see his immense shipments interior. You
see drummers representing houses of this
city as far North as Weldon and points on
the Raleigh Il CASTOR road above Raleigh
And whyl Simply because water trans
| portation is cheaper, ard the man who
| buys from North Carolina sea port can
|
are not subject to the control of the com
mission as Inter State roads are. This is
the place for all heavy articles. Hence
you see frequent arrivals of cargoes of
West India molasses. salt, &C., which all
| goes interior.
Our cotton and naval store receipts have
greatly increased. The receipts of cotton
alone have increased nearly thirty i've
thousand bales over last year, while
Norfolk and Charleston show decline.
Recently your readers are aware that
the city subscribed to building two new
railroads by a large popular vote. This
secures our city new coast line route,
connecting WILMINGTON with the oyster
beds of New River and with New Bern,
and the completion Of the Cape Fear &
| Yadkin Valley railroad, extending it from
| Fayetteville to Wilmington and giving a
trunk line to Cincinnati and the great
West and the shortest route to the coal
region of North Carolina. We learn that
work has already begun in some form on
this latter road. The coast railroad from
the city to Wrightsville is pushing forward
with rapidity-a large force is working at
each end and its completion is assured in
time for the Summer travel. The sub
scription to the railroads has not affected
the value of the city bonds-those of all
denominations command premium and
the interest is always promptly paid.
Wilmington, with six railroads, three
already complete. and three in course of
construction. with numerous waterways,
only lacks North Carolina State pride to
make it in the very near future great
city as it is soon destined to become. But
State pride or not, we are relying on our
own strength and resources. The wheel
has begun to turn, and our shoulders will
never tire in pushing it onward While
the boom in the material world is great,
the boom for our distinguished townsman
Lieut.. Gov. Stedman is greater. We know
he made in the last campaign a brilliant
canvass. he made an able Lieutenant Gov
ernor and presided with dignity and abil-
ity over the Senate, which has been the
subject of much favorable comment. Shall
he not be promoted!
If the Democrats Of North Carolina viii
honor him, our favorite son, who is the
exponent Of all that is wise, brave, chival
rous and progressive, the Cape Fear sec
tion will rally to his support with a yea
that will know no abatement and conf
dence that will insure success
PROGRESS.