The times. [volume] (Richmond, Va.) 1890-1903, 1891-02-15
ENGLISH BELIEF ~ THE SOUTH.
The London City Leader Reviews the situs-
tlon.

The London City Leader Reviews the situa-
tion.
The London City Leader, one Of the strong
est financial papers IN Great Britain, has this
to say of the South's development:
The city is full Of rumors regarding a COM
ing boom in American lands. Extraordinary
statements are being made a. 10 the enormous
mineral wealth Of the Southern states. which,
if correct. must make that district the
bonanZt of the future. Sir Lowthlan beIis
advice TO the members of the lron-Steel IN
stitute IA inspect the irOnwOrks OF the South
ern Stairs. where the natural resources are so
enormou-.' has done much 10 direct the Eng
lish mind 10 the wonderful developments now
in progress in those districts. The return OF
the delegates awaited with some expectation,
rs their statements will. we think. be favor
able to the country. for no one can study thc
remarkable combination Of resources wmch
the South enjoys without beng convinced
that. N natural advantages. this section OF the
country stands far ahead ofany other country
in the world. In climate, soil. rivers
mineral and timber wealth, nature
seems to have done her best for
the South. Although crippled by dis
astrous and deplorable war. she IS now again
leading the ven Of American progress. And
it is largely Northern capital which IS
aiding her in her rise, and hnhly
cementing union that legisla-
tiou could never project. The whole country
pusa.es with industrial activity. Districts
which few years back were wholly occu.
pied by farms or which were unreclaimed
from the forests. are now becoming tonties OF
important manufacturing and commercial IN
dustries. The cry is no longer Go west,
Young man. but go South" pennsylvania
iron-masters are realizing the meaning of the
Southern composition IN coal ana IRON,
whilst many Northern industries are Deing
transferred en- bloc To the more favorable
district. where material and transportation are
cheaper.
Thcre is no doubt but that the centre of
industrial development Is gradually being
transferred from the North 20 the South: Mr..
Carnegie. indeed regards the South as Penn
sylyania's most formidable industrial enemy
in the future. Another authority. the Hon.
Chauncey NJ Depew. says the South Is the
bonanza of the future" while equally potent
is the statement made by Hon. W. y. Kelley;
Tho South is the coming il Dorado OF
American adventure But coming nearer
home and % IN authority better known 10
English people. we will quote sir Lowthian
Bell. He states ultimately. there seems
nothing so far rs our present knowledge per-
mits- us 10 Judge, - prevent these
Southern States from becoming
the cheapest irOn-making centres IN
the Union. % prophecy not far from fulfil
mont Despite Wall street lnanipuiauons, de,
spite low prices of iron and steel, and al
other causes which generally retard the de-
yelopment Of q country. the Sonth Is still
moving forward with accelerated step. Moth
ing seems 10 check il. From the Potomac
liver 10 the Rio GIande there Is nothing hu'
progress. Ten years ago the wealth OF the
United States was computed at -4.uD.OW.-
600. now that wealth is estimated To be SOL
000 900 600 an Increase Of $4,000 600 ,OOOO for
every year during the past decade. How
rapid the tide is flowing southwark few
hard facts will show. The miles OF railroad
built in the United States during the first hait
Of the present year were | .lsJ miles. OF which
Lila were built M the South.
Even increased railway facilities cannot
cope with the amount II freight business the
southern railroads have placed in their hands.
During the past nine months upward Of 5000
new enterprises including almost every new
line Of industry. from the small saw-mlll 70
the great steel and iron works have been or
ganized, while the FIRST week Of last July saw
started over twelve industrial undertakings.
the aggregate capital of which exceed SIP
coo. 900. Take finally. the furnace increase.
OF the thirty-slX iron furnaces now under con-
struction I'm the United States. twenty-five are
I'm the South. Moreover. while there are few
or no ether new furnaces projected IN other
parts Of the country. there are probably az
least twenty that will be put under contract
in the South during the next few months.
Such details are significant enough. But adj
hitting all TINS industrial activity. the ques
ton naturally suggests itself. IS the boom
likely e., be q real one or. e. use an American
ISM has 81 come tO stay. After % personal M
-DertiOmOl those districts most affected by
the progressive movement. We are bound 10
confess that we have considerable faith in tho
boom.
Speaking generally,we believe the southern
boom 10 be a real and solid affair. The re-
sources of coal and iron are inexhaustible.
The minerals crop ont upon the sides OF the
valley and give no trouble in working, whilst
trucks can be loaded by grayitation from the
mines The important point however, Is
that most Of the furnaces Of the Southern
States have their supplies OF iron ore, coal.
and limestone at their doors. Consequently,
in the important item of transportation alone
they have a great advantage over their COMPETE
tors in PENNSYLVANIA and other Northern and
Western States, whose freight bills are paIti-
cularly heavy. Further, the Southern iron
masters have generally water transportation
of the most perfect kind. which has the bcne-
fcial effect of keeping down railroad -ates.
Hence. whilst new furnaces are rapidly being
blown in in the South. despite declining
prices. many Of the Pennsylvania furnaces
aye living idle in preference To- selling their
products without margin of profit or at an
actual loss.