The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-01-01
The New Year in the south.

The year which begins today promises TO
be one Of great prosperity for the southern
states. The southern people are full OF hope
for tie future, and are more confident
than ever Of their ability to make their
section the most prosperous part Of the
union They are Just beginning 10 realize
how great their resources aud advantages
are, and they are determined to make the
most of them In their Gotten they have
source Of wealth grea'er than any single
source possessed by the north, and they have
mines and forests which promise almost
boundless wealth. They nave reason, there
fore, 70 be hopeful vita regard 70 the
futu e.
day or two ago oar dispatches con-
taine1 some staff tics showing the progress
Of the south during the year that has just
closed, and they are Of a character TO
Justify the predictions which have been so
freely INDUCED in during the last few years
Of the south's growth in population and
wealth. These statistics show that the in
crease in the assessed value Of property in
the south in 1890 was S27). O0J, 900; that the
increase in the number Of national banks
capital was nearly Sl1, 600, OOJ: the net earn
ings Of national banks were nearly $12, OOO,-
600; the number Of miles OF railroad built
was 2. 499 being over 200 miles more than
the number Of miles built the previous year;
the increase ia the gross earnings
of the railroads was Sl0,0O0,0O0; the
increase in the exports was over SIS, COX, 900,
being five times as great as the increase in
all the rest of the country; the increase in
the production of pig iron was 395, 900 tons,
being gain Of $4,000 tons over 1888, and
gain of 100000 over 1887: and an in
crease of over 100 per cent in the consump-
ton Of cotton in southern mills in five years
The statistics also show that 3,9l7 new
manufacturing enterprises were started in
1890 and 1000 within the last five years
enterprises which cover every variety of
industry.
This is a magnificent showing for 1890,
and justiies the most extravagaat expecta-
tions for 1891. Although the financial dilTi-
culties which began in the summer, and
still continue, have affected the south
quite seriously, still southern business and
industrial enterprises have not suffered so
much as those of the north. Only two ma
tional banks have failed, and their failure
was due TO mismanagement. With the
prospect Of a greater abundance of money
in circulation the south will push forward
with renewed courage, hope and energy,
and with every prospect Of making the
record Of 1891 far better than that Of 1890.
The attention of the capitalists of the
north and of Europe is now directed toward
the south. They have been astonishet at
the material aud manufacturing develop
ment which has taken place in the south
within the last five years, and they are more
inclined than ever to make Investments in
this section. Indeed, it would be within
the bounds ofstruth to say that hundreds of
millions of dollars of northern and Euro
peen capital have been invested in southern
lands and enterprises within four or five
years, and it is not too much to predict that
the amount that will be invested within the
next few years will be far greater than that
which has been invested already.
The southern people, therefore, have
reason to begin the new year with light
hearts and with the feeling that the future
for their section is a bright one.