The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-09-12
Prosperity in the South.
New York Sun, Editorial.

New York Sun, Editcrial.J
From all parts of the South come
excellent reports Of material progress.
The Southern corn crop is greater than
ever before; the cotton crop is large and
of fine quality. In Texas the latter is
the largest that the State has raised,
and the prospect Of the market is
assured. While cotton is now cheap,
it will not do to overlook the fact that
six cents pound for cotton nowadays
is very different thing from what is
was few years ago. People generally
have not yet learned to take into con-
sideration the fact that the modern
bye-products of cotton are worth near
ly two cents pound more, so that the
farmers six cents is really equivalent
to eight cents.
The corn crop is so large that the
South will this year have surplus
instead of being compelled to import
corn for her own consumption. The
lookout for her manufacturing in
dustries, and her cotton mills in par
ticular, is better than ever before il her
history, and in every substantial and
material element Of business the gener-
al VI GGC SOOtu A4OSG S1~
couraging and satisfactory.
In respect Of Southern railroad in
terests the reorganization of the Rich
mond Terminal system and the
merging of the thirty or forty railroads
composing it into the new Southern
Railway Company is nothing short of
revolutionary. AS affecting Southern
business affairs of all kinds is signif-
cance cannot be beoverstimated. It means
the substitution in the pivotal industry
and dependence ofthe country Of order
in the place of chaos, and Of sta
bility and responsibility in the
place Of absolute responsibility.
Never in the history of railroads
was such hopeless chaos and in
efficiency manifested as in the admin
istration Of the thousands and thous-
ands of miles of railroad directly and
Indirectly involved in the Richmond
Terminal system.
Shippers could place no dependence
upon the railroads. They had no
guaran ntee that goods confiGed to them
would reach their consigpees, or that
goods they had bought would ever
arrive. And above all they had no re-
dress. There was no such thing as re-
covery of loss, even when the courts
had done their Cuty and ordered resti-
tuition. It was one vast system Of inef-
ficiency, misInanagemeDt and worse,
and its effect upon all mercantile busl-
ness was disastrous.
The new order of things is very diff
ferent. The Southern Railway is the
result of the practical collaboration of
between thirty and forty corporations,
the elimination of millions of fictitious
valuations and unreasonable burdens,
and it sets up in their place solid, re-
sourcefuI and vigorous railroad system
founded upon modern and scientific
economies and of the first efficiency.
This has been accomplished by Mr..
Samuel Spencer, in conformity with
the general plan and purpose Of the
reorganization undertaken ty the great
banking house of DreXel, Morgan d
Company.
Mr.. Spencer, III addition to being
one of the first railroad men in the
country, was specially equipped for the
problem in hand by his Intimate
knowledge of Southern railroad prop
critics, and Of those of the Terminal
system in particular. Besides, it is
doubtful if anybody is better qualified
for dealing with the familiar allment
of railroad dropsy.
When Mr.. Spencer was elected presl
dent of the Baltimore aud Ohio Rail-
road Company, one of his earliest acts
in office was to taEeS25, 900, 900 off the
surplus Of that great corporation by q