Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1895-10-06
The South and Good Times.

Boston Traveller.
While the southern portion of our coun-
try is sharing in the common prosperity
that is now spreading itself over the
whole land, it Is unfortunately fact that
the return of good times" is slower
there than In other sections Several
causes contribute to this condition Of af-
fairs. In the first place most unhealthy
boom" swept over large portion of the
southern country Just before the business
depression was inaugurated. A boom"
is always dangerous, and is generally
succeeded by a reaction that carries the
business conditions to the other extreme.
Northern capital was poured into the
south by the millions; the resources of
the whole territory was extolled; prom
iSes and predictions of a great develop
ment in the immediate future was made,
and business methods and sound reason
were for the time thrown to the winds,
in the wild "craZe" that followed. The
natural outcome of all this was failure
to realize expectations, and resultant
loss of confidence More than this, the
methods pursued, the bursting of some of
the choicest bubbles" and the conse-
quent heavy financial loss added preju-
dice to lack of confidence, and have made
the business world more chary that it
would otherwise be of southern business
ventures.
The amount of railroad mileage in the
hands of receivers during the past three
years is comparatively larger than that
of any other section, and the reorgani-
cations perfected and pending have been
more drastic in their effects on their Sc
curity holders than those of any other
corporations in the land. Hardly road
of any Importance remains in the south
that has not been turned over to the
courts, and the very few that have es-
capped are those held closely by strong
capitalists who have been well able to
weather the storm. The loss of traffic
and the resultant ill that has followed
the same emphasizes the woeful condi-
ton into which southern business con-
ditions have been plunged. Deserted
towns. deprecated land values and a
tagging, hating and disappointed spirit
among the business men are all manifest
evidences of the severity of the hard
times.
Wthal that the wave of prosperity is
spreading, it seems to be very slow in
reaching our southern people. And yet
it is bound to come to them, and the fact
is even now inspiring something of cour-
age and hope. The revival in the iron in
dustry-always an augury of coming
good times-is a sign pointing In that di-
rection. The resources of the section are
as rich as even and the soil just as fer
tile. The people are energetic, even
though their energy is hampered
and there are splendid opportunities for
a grand business development 1t Is not
possible for the sunshine of new era of
prosperity to touch one portion of our
country with new life and leave another
in the shadow. The good times are for
all alike. and though the south may, be-
cause of peculiar circumstances, be re-
tarded little in coming within the reach
of the new Influences it will none the
less share generously in the nations
grand march of progress and develop
ment of the future. 1t is a prosperity-an
upbuilding for all our people-and some
thing which Is to be as far-reaching as
the nation itself. and as substantial and
healthy as the conditions on which 1t is
ha sed