The age-herald., 1898-07-13
ENGLISH CAPITAL IN THE SOUTH.

From the Philadelphia Record.
 The English iron masters are awaken ing to the fact that American competition in iron and steel making is not the ephemeral outburst that they at first be- lieved 1t to be; hence they are now casting about to find means of neutralizing it's eff fects. English capitalists have been pros pecting in the south, and the result has been that extensive coal mines have been purchased and new steel works projected. The Age of Steel has advices from Knox ville, Tenn, to the effect that the big Eng fish coal deal is an accomplished fact. The syndicate holding coal lands has announced it's acceptance of the terms from the Eng lishmen. About 1000 900 is to change hands. All the coal properties of Upper East Tennessee and Southern Kentucky are included in the deal. Their capacity is estimated at 10000 tons daily, and about 4,- 000 miners are employed Agreements with the present owners have already been made. Moreover, it is believed that Eng fish capital is to go into a large steel plant, representing an investment of one million dollars to be erected at Ensley, Ala. ''The Record cannot vouch for the accuracy of this statement but it is known that more than six months ago a party of English capitalists visited that region with the ayowed purpose of erecting large steel plant if the examination of the properties and labor conditions should prove sufi- ciently encouraging. The plant at Ensley is probably an assured thing. but it has not been clearly shown by whom 1t IS to be erected.
 When the boom in southern towns and town lots spread over this country about ten years ago English capitalists were induced to invest heavily and many or them were badly bitten. Land spectators secured tracts of wild land, erected rolling mills. forges, foundries and other works (often in very unsuitable localites) ana laid out attractive towns on paper and sold off lots at extravagant prices. Electric lights were installed in some of these mush- room towns, and trolley lines were built. Workmen were induced to migrate to these places and some Of the new mills were actually put into operation and run for time at large loss, the deficit being made up out of profits on the sales of town lots! Some of the towns have since become deserted. Nature'is fast covering I'D these signs of abortlve civilization m the wilderness with her mantle of green, grass and trees grow in the streets, ana vines overspread the crumbllng buildings, apparently trying to hide the folly ana fraud that was there committed
 This experience was costly lesson; but
 
 it has taught wisdom. The people who are now investing their money in southern properties are doing so intelligently, ana there is every reason to believe that they will receive good returns in due season. The south is rich in minerals of all kinds and her progress in development within the mast ten or fifteen years has been rapid; but even so. the surface of her store of mineral wealth has scarcely been scratched Iron ore and coal figure most prominently in this recent development; but there are gold fields in Georgia and elsewhere which were formerly operated successfully, and which though now long neglected, are certain again to yield up their hidden treasures as soon as the capi- tal shall be forthcoming for their opera tion under modern methods There are several rare minerals found in the south which are even now being prodtably mined Among these are the refractory clements from which ncandescent gas mantIes are made. and also the mineral called bauxite, from which alum and aluminium are obtained.