The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-03-10
LOCAL FINANCIAL NOTES.

John e. Searles, who has figured for
Sugar trust, and who is president of a
big New York bank, has been on a
business trip in the south. Mr.. Seares
spent a part Of his youthful days in
New Haven. and later was Tor years
connected with one of New Haven's
large shipping firms, and Is well known
here to our older business men. Con-
corning the business possibilities and
opportunities the south presents as
viewed by Mr.. Searles as result of
. his observations on his trip, he says:
Birmingham is preparing to take a
dominant position in steel making.
understand that the two great steel
plants now under construction at Bir-
lningham will cost about $2,500000 to
$3,000,000. Asa factor in building up
that city and in creating diversity of
manufacturing interests, these steel
works will probably be of more value
than everything that Birmingham has
accomplished in iron matters. We
found very marked activity in cotton
mill building, and we learned of the
closing of contract by the Merrimac
Manufacturing company of Lowell to
build at Huntsville Ala, one of the
largest cotton mills In the world. 1
was informed that this plant will have
100000 spindles, bleachery and print
works, and will, I believe, be the first
print works in the south. 1t will prob
ably cost over 81, 100000.
Added to the general industrial adj
vance everywhere noticeable, is the
striking progress that is being made in
the development Of southern ports. At
Galveston, New Orleans, Pensacola
Mobile, Savannah, Norfolk, Newport
News and other ports, extensive en-
largements of terminal facilities are
being made, the work involving a good
many million of dollars | learn that
Mr.. Huntington's great shipyard at
Newport News has about $4,000, 900
worth of work under contract.
Looking over the whole situation, as
l have tried to do, and approaching
something of what the south has al
ready accomplished, and what it's many
advantages are, l am thoroughly con-
WINGED that there are great opportuni-
ties in that section for broad and COM
prehensive development
President futile of the Boston and
Maine road, formerly of New Haven,
and having large social acquaintance
here among our leading business men,
adds testimony to the prevailing situa-
ton regarding the difficulty of secur-
ing paying investments that are a the
same time secure, as is seen in the fol-
lowing from the Bottom Advertiser:
IAN incident of the difficulty exper-
fenced by trustees of large estates
and corporations to find investment for
their funds is shown by a recent re-
mark made by President Tuttle of the
Boston and Maine railroad He says
that trustee of large estate, being
approached for the sale of a large
amount of Eastern Railroad of New
Hampshire stock, refused absolutely TO
sell. as he would be at loss to find
employment for the cash received. The
trustee also stated that he had s125, 900
in trust which he was endeavoring to
invest, but knew of nothing in gilt-edge
investments which would pay him a
fair return. The gentleman would only
part with his Eastern railroad stock
by exchange for Boston and Maine
stock paying a like return on the in
vestment."