The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-01
THE S0UTH'S COTTON.
Plan for Developing Its Manufacture
Which Means Much to This Section

which Means Much TO II Section
The Manufacturers Record Of Septein-
Der Goth says:
Some years ago the Manufacturers Re
cord very actively urged the desirability
Of listing on the stock exchanges Of Bal
timOre. New York and Boston the stocks
Of leading Southern cotton mills. in order
TO make them good as collateral for
loans IN al money centres. and also with
q view 10 attracting the attention Of in
vestors to Southern cotton manufacturing.
This suggestion was warmly seconded by
a number Of mill-owners, but # was in
advance of the times. The idea itself
was. however. right, but the time was not
prOpitious. Any careful student OF South
ern business conditions is forced TO the
conclusion that the spirit Of unrest and
dissatisfaction has been largely due 10
the fact that the SOuth's best bankabie
assels-its cotton. raw and manufactured.
and its Cotton-mil stocks-have not been
good collateral for loans al moderate rates
Of interest. Railroad stocks and bonds
can command money az all times. but the
South's money IS not largely iuvcs. ed I'm
railroad securities. This inability 10 use
cott0n-intrinsicaily one OF the best col
latorals in the worlds the reason for the
great enthusiasm with which the South
has received the idea OF bonded cotton
warehouses.
Now comes another plan, as outlined
ia our news columns, for the purpose
Of purchasing for cash the stocks OF a
large number Of Southern cotton mills,
and by combining them into one corpO-
ration. TO create a market for their Sc
curities in an leading financial centers.
So far as the Manufacturers Record can
see. this proposition has in il many strong
aa...H.-.a &C. HIa GarrsI WrffhnrN D.
serious drawback and without any dan
ger 10 the best interests Of the whole
South. II simply means that q good many
millions of dollars. all Of which, we are
informed, has been guaranteed by the
foremost fnanciers Of New York. will be
put into southern mills, and thus turn
loose that amount of local capital now IN
vested in these mills, increasing 10 that
extent the available money Of the South
Take Augusta, Ga. for instance. and sup
pose that 100000 OF outside money should
be put into the mills Of that city. This
would simply release the $4,000 Of cap
ital thus Stipulated. which would mean
a wonderful addition to The wealth of that
place. And so Il would be elsewhere.
Moreover. a combination Of this kind,
backed by vast capital, could build many
new mills. enlarge those purchased and
push the product OF its mills into all for
eign markets. Thu scheme seems 10 be
one Of vast benefit to the South, and, so
far as the Manufacturers Record can
learn. the men who are behind II have
not heretofore been investors 10 any large
extent in the South. This vast enterprise,
which. IL Is thought. nay run up to from
$50 ODC. 600 TO 800, 0J0,O10, will mean a deep
Interest in the South by the foremost
hnaneiers Of the country. II will probably
mean the fun turning Of the tide OF capt.
tai southwark, and its influence must be
felt In every line OF business.
In a recent issue OF the Manufacturers
Record II was stated that the real bat
ties OF the world to-day are the battles
Tor Industrial supremacy, and that II the
South wants 10 gain power II must do
so on the fields Of economic production.
Nature has gwen us the underground,
and II rests with US 10 say whether or
not we shall fight with the old muzzle-
loader against fhose who use the Krag-
Jorgensen or to Muaser; or. In other
words. whether we Will adhere 10 the
methods n traditions OF the past SIM
ply out OF veneretion for what our fore |
Gathers did. or whether we will use mod |
ern methods. AS the Krag-Jorgensen |
has ~supplanted the old muzzle-loader. so
machinery has displaced old sys-
tens The combination OF capital or OF /
is simply the modern machin- ,
cry for doing business; tt the repeating