The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1899-10-11
An Industrial Continuation.
A Movement for Developing
Cotton Manufacturing in
the South on a Large
Scale.
Manufacturers Record.


Some years ago the Manufacturers
Record very actively urged the desir
ability of listing on the stock ex
changes of Baltimore. New York and
Boston the stocks of leading South
arn cotton mills, IN order to make
Them good as collateral for loans In
all money centerss and also with 8
view to attracting the attention oi
investors TO Southern cotton manu-
featuring. This suggestion was
warmly seconded by number Of
miIl.owners, but il was in- advance
of the times. The idea itself was.
however, right, but the time was not
Dropitious Any careful student Of
Southern bushes conditions is forced
70 the conclusion that the spirit OF
unrest and dissatisfaction has been
largeIy due 20 the fact that the
Senth's best bankable assets-lts
cotton, raw and manufactured, and
ites cotton mill stocks-haye not been
good csllateral for loans at moderate
rates of interest Railroad stocks
and bonds can command money at
s. All times, but the South money is not
largely invested in railroad securities.
This inability to use cotton-lntrlnsl-
nally. one Of the best coilaterals 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 out
lined il our news columns, for the
purpose Of purchasing for cash the
stocks of large number of Southern
cotton mills and by combining them
into one corporation, to create q
market for their securities in all lead !.
ING financial centers. SO far as the
Manufacturers Record can see, this
proposition has iu it many strong
8 advantages for the South, without
anv serious drawback aud without
any, danger TO the best interests of
the whole South II simply means
! thaIa good many millions of dollars,
all sef which, we are informed. has
besin guaranteed by the foremost
fnsnciers of New York, will be put
INTO Southern mills, ard thus turn
loose that amount of local capital
now invested In these mills, increas
ing TO that extent the available
% money OF the South. Take Augusta,
Ca for instance, aud suppose that
5000, 900 of outside money should
be put into the mills of that city
This would simply release tae
So ,00o 900 of capital thus snpplsnt
ed which would mean wonderful
addi.ion to the wealth OF tnat place.
Aud SO It would be elsewhere.
Moreover, q combustion of this kind,
backed by vast capital, could build
many rew mills. enlarge those pur-
chased and push the product of its
mills into all foreign markets The
scheme seems TO be oae of vast ben.
EFT to the South. and. SO far as the
Manufacturers Record can learn, the
raen who are behind it have not
heretofore been investors to any
large extent 10 the South This vast
enterprise, which, it is thought. may
run an to from $50. o.o0e.o 600 to $780,
GOO 900, will mean a deep interest in
the South by the foremost hnanclers
Of the country It will probably
mean the full turning OF the tide OF
capita! southward, aud its influence
must be felt 10 every line OF busi
! ness:
Ia q recent. Issue Of toe Manufac
tu.ers, Record it was stated that the
real battles OF the world today are
The battles for industrial supremacy,
and that if the South waDts to gain
mower it must do 50 Oh tue field of
economic production Nature has
given us the vantage ground, and 1t
Tesss with US to Say whether or act
we shall fight VITA the osG muzzie
loader against those who use the
Krss Jcrgeuseo or the Mauser or,
IN other words. wbesbsr we will
adhere to the methods aud tradl
sions of the past simply out OF ven
era,ions for what our iorefashers did,
or whether We will use modern
methods As the Krag Jorgensen
has suppsanted the old muzz'e loader.
IS modern machinery has displaced
o!d syssems. The combination OF
capital or of Industries is simply the
modern machinery for doing bust,
ness it is the repeating rifle against
the mpzzle .oader, and unless the
South falls into line and equlps
itself, its natural advantages will
count for Sut little In late number
of Cassier's Magazine Mr.. Charles
r. Flint, Que of the foremost busi-
cess men and ioanciers of New YosS,
s<J,S,str;oi Oroaniza