The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-10

Affected by the shipments as national bank
notes are not included in cash anC surplus
holdings. AS a rule the West and South
call for less than $40. COO, coo in the autumn,
/ but the general increase in money through
| out the country may reduce this amount
| considerably this year. At all events the
money market is in no danger of serious
| disturbance.
! Attention may be called to the prospects
ot-the Southern Railway securities, gener-
ally with much confidence Southern Rail-
way preferred and common have both been
| somewhat active during the past week.
/ and there is the best of prospects that
they and the other securities of this group
VIII be most interesting features of the
market in the near future. The South is
in the middle of prosperous year. and
moreover, there is every prospect that the
best of the year is still to be seen.
In many striking ways Wall Street late
ly has had evidence of the remarkable.
prosperity Of the South. New industries
of all kinds have in the past year been es-
tablished, and in the general business re-
action the South seems of all sections TO
have suffered least OF all.
During the week just passed Wall Street
was particularly impressed by proofs OF
the substantial nature of this Southern
prosperity proofs presented in one form or
iuDAEtt- FUl li-SldICe. lEele was the
splendid showing made by the Southern
Railway fer the fiscal year just ended; and
there was also the excellent record of Nor
folk and Western. In the report of the
Southern Railway, President Spencer al
luded especially to the growth of numerous
industries along the line of his road.
In like manner President Fink. OF the
Norfolk and Western, refers TO improve
ments ana extensions in Norfolk and West
apra tow IL, IL f111.
1t is gratifying 10 be able 10 report the
establishment Of a number of new indus
trial enterprises on the line OF your road
Among the industries established during
the year there were in operation or under
construction at the clvse of the year the
following: Seven new cotton mills, one
silk MILL three knitting factories. one pulp
MILL one cottonoil and linseed oil works,
one coke by-product plant. four iron and
steel works, one hosiery factory, one -four
MILL two canning works, three peanut fac
tories one furniture works. four wagon
and buggy works. two handle factories, one
stave works, three planning mills, and SIX
teen sawmills."
Better proof of prosperity than this
could not be wanted.
In this connection, referring more par
ticularly to the establishment of new
cotton mills, ii is interesting to note
NlGl Ine IO!HntTcIdl anu flnaDClal
Chronicle" has to say in its special article
bearing on the cotton situation. Refer
ring TO the additions made to the spin
ming capacity during the past season, it
says:
The section which shows chief i'm
portant change is the southern part of the
United States. where there has been an
addition of over 800. coo spindIes, carrying
the total above that for the Indian mills
Along the same lines the Chronicle
says:
Southern cotton mills have increased
their spindlcs and their use OF cotton ma
terially during the twelve months under
review. The last two months something
of a pause in operations is noticeable;
that is to say, q lessened consumption of
cotton has been in progress and conse-
quentIy smaller outturn of goods is the
result feature in the situation is quite
noteworthy Furnishing boom in the
construction Of small cotton mills dur
ing the past eighteen months. We do not
mean that the addition to spindles in
the South during that period has been
confined to those which would be classed
as small
On the contrary, our returns figure out
a tendency Of the growth In the opposite
direction. In other words, the average
number Of gpiHdles TO each mill has in
creased the past year and has been on
the increase ever since we began to make
these compilations That, too, has been
the trend throughout the country North
as well as south-a result which affords
a pretty clear indication of the teaching
which experience has left, that large mills
paid better than small ones
Chicago is now experiencing what New
York has but lately passed Through