The times. [volume] (Richmond, Va.) 1890-1903, 1901-03-01
ENTHUSIASTIC
OVER THE SOUTH.
Travellers Startled by Revelations Of
Industry There Seen.
THE FARMERS PROSPEROUS.
Banks Have More Surplus Than for Long
Time, and Are Inclined TO Reduce Rates
for Loans-Opportunities for
Safe Investment.
| THE FARMERS PROSPEROUS.
Especial Dispatch to The Timcs.)


BALTIMORE, MD, Feb. 8.-Recent
travellers in the South, men who occupied
prominent positions in manufactures or
finance are in a position to formulate
the results of their observations in prac-
teal judgment, arc enthusiastic over the
South's industrial and commercial pros
poets. The Manufacturers Record pub
fishes this week quite a number OF views
thus obtained which combined present
fair survey of accomplishments and
possibilities.
Condition: Of the farmers is pretty
good index TO the situation in other
human activities. Generally. the farmers
are enjoying degree of prosperity sell
dom equalled in past years. They have
money in bank, and the effect of this, as
seen by close observers, is tendency
on the part Of local banks to reduce con-
siderably their rate of interest to Dor
rowers. This manifestation is quite
marked in Texas, where in the wonderful
and rapid development Of the resources
of the State the people are accumulat-
ing wealth. Money received from the
cotton crop during the past year or
eighteen months has made many man
Independent for the first time in his life.
His bank account is in his favor, and
banks in many Of the principal cities
have such an abundance of funds that
they are able to lend UP to all local and
neighborhood demands.
SURPLUS MONEY.
Nor have the banks all the surplus
money, for thousands of farmers III
Texas and elsewhere after paying their
Indebtedness and providing for coming
crops on a cash basis have money still
in their pockets, and there is enough
now idle, it is estimated, to handle the
cotton crop in Texas without looking to
New York or other financial centres.
Local capital. too, is absorbing Securl-
ties and is going in large amounts into
various enterprises, a desire to encour-
age investments from. outside also grow
ing. Much local investment goes into
municipal improvements of the construc-
ton of modern buildings in the cities,
wh1e Nsuch developments us that at
Beaumont in the past month are I'M
pressing the people more and more with
the idea Of wealth to be had in the UNI
covering and working of other under
ground riches.
From Texas to the CarOlnaS, how
ever it is found that prevailing high
prices for cotton are tempting to an IN
crease of acreage, though against this is
the strengthened habit. acquired IN ad-
rersity, of raising home supplies and
deyoting more attention to q diversity
of crops
COTTON MILLING.
Phases of cotton milling in the Pied
mont region have been revelation to
persons who have for the first time been
brought into close touch with them. The
character and the volume of mill pro-
ducts have been, of course well known,
but the visitor passing from one centre
of industry to another, with visions or
almost continual banners of smoke along
the route, is astonished at the size, the
number and the capacity OF the mills,
their great advantages in location, COM
mand of material and labor, and ability
to meet rapidly increasing necessities IN
the power line. At Columbus ana Au-
gusta Ga, at Charleston. S. G.. at Char
lotte. and at many other points. he is
impressed with the cotton-oil mills,
where cake and meal are made for cattle
and where even the last refuse of what
was once practically all waste becomes
the basis for soap, while in lumber CEN
tres the beginnings of plans to utilize
other wastes are noted.
UNLIMITED OPPORTUNITIES.
The birmingham district. type of the
South as an iron and steel producer IL
illustrates to the visitor the effects of adj
lerenCe to conservative policy banked
upon faith in the promise contained in
contiguty of coal. ore and limestone
The returning business tourist brings
with him the conviction that i'll the
South the opportunities for safe and
profitable investment Of capital are al
most unlimited. These are to be had not
only in commercial communities keeping
pace in growth with the improvement
of the physical and financial conditions
of railroads centerng il them. but largely
in the development OF water powers, cleo
trical transmission, lighting and trans
portation. mills aud factories of many
kinds particularly those which will give
the second or third handling of material
like the furniture factories of North
Carolina and the oil mills in ell the cot
ton States. or which will rise with the
perfection of machinery for the utilization
Of the by-nroducts of the iron. cotton, oil
and lumber industries.