The Montgomery advertiser., 1902-05-31
SOUTHERN PROGRESS
REIEW OF CONDITIONS BY THE
MANUFACTURERS RECORD.
Marked Revival in the Expansion OF
the Southern Cotton Mill In
terests-St Louis is Financ-
ing New Deals.

Baltimore. May 30.-(Special)-1n this
weeks issue The Manufacturers Record
refers to a report made by the editor OF
Petroleum, a technical oil paper of Lon
don, in which it is suggested that the
Texas oil field will prove to be the Glib
raltar in the contest of the lights and
fields of the world" The position of
Spindle Top near the Texas coast is OF
immense Importance and the English eX-
pert holds that there is not a more adj
vantageously situated territory in the en-
tire geogra phy of the oil world. Stimuli
taneouslv with the arrival in this coun-
try of this estimate eight gushers were
added to the Spindle Top array. and as
an indication of the wide extent of the
field a gusher throwing a six-inch stream
of oil eighty-tWo feet into the air was
brought in at Jennings. La, thus broad
ening and strengthening the whole Texas
Louisiana oil situation and fulfilling pre-.
dictions made by The Manufacturers
Records own expert in his report last
fall when he predicted that gusheIs would
be found at Jennings, Sour Lake and 9TH
or points , ,, .oaraea &c
the future Gibraltar of the cotton manu-
featuring industry in the country. II not
i'm the world. The activity of recent
months has tended to strengthen such
view. The very marked revival in the
expansion of the Southern cotton MIL
interest is indicated by the number OF
new cotton mills recently announced IN
The Manufacturers Record as to be ouilt
and by the enlargement of established
mills. a very arge-percentage OF the eX-
pansion being in the shape of additional
equipment of successful mills In the car
olnas. This Is especially striking III
south Carolina where within the last
thirty days. long established mills have
undertaken the building OF new MUS or
the enlargement of their present plants
to an extent which will require an invest
ment of more than $3,000,000. The total
increase in spindles to be added to the
mills of the South announced since May
| will be about $50, coo spindleS represent
ing an investment of about 100000. This
does not take into account Il large num-
Der Of enterprises including new minis
and the enlargement of old ones reported
prior to MAY /. and upon which work Is
now in progress. The most gratlINlns
feature Of this development is that it is
being done so largely by long established
and successful mills.
This textile advance Is being mace
largely with energy derived from money
made in the South. This phase of southern
Industrial development appears In an
other form in the undertakings "hlch
look to St Louis for financing Special
correspondence begun in this week is
sue ~ rho anufacturers' Record and
dealing especially with the whole SOUTH
west calls attention to the fact of the
extra ordinary activity in railroad DulldlnS
in all the territory domlnatca 10y g.
40 1
Louis is the starting point or which,
through branches are tributary to that
rity have no less than 1000 miles OF road
under construction in MISSOURI. Arkdn-
sas. Indian Territory, Oklahoma and
Texas. and it adds: 49,
"A most notable fact in this connection
is the assistance on big scale which
has been given to these enterprises ny
the financial institutions OF st. Louis. In
| common with other wealthy and impor-
| tant centers in America, the trust com
many idea has taken strong hold in ST.
Louis in recent years with the result
| thal big enterprises are iinanced right al
| homo. Indeed it is not too much to say
| that a large part of the development
| work now being done III the SouthWCsl
could not have been undertaken at TINS
| time if at all. had ii not been for the
| annie means so promptly provided by the
| trust companies of St Louis. They have
not only financed mercantile enterprises
, of magnitude. but have supplied the
| means for the construction of several inn
| portant Southwe stern railroads ana nave
| given a further demonstration of their
! financial ability and enterprise by hnanr-
| ing a ,oa., of 500 900 for the Mexican
| Central Railroad, a large portion OF wh!cu
was subscribed by the trust compani"
| themselves 1t is also true that othci
sections of the country are indebted &c
| 81 Iolis finauciers for timely assistance
the Tennessee Central furnishing a case
| in pniut The day of St l4ouiss depend
fnca on Eastern capital has apparently
gone by No feasible proposition Is to'
big Tor ST. Louis financiers to undertake
and the Eastern man is now put in tho
nnsition of being permitted TO get in as d
| favor provided there Is anything LETT for
| him after st. Louis investors nave had
| first chance.