The Montgomery advertiser., 1902-12-20
SOUTHERN PROGRESS
WHAT THE MANUFACTURERS
 RECORD HAS TO SAY.
Enthusiasm Over the Prospect for Business During the Coming Year Shown by Letters from
 Representative Men.


 Manufacturers Record devotes seven pages of Its issue for this week to the publication of letters from representa- tive manufacturers, engineers and other men close to the industrial life of Ameri- ca. revealing enthusiasm over the pros pect of business for the coming year. These varied interests in tho North the East, the South and the West are quick to interpret the signs of the times, they are accustomed to weigh we'll all the elements hke,y to affect the wide rami- fications of industry. and for their gener- ally optimistic position at this time they give very clear cut reasons in their let ters Through all of these runs a story of successful bushes during 1902; many tell of contracts which will crowd their capacity for six or twelve months and of plans for enlarging plants, and though some point to possible temporary dangers in over-capitalization, in speculation and in unrest of labor, practically all are full of hopefulness banking largely upon, the knowledge. as Is Minted out specifically in one or two of the letters, that much of the enlargement of the, industrial operations during the last year or two has been made not so much upen new capital as upon surplus earnings.
 The broad situation is well epitimaiSea by K. M. Lesley of Philadelphia who writes: First, the country spcplies the fuel for the human machine in Ihs shape of the cheapest food products of Ehe world. Second it supplies the fuel for the inanimate machine in the shape of the cheapest coal anywhere to be pro vided. Given these two essentials and add to them the engineering ability to fur. nish the spark of genius to transform this fuel into power, this country has the greatest supply of power| of any of the countries of the world. Power is commerce-and commerce Is power. From this analysis of the situation I would suggest that have no apprehension of any serious depression in the business O this country, unless the opportunities which bountiful nature has given us art disslpated by wild speculation"
 One of the best indexes of prosperity Is the demand for locomotives and othei railroad equipment. Referring to this the Baldwin Locomotive Works write. the transportation facilities of the coun- try are taxed to their utmsot limit, indi- eating widespread prosperity among al classes Of producers The amount Of merchandise In sight requiring transpor- tation must continue the present pres sure upon the transportation lines for many months. The railroad interests have experienced a period of unprecedented prosparity and having made large earn ings they are also spending largely. Tht disbursements which must be made for work actually under contract or decided upon are so great as to insure a con tinuance of the present condition of acti- vity and approximately the present rate of profits for at least another year"
 Other industries based upon iron and steel. such as manufacturing of machine tools, of agricultural machinery and of engines of various kinds. reflect the great demand for iron noted by Mir. w. P G. Harding and Haskins Williams of Birmingham, while Mir. George A. Draper of Hopedale Mass, writes: "We are employing more men than ever before and have sufficient unified orders to give employment to our present force lover eNoO mem for nine months. I believe that our customers as a whole are in good financial condition. note further q largely increased demand for mill stocks.'
 Bearing upon this point as we'll as upon conditions generally in the South Is a letter from Mir. Jacob Phinisy of Au- gusta, Ga, who writes: The fact that there Is a great demand for steel from abroad indicates the growth and pros per1ty of this county. as we are not in . position to supply at home the demand The railroads. 1t Is true, cannot accomo- date their patrons, but if capital could be made to feel confident that speculation would not at times grow rampant. there by creating so active a demand for money. there would be a large increase In the output of every industry. The farmers and merchants arc prosper ing fairly and 1 believe their condition is gradually improving"
 The observations agree with those of T. w. Nicel of Mobile. Ala, of George ]. Freedley of Richmond, Va, of T. E. F. Bartlett of Meridian, Miss, and of Frank P. MiIburn of Charlotte, N. C., made from widely different standpoints, while Charles Catlett of Staunton, Va, makes this interesting point, ''The most striking feature at present connected with industrial phases Is that invest rents and improvements are now heinz made out of profits. There aro many concerns whose profits are sufficient to permit them to retire their entire capital but who are using the money to enable them to better their eo,,,nrnent CT to add to their supplies of rsw material. We arc simply investing aur profits" ..-, while noting the puncturinE of inflated prices on the various stock exchanges as causing people to feel that conditions were fayora ble to a smaller volume of h,s,rexu write: ''But VIC do not believe if so vZfth regard to general business par tIc,,IayIv in the iron snd steel and metal trade as the large crops all over the TrnitS6 states. which have sold and are