The times. [volume] (Richmond, Va.) 1890-1903, 1902-05-30
SOUTH SOUND AS
GIBRALTAR ROCK
Her Oil Field and Cotton Indus
try Lead the World.
REVIVAL OF THE EXPANSION
Extraordinary Activity in Railroad Build
ing in Whole Southwest Territory.
Capital No Longer Comes
from the East.
REVIVAL OF THE EXPANSION
Extraordinary Activity in Railroad Build
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Especial Dispatch to The Times.)
BALTIMORE. ND, May 29.-In this
weeks issue the Manufacturers Record
refers to report made by the editor OF
Petroleum. a technical OF! 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
finals Of the world The position of
Spindle Top, near the Texas coast. Is Of
immense Importance, and the English
expert holds that there is not q more
advanta geously situated territory In the.
entire geography OF the oil world. Sim
ultaneously 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 six-inch stream
of oil eighty-two feet into the air was
brought in at Jennings. La. thus broad
elling 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 gushers
would be found at Jennings, Sour Lake
and other points.
COTToN's FUTURE GIBRALTAR.
The South has long been regarded as
the future Gibraltar of the cotton manu-
featuring industry in the country. If not
In the world The activity of recent
months has tended to strengthen such
view The very marked revival in the
expansion Of the Southern cotton mill
interest is indicated by the number OF
new cotton mills recently announced IN
the Manufacturers Record as to be built
and BY the enlargement of established
mills, a very large percentage of the
expansion being in the shape of addl-
tional equipment of successful mills IN
tho Carolinas. This is especially striking
in South Carolina, where. within the last
thirty days, long established mills nave
undertaken the building of new mills or
the enlargement Of their present plants
to an extent which will require an invest
mert of more than $4,000 The total
increase in spndles to be added to the
mills of the South announced since May
1st will be about 100000 spindles. repre-
seIting an investment of about So0O0.0O0.
This does not take into account large
number of enterprises. including new mills
and the enlargement of old ones. reported
prior to May 1st and upon which work
is now in progress The most gratifying
feature of this development is that it is
being done SO largely by long established
and successful mills.
SOUTHERN CAPITAL.
This textile advance is being made
largely with energy derived from money
made in the South. This phase of SOUTH
ern industrial development appears in
another form in the undertakings which
look to ST. Louis for financing. Special
correspondence begun in this weeks is
sue Of the Manufacturers Record and
dealing especially' with the whole South
west. calls attention to the fact Of the
extraordinary activity in railroad build
ing in al the territory dominated by ST.
Louis. 1t shows that lines of which st.
Louis is the starting point or which.
through branches. are tributary to that
city, have no less than 2.000 miles OF road
Under construction in Missouri. Arkan-
sas, Indian Territory, Oklahoma and
Texas. and it adds:
"a most notable fact In this connec-
ton is the assistance on a big scale which
has been given to these enterprises by
the financial institutions of ST. Louis. In
common with other wealthy and lmpor-
tant centers in America. the trust com
pany idea has taken strong hold in st.
Louis in recent years. with the result that
big enterprises are financed right At
home. Indeed. it is not too much to say
that a. large part of the development
work now being done in the Southwest
could not have been undertaken at this
time If at all. had it not been for the
ample means so promptly provided by the
trust companies of St. Louis. They nave
not only financed mercantile enterprises
of magnitude. but have supplied the
means for the construction OF several I'M
po1tant Southwestern railroads. and nave
given a further demonstration OF their
financial ability and enterprise by imam
cling a loan. of 100000 for the Mexican
Central Railroad, a large portion OF winch
vas subscribed by the trust companies
themselves 1t is also true that other
sections of the country are Indebted 70
St Louis fnanciers for timely assistance.
the tennessee Central furnishing case
IN noint. The day of ST. Louis depend
ence on Eastern capital has apparently
zone hv. No feasible proposition is too
BIO for ST. Louis financers to undertake.
and the Eastern man is now put IN the
nosition of being permitted to get IN as
favor provided there is anything lelt 1or
him after st. Louis investors nave iau q
first chance"