The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-05-07


forty-four factories with a capital of ST.
,374 and their products were valued at
81, 457, 305-an increast of nearly a thou
sand fold in ten years! While the industry
is yet comparatively small, yet this re-
markable growth proves conclusively
that success is assured to the enterpris-
ing investor who embarks in the bust
ness.
North Carolina is an agricultural
State, and as such offers advantages of
a superior character. But the facts and
figures already given and those that are
TO follow suggest that perhaps her great
est possibilities are in manufacturing.
The streams can supply energy conser-
vatively estimated at 2,75O,OOO horse
power. OF this tremendous supply OF en-
ergy something like 600, 900 horse power
is already available, and with recent
progress in the electrical transmission
of power it is not extravagant to assert
that very large proportion of this tre-
mendous force can be economically utll-
lied for industrial purposes. The growth
of railroad mileage in recent years and
the cheapness attending railroad con-
ton Of accessibility to the fields of raw
material. While the cotton mills OF the
State now spin every pound of cotton
grown in the State, and more too, the
proximity of the great cotton growing
States further South practically places
their cotton at the doors of our mills.
The great variety and abundance OF the
finest hard woods in the world offer un-
xxhn UiCh n
engage in the manufacture of furniture.
carriages and wagons, hard wood mate
rial for builders, agricultural wooden
supplies and all kinds of small wooden
wares.
The cheapness of constructing buildings
is Of itself a tremendous item of saving
in capital outlay. With an abundance OF
the very best building woods at the door
of every community and an unlimited
supply of brick clay everywhere, together
with the fact that the mild climate per-
mits far less expensive buildings both
for factories and dwellings than are re-
quired further North reduces the neces
sary building cost to the minimum. The
fact that there are no large cities to
cause great land values. and the further
fact that a majority of the Lost de-
sirable manufacturing sites are situated
in small railroad villages reduce the
cost of land for manufacturing purposes
to almost nothing.
The productive power Of capital is one
of the first things to determine in the
selection of locality for manufacturing
purposes. To show what capital can ac-
complish in North Carolina in two of the
most promising industries the following
facts are submitted:
Each 500 invested in the manufacture
of cotton goods in the United States in
1900 yielded a product valued at a little
more than s72. In Rhode Island it yield
ed $64, in Massachusetts it yielded
slightly less than s71, while in North
Carolina it yielded $50. That is to say,
that in North Carolina capital invested
in this industry afforded a basis for profit
from Is to % per cent greater than It
did in the other States mentioned. Or to
express it in more practical way,
800 invested in this industry in North
Carolina is equivalent to an investment
of 1921 in Massachusetts and to $131 in
Rhode Island. These figures bear only
upon the relation of capital to product,
and when cheapness of building, the earn
ing power of dollar when invested in
labor and the items Of taxes and gen.
eral expenses are considered they be-
come even more significant.
Similar comparisons with Michigan for
the furniture industry afford even a
greater contrast in favor of North Caro-
lima. Each 800 invested in the manu-
facture of furniture in the State of
Michigan in 1900 yielded product valued
at $105, while in North Carolina it yield
ed S151-a difference Of 46 per cent in
favor of North Carolina. Or to use the
other method of comparison, 500 invested
in this industry in North Carolina was
equivalent to an investment of nearly
$144 in Michigan. In Michigan nearly
"a per cent of the invested capital for this
industry was required to provide the
necessary land and buildings, while in
North Carolina only 17k per cent of
capital was thus required.
The above comparisons for cotton goods
have been made with Massachusetts be-
cause that State is the great center OF
this industry in this country and be-
cause there has been made it's greatest
progress. Rhode Island was also select
ed because the conditions there are very
similar TO those in Massachusetts and
,also because the volume of business In
the latter State is so nearly the same as
that for North Carolina. For furniture
Michigan was selected because it is re-
cognized as perhaps the most progressive
State in the Union in that industry.
These comparisons with States in which
the great progress has been made and
where the highest perfection has been
reached give particular emphasis to the
wonderful opportunities offered here.
Labor here is contented and reliable.
It is composed entirely of people born
in the State, and there is therefore not
that disposition to seek changes which
is so common among foreigners. There
are no large cities with their attendant
vices and temptations to dissipation. The
working people are intelligent, moral
and Industrious, thus combining all the
elements of the most desirable employee
They are not easily shaken from their
naturally conservative ways and strikes
are therefore of rare occurrence and
short duration.
Taxation is exceedingly light. While
wealth has increased at a rapid rate
during the past ten years 1t has been
necessary to add but IL per cent to the
assessed valuation of real estate and
the rate of taxation has not been in