The Birmingham age-herald., 1903-10-28
SPENCER TELLS IF
 SOUTH'S PROGRESS President of Southern Railway
 is Very Optimistic LARGE CAPITAL INVESTED The Industrial Growth of the South Has Been Remarkable-Facts and Figures of Great Interest.
 Diversified Manufactures.
LARGE CAPITAL INVESTED

The New York Commercial says: Pres ident Samuel Spencer of the Southern railways speaks in optimistic language of the progress of the south, devoting much of his annual report to that subject. He says:
 ''The number of new industrial plants of various classes completed during the year was 735, and the number under con- struction at the close of the year was 146. Previously existing plants to the number of POS were materially enlarged during the year.
 There were 29 cotton mills under con- struction on June 30 of this year, an increase in number of eight mills over cor responding date of the previous year. These new mills when completed will place in operation 12,5S7 looms and 44S,- O02 splndles; an increase over similar equipment in new mills under construc- ton on June 30 last year of 49S7 looms and 1O0,S02 spindles.
 "There were large investments made during the year along the company's lines in new mineral developments and the en- largement of old ones.
 "The tons of mine products hauled dur ing the year increased 1,1sO166. or 1885 per cent. over the preceding year.
 During the year investments in lum- Der and other woodworking enterprises completed, amounting to over $o,OOO,OOO, and in additions to existing plants to about $2, ,5ooOoO.
 New Capital Invested. The capital invested in tanneries com- pleted during the year amounted to apout s6OO. .OO0. and in additions to existing plants to about $3S0,0OO.
 "rhe sale to northern and western pur- ehasers for investment, development or settlement of timber, mineral and farm lands contiguous to the companys lines, aggregated over 100000 acres, valued at about $13.0O00O0.
 President Spencer's financial statement contains table showing the heavy in- vestments for new construction and real estate which the company made during the year ending June % for the purpose of meeting the demands of this steady
 
 this notable industrial development. This shows a total of s2,9os 7s1.34.
 In a recent interview. MT. Spencer com mented at length on the progress of the country. On this occasion he said: tThe industrial growth of the south has been remarkable. While the develop ment for the year ended June 30, 1902, was quite unprecedented, the last year exceeded it by 17 per cent in the capital invested in traffc-produoing industries on the Southern railway system proper.
 "In the year previous such investments were very generally of the character of new enterprises involving the purchase of premises and the erection of factory buildings, while during last year invest ments were more strictly in mine. factory and mill equipment designed to increase capacity of output Investments of this character along the Southern railway lines were very much greater last year than the year previous, and of course, that implies a correspondingly heavier tax upon the physical capacity of the rail8oad to move the traffic. Increase Is Great
 During this last year the increased in- vestment in coal mines, iron mines, lum- Der mills. wood working plants and other closely related interests, which are the producers of largest tonnage, was even more marvel than in other classes of in- dustrial enterprise
 This gives an indication of the traffic requirements imposed upon the railroads in addition to the usual crop movements and emphasizes the importance of the fullest cooperation of all interests in every way possible to relieve a possible transportation congestion. This conges- tions is not limited to the south. It is more or less general throughout the coun- try; but in the south, where the industrial awakening has been relatively the greatest in short space of time. the situation has been more difficult to forecast, and to reasonably provide for, than in other sec tions where industrial changes have been more gradual.
 eThe extraordinary industrial growth of the sections of the territory traversed by the Southern railway lines is imposing a. trying task upon the rolling stock equip ments of the company, and despite the in creased facilities which have been provid- ed for handling the increased volume of general traffic-incuding POT new locomo- tives and 10,625 new freight cars within the last three years-the company may find itself at times somewhat embarrass- ed, unless it can secure the cooperation etgfon of