Okolona messenger. (Okolona, Miss.) 1900-current, 1903-11-04

%NpTI%Yh The November issue of the
SS9G9l ISE-lI Southern Field, published by the
land aud industrial department Of
the Southern Railway, will contain the following
article:
While results Of the census of 19O0-which are
being announced by the Census Bureau as last as
1.-THE work OF tabulatiOn proceeds-have fully SUB
II stanciated the claims made by the most sanguine
friends of the South touching the material develop
ment OF that section there is doubt that the gen
eral showing, when computed, will fail to adequate
ly indicate the full extent and character OF an In
dustral movement which really had ORly started
during the last halt OF the decade and which,
since 1900, has gathered fresh momentum ana ae
qured new phases. The years 1901, 1902 and 1913
will figure in the industrial history OF the S0uth as
the period of transtion-the line Of separation be
tween the preliminary tentative. and the assured
and permanent growth Of the sectOD 80 far as this
growth is affected by the investment OF outside cap
ital and the movement OF immigration In Othet
words, the experimental aspect OF Southern invest
ments has all but disappeared, and the investments
now being made are for the most part based upon
grounds justified by the experience OF actual per
iOrmance, under conditions which have hitherto
been more or less debatabe or so considerate Dy
the cautious investor.
This phase of Southern development is very dls'
tinctIy reflected 10 the Southern Ra lway Company
record of industrial investments In its territory for
the fiscal pear ended June 80 last. ThisrecOrd cup
pliments in an important way the information In
parted by the Federal census. The South as sec
ti0n and Southern Railway territory are practically
cOnterminous-that Is to say, traversing the States
of Virginia. North Carolina, South Carolina, Ken
tucky Tennessee, Georgia, Alabama, and Mississip-
pi in touch with every part OF the South, are
part and parcel with every characteristic or dls.
tinctive line of Southern industrial development,
and an authoritative showing of the growth IN the
territory Immediately tributary answers su6tan lai
IL for the South generally.
Investments or expenditures for the year In South
ern Railway territory prOper-Which investments
comprehend developments both OF production aud
conservation, and enterprises OF puble and semi
public nature as we'll enterprises of an IL as
trial character purely-made up an aggregate OF
s417, ,434, $50 compared With S112 44l669 Tor the
previous year, net increase OF "a, 1898, 131 or A
per cent. Analyses of these t0tals-oT rather the
distinctive industrial features which enter into
them-bPing to notice very strikingly the evolution
ary change referred to.
This change maniests itself more distinctly in
the rehabilitation and enlargement OF existing IN
dustral plants than in the investment Of capital 10
new plants Indeed, the capital reported as IN
vested in entirely plants during the year SHOW
ed decrease compared with the previous year ol
13 per cent being $685. 69 $50 against s2l $50
for the year ending June 30, 1902. In 1902, how
ever, the additions TO existing plants involved 40
investment OF only Sc, 26S, 800, as compared with
e15,593, ,643 for last year. This remarkable In
crease equal to 149 per cent brought the total cap
ital in new plants and additions for the year up to
s99. 1868, ,293, compared with S33 go, ,15O net in
crease OF s5 1893 143, or IL per cent in the annual
rats OF growth-meaeured by the investment Of cap
itaI.
AS matter OF fact, investments in additions i'm.
ply relatively greater producing capacity than like
amounts invested in entirely new plants. Additions
as rule are the result OF inadequate facilities for
meeting trade demands which are passing, while in
vestments new industries are more likely to be ae,
eomDanied by an element OF uncertainty in testing
the various conditions incident TO the establishment
81 their trade connections. Now industries involve
large expenditures in the purchase Of premises and
the erection Of buildings, while additions more
strictly OF the character Of active equipment for IN
cleasing output. 1t is clearly obvious, in view 0
this extraordinary investment in additions, that
manufacturing in Southern Railway territory &C
ouired an added volume in the past year which the
bare statement OF the general increase in the rate
growth OF II per cent fails to indicate.
The feature which difIeTentiates The industrial
record OF the past year from that OF the year preeed
ing. and to q more marked extent from that Of any
nrevious year since the Southern Railway under
took the work Of promoting the industrial develop
ent Of it's territory, is strikingy exhibited Il
he industries which are distinctive than IN the gen
eral industrial situation In the last fiscal year tn
eapital invested in cotton mills on the system ag
rregated g. S5s 900, compared with q, 600 10
the preceding year, showing 3 net decrease in rea
tive growth Of 2070 per cent, circumstance ealcu
lated to give rise to an erroneous inference But
ae ii the case Of the exhibit covering the general N
snstrai growth Of the terriory the cotton lndnstf