The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1904-03-02
PROGRESS OF the SOUTH.
Manufacturers Record Gives
Facts Showing Marked De-
yelopment.
Gesd Prices for Cotton this Year Have
Added S700,000,00e to the Wealth
Of the Southern Sfates...Mans.
featuring Industries are Pros.
pering Exceedingly.

pering Exceedingly.
Baltimore, Feb. 25.-The value of
the past seasons cotton crop, about
$3.50, 600, 900, as compared with the
value, 1925, 600, 600, of the crop of the
season Of 1S98-99, added to the large
grain crop in the South, has placed
that section in better financial shape
than ever before. 1t now has agricul-
tural prosperity IN connection with
hourlsh1ng Industrial interests. This
is reflected in mass of letters from
Southern bankers published in this
weeks issue of the Manufacturers Re-
cord in reply to inquiries made of them
for their views:
~ On the general Southern busi
ness situation present and prospective.
(2) On the general improvement in
agricultural conditions as tending to
place the farming interests of the
South on solid basis for general
prosperity, lessening their dependence
upon crop liens in making the coming
crops and resulting in a decrease OF
farmers Indebtedness on personal
| ClCOlG duo mOltSoS0S.
(3) On the probability of increased
prosperity resulting in greater activity
in building operations. in general
trade, in municipal Improvement and
in more local investments IN manufac-
turing enterprises The responses were
prompt and gratifying. Their general
tenor is of decidedly positive charac-
ter. Ehere is agreement of opinion
that finances in the South are upon
most healthy and substantial basis.
Increased banking capital is recorded.
larger deposits than ever before are
shown in national, State and savings
banks and, at the same time, much
local money is going into new indus
trial enterprises or into the enlarge
ment of existing ones Many muncipa-
lities have been infused with the
spirit Of progressiveness able to find
expression in the general financial pros
| perity, and on many sides are definite
| plans for the betterment of city pro-
perties and the improvement of streets,
schools and roadways.
Prosperity in the south is no longer
matter Of prophecy, writes one banker.
1t is an existing condition which one
may see and feel On every side, and
it is attributed Immediately to the
high price for cotton received by the
| producer and to the immense gains
made by the actual holders of spot
cotton. Back Of it all, though, is the
wisdom gained by the farmers in the
situation five or six years ago, when
much cotton was raised at a loss.
Then the farmers ;ere compelled to
practice economy of the strictest sort
in all their methods and to turn their
attention to diversified crops. Compul-
sion in many instances has become
choice, and consequently the opening
Of the season found many farmers
ready to take the best advantage CT
the high prices Of cotton. Now they
are paying cash for their supplies, in
stead of subjecting themselves to lien
merchants; they have relieved them
selves from their Indebtedness, or
have reduced it to marked degree:
they are swelling the bank deposits
and in some communities the depend
ence upon crop liens and mortgages to
make the coming crop will be confined
almost entirely to the negroes and to
the less thrifty class OF small white
farmers.
A note Of caution. however, is sound
ed here and there in reference to the
tendency to spend the surplus earnings
of the year in greater quantities of
fertilizers and a larger number Of
mules, indicating the planting of
more extensive acreage, in spite of the
hard lessons of adversely. But the
general situation seems to be well
summed up in letter from banker
of the middle South, who writes:
Municipal Improvements in the way
of electric lights. water-works and
schools are increasing in all direc-
tions. and planters and others who
were willing few years ago to live in
houses without any comforts now re-
quire all modern conveniences, such
water, gas, electric lights, musical
instruments and in fact everything
that money and culture will demand.
Tnis applies to people in all walks Of
life, of course: however, it is in proper
tion to their means that these CON-
forts are INDUCED in. Comparing the
price of cotton in 1898--S20 to s25 per
bale-with the average price received
ny the planbef Gu1S yedr-nOJ less IMAM
s65 per bale OIL an average-cotton seed
bringing 81 to $6 per ton more shan it
did year ago, / think you can set it
down that the South will realize for
her cotton crop and by-products, not
counting the large number of bales
manufactured into cloth and yarns, 1T
least S700, 0C0, 600. It is not only cot
ton that We realize upon now, but
every manufacturing interest that can
be thought of is at present in the
South, and the number is being in.
creased almost daily, giving employ
ment to all kinds Of labor. Many of
these industries are carried on by fam
lilies. The South has been very free
from strikes, and this fact commends
it to those seeking new homes. Our
schools are on good basis, ou- people
law w-abiding and the right hand of
fellowship is extended to everyone who
locates among Us, with or without
money, who shows a disposition to
work and help build up this part of
our great Republic.