Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-03-01
SOUTH ON SOLID BASIS.
It's Prosperity Very Much in Evidence
at Present.

| Baltimore, Feb. 29-The value of the
past seasons cotton crop, about $780,
100000, as compared with the value.
$3z5. 100000. of the crop of the season
of 1889. added to the large grain
| crop in the South, has placed that
| section in better financial shape than
ever before. 1t now has agricultural
i prosperity in connection with flourish
| ing industrial interests. This is re-
| fected in q mass OF letters from
| Southern bankers published in the
Manufacturers Record today in reply
| to inquiries made Of them for their
views:
O On the general Southern business
situation. present and prospective.
| (2) On the improvement in agricul-
| tural 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 credit and
| mortgages.
90 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 manufacturing
enterprises.
The responses were prompt and
gratifying. Their general tenor is OF
| decidedly positive character There
is agreement of opinion that finances
in the South are upon a most healthy
and substantial basis. Increased bank
ing 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 industrial enterprises. or into
the enlargement of existing ones.
Many municipalities have been infused
with the spirit of progressiveness, able
TO find expression in the general
financial prosperity, and on many sides
are definite plans for the betterment of
city properties and the improvement of
streets, schools and roadways Co.
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 loss. 4
Then the farmers We're compelled to
practise economy of the strictest sort
in all their methods. and to turn their
attention to diversified crops. Com
pulsion in many instances had become
choice and, consequently, the opening
of the season found many farmers
ready to take the best advantage of the
high prices of cotton. Now they are
paying cash for their supplies instead
of subiecting themselves to lien
merchants, they have relieved them
selves from their Indebtedness or have
reduced it to a marked degree, they are
swelling the bank deposits and in some
communities the dependence upon crop
liens and mortgages to make the COM
ing crop will be confined almost en-
tirely to the Negroes and to the less
thrifty class Of small white farmers.
A note of caution, however, is
sounded here and there in reference to
the tendency to spend the surplus earn
inss Of the year in greater quantities
or fertilizers and larger number of
mules. indicating the planting of a
more extensive acreage, in spite Of the
hard lessons of adversely. But the
general situation seems to be well
summed up in a letter from a banker
Of the middle South, who writes:
Municipal improvements in the way
OF electric lights, water works and
schools are increasing in all directions,
and planters and others who were
willing few years ago to live in
houses without any comforts, now re-
quire all modern conveniences, such as
water. gas, electric lights, musical in
struments and in fact. everything that
money and culture will demand. This
applies to people in all walks of life
OF course; however, 1t is in proportion
to their means that these comforts are
INDUCED In. Comparing the price OF
cotton in 1S9s-$20 to $25 per bale-with
the average price received by the
planter this year-not less than s65 per
pale on an average-cotton-see bring
ing "a to $S per ton more than it did a
year ago. think you can set it down
tnat the South will realize for her
cotton crop and by-products, not count
ing the large number of bales manufac-
tured into cloth and yarns. at least
s70O.OO0,0oO. 1t is not only cotton that
we realize upon now, but every manu-
featuring Interest that can be thought
OF Is at present in the South and the
number is being increased almost daily
giving employment to all kinds ~
LABOR. Many of these industries are
carried on by families. The South bos
been very free from strikes and this
fact commends it to those seeking new
homes. Our schools are on a eooa
basis. our people law-abiding and the
right hand Of fellowship is extended ~
everyone who locates among us. with