The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-06-18
BUSINESS IN THE SOUTH.
Rapid Advance and Development
Shown Along All Lines.

Especial to News and Observer
Baltimore, Md, June 16.-Reports
| to the Manufacturers Record covering
the business interests of the entire
South show rapid advancement in
many directions, with heavy invest
ments of capital in the purchase and
development of coal, iron and timber
properties and water powers, and the
building Of new manufacturing inter-
ests, as well as the enlargement of
established concerns In the coal
fields of West Virginia, Kentucky and
Southwest Virginia sections there is
developing a remarkable rivalry by
the foremost capitalists and business
organizations of the country to Sc
cure great bodies of coal lands In
Kentucky contracts have been closed
in one district for the purchase of
over 10000 acres of coal land includ-
ing going mines, river transportation
facilities and other properties, at an
aggregate of about $3,000000. These
properties are to be developed on a
sufficiently large scale to employ
s. 900 to 10000 men, with view, not
only to a further pushing of this coal
into the Western market. but to take
up on large scale the shipment of
coal down the Mississippi. Options
have recently been taken on still
larger bodies of coal and iron lands
in Kentucky and West Virginia, and
it is understood that leading steel
makers have likewise secured options
on a nufmber of the important iron
and steel concerns in those sections
looking to a combination with other
interests, possibly having in view the
building up of an organization to be
an active competitor with the United
States Steel Corporation There are
rumors that interests identified with
the latter as well as others antagon-
stic to it, are now negotiating for i'm
mense bodies of coal lands in West
Virginia, following the recent pur-
chase by Philadelphia coal people
long identified with the Pennsylvania
railroad of immense coal properties
in West Virginia, involving in this one
purchase over $4,000, 900. Never before
has there been such development un-
der way in that section and such rival
ry by giant interests to purchase coal
properties. On down through Tennes-
see the same conditions are noted,
though the activity is as yet not so
great A report from there states that
there is much activity in coal opera
tons along the line of the Tennessee
Central in Cumberland and Roane
counties and many new mines are be-
ing opened while short railroads and
branch lines are being built to open up
additional territory. In Alabama the
scramble for coal properties is not so
lively as in West Virginia and Ken
lucky, but this is PROBABLY largely due
to the fact that the coal and iron
companies of the former State have
for years been gradually rounding up
their holdings of ore and coal proper
ties and are now giving their atten-
ton to development work. From the
Birmingham district comes the report
InRN nd
iron, with some increase in sales, and
in general that district is keeping pace
with every other section of the coun-
try in industrial progress.
Water power development through
out the South is being pushed with
greater vim than ever. Following the
announcement last week of the financ-
ing of a company to develop $4,000
or $4,000 horse power at Chattanooga
comes the report of the development
| by Colorado capitalists of a $4,000
| horse power below Chattanooga. In
South Carolina, Georgia, North Caro-
| lima and other places many great
water powers are now being developed
| for electrical operations, and plans
| are being matured for the utilization
of many not heretofore improved.
From Newport News comes the re-
port that the great ship building yard.
! already one of the largest and best
| equipped in the world, is to expend
| 81, 100000 in the building of another
dock and further improvement work.
These are butN few of the straws
which i'm every part of the South from
! Maryland to Texas give some indica-
ton of the broad scope upon which
] the industrial development of the
South has now entered. Everywhere
there are signs that the South, with
more accumulated money than ever
before, with its banks carrying phe-
nomenally large deposits, with all it's
| Industrial interests prospecting, with it's
| railroads crowded with freight, with
| immigration gradually turning this
way and outside money seeking m
1 vestmeht here has entered period
of prosperity, industrial and agricul-
| tural crea ter than II has ever been.