The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-18
The Shado.u Ouer the South.
Its Marvellous Prosperity Threatened by the Hue
and Cry Against the Railroads.

and Cry Agains
ORION the New York SUM
10 the Editor OF The sun:
Sir,--In discussing the wild popuis-
tic agitation against railroads which
is sweeping over the South. tho New
Orleans Picayune very wisely says:
IF 1t shall turn out that. blind to
their own welfare. careless of their
great economic interests. and delnded
vast issues for their own political ag-
grandizement, some of the States OF
the great new South are cramping their
present and strangling their future
by Legislation and attempts at legis-
lation which tend to ruin their lines OF
communication with their markets,
they may awake to the fact that there
is grave danger OF widespread Indus
trial disaster as consequence of Ill
advised railway Legislation. Prudence
should be called into play in every
case to prevent conditions that may
bring serious misfortunes to the
South"
Whatever may be the conditions In
other parts OF the country. there Is
certainly no section OF. America which
has SO little excuse for hostility to
the South. In the South, at least the
rapid increase in wealth is not being
concentrated In few hands, but, on
the contrary, is being shared In by
Everybody. In every village and every
town, on every farm and In every fac
tory, there ara seen evidences of In
creasing wealth, and 1t Is widely dis
tributed among all classes.
The farmers of the South produced
last year more than $4,000. 100000
worth OF crops and stock. which was
$3.50. 900 900 more than the total value
OF the agricultural products of the
United States, the South excluded. In
1880. or manufactured products, the
total in the South last year was $2.500,-
100000, which was more than five times
the value Of the Souti1's manufactured
products in 1880. In 1905 the increase
in the assessed value of property In
the South was sl,10o.oooOoo, which was
$3.50. 100000 more than the total gain
In assessed value from 1890 to 1900.
In that ten-year period the increase In
assessed value was $760.0Oo,o00 In the
two years 1908 and 1905 the gain was
more than O.O00,0Oo. The South
has developed Its industrial activities
until 1t now has S250,00o,O0o invested
in cotton mills. or more than the cotton
mill capital OF the entire country In
1880.
Notwithstanding the tremendous de-
velopment of iron and steel In the
Pittsburg district as an outcome of the
discovery OF the Mesaba ores. the South,
though Its iron and steel business Is
In It's Infancy, Is yet making at the
rate of 100000 tons of pig Iron year,
which Is but little less than the United
States made In 1880. and more than the
entire country. excluding the South.
made at that time. In 1880 the United
States mined 4200o.000 tons OF btu
minous coal. OF which the South mined
100000 tons. Last year the Southern.
States mined 85,0o0.0oo tons. Twenty
five years ago the exports through
Southern ports amounted to about
s250,000.000 n year, whereas foreign
shipments through Southern ports the
last fiscal year were $734.000.000.
Indica tive as these statistics are OF
the broad. general progress OF the
South, they do not begin to tell the
whole story of It's material advance
ment Moreover. this advancement
would have been even greater but for
from a great scarcity of labor and
| from the inability of railroads to ham
die the traffic offered to them. So vast
are the resources of the South. SO
lmarvellously blessed by nature is 1t
that 1t affords to the railroad builder
and the investor in industrial pur-
suits thu most inviting opportunities
| In the world. There Is scarcely a rail-
Iroad in the South that does not need
Misunderstanding. and 5000 or 5000
miles should be built every year for
the next fifteen or twenty years to
meet the pressing necessities for In
erased transportation facilities under
normal conditions OF growth.
| Despite these conditions. however.
the wild clamor OF the politician. seek
ling to ride into power by arousing the
tmob spirit against railroads and cor
porations. is seriously threatening a
continuation of this marvellous expan-
sion. 1t is worse than folly for the
people of the South to expect capital
to seek Investment in the extension or
Southern railroad facilities In the face
of hostile legislation. actual and threat
ened. None burt people blind to these
conditions or without any knowledge
lin the world of financial matters could
Imagine that capital would GEEK invest
| ment or could be induced to invest in
1.-The projection and building of new
railroad facilities In the South at pres
emit, 1t is practically impossible for
railroads now operating there to Sc
cure any new money for double-track-
ling or the extension of their facilities.
Such railroad work as is now being
done was financed long before the press
ent agitation swept over the South.
Though hundreds OF millions Of dollars
are urgently needed for new railroad
facilities in9the South 1t may be stated
that practically not "a dollar of new
money will be available for such work
until the capitalists of the world are
convinced that the wave Of populism
is spent.
In the meantime Mexico. which
/ guarantees the amplest protection t
capital, is becoming the centre OF vas
4 railroad and Industrial operations. 4
4 letter received few days ago tell
me that the Hartman people alon'
4 are planning for the building Of abou
1000 miles in Mexico. while many othe
4 enterprises are under way. 1t is est
mated that more than $70o,oO0,o00 Q
American capital is now invested II
i Mexico. and 1t Is quite certain tina
with the continuation Of present con
dtions this vast sum will be tire
Va. $40