The sun., 1910-06-26
SOUTH HAS MONEY.
says no Itself Adds mat u knows HOW
70 Take Care u u.
FFOB Progress

Fifteen years ego the South Vas a
debtor community. The greater part %
iss area WIS covered by mortgages. The
farmers lahored from season 20 seasOn
with the hare expectancy of meeting the
interest on fertilizer notes. The bulk Of
the cotton crop wes marketed IN the form
Of raw material end az prices that barely
cleared the cost Of production without
allowance for interest or profit.
Such capital 10 was needed for I'M
provements or Developments Of any kind
had naturally 10 b. supplied from outside
sources. such capital as the South had
accumulated by its own efforts was
needed to carry On the ordinary course II
business. Even the funds necessary TO
move the cotton crop were largely bor-
rowed in New York city and all southern
hanks were huge debtors az certain
seasons of the year.
With the return of general prosperity
after the depression Oi 1895 the South
entered upon p new era ~ industrial and
financial development. First cgme the
cotton mills IN the Cerolinas. waylRying
the white staple on is journey nOrthward
and mr. king il into yarn and cloth for the
worlds consumption.
Alahama's iron and coal were next
opened up. and a new Pittsburg Grose IN
that State. Gradually tho South began
to he less end les dependent on the rest
Of the world first for manufactured prod
ucts and then for accumulated capita.
Not until the panic oG 1907. however
was the extent Of the South's financial
independents made manifest While
Southern industries were more or less
affected by that stringency and some
Southern banks collapsed under the
strain. yet the whole world viewed with
amazsment the comparative ease with
which our people weathered the storm.
With New York city in the srip Of a
money famine such as a generation had
not witnessed the South went serenely
ahead. raising her cotton and paying on
her negroes in greenhaclcs. A. the hrst
intimation II returning prosperity the
Southern states were FIRST 20 feel the re-
tur ming tide.
All this 10 a matter og common knoWl-
edge. What the average man who n
not In the investment business does not
know 10 that there h now more money
in the south seeking profitable Investment
than In any other part Of the United States
In proportion 70 population, that this
money IL not onlv being used for develop
ment Of home enterprises but h even
seeking an outlet in the North and West
The writer calls IN mind a syndicate
Of Atlanta gentlemen who recently made
a few thousand dollars In New York city
real estate. a number Of individual INN
vestors who cleaned up q profit Of from
As oOO 60 5000 each on Union Pacific.
United States Steel and other stocks
which they bought outright during the
Danio and had sent down 10 their strong
boxes In Old 0erogiA, % say nothing u
Southern money which has already
zone into the building Of Western rail
roads and II now going into such enter
The southern investor IA a great believer
In real estate. having seen values IN his
own community rise tO such astounding
heights. Ne Ia Also partial 10 home
industries You can organize q cotton
mill ~ any NuNu " INV NuAA SUI W
hahltants merely by telling the people
thai the mill n going 10 b. located right
In the town. When Il comes to doubtful
promotions IN distant lands. however,
vour goutherner turns q deaf ear.
An this s a. u should Be-. Our own
peopls are building our own fAetoriea.
but one thing remains 10 b. desired. The
haiti Of playinR the cotton market,
which 4 not an Investment habit at All
b,It should properly be ranked with any
other gambling mania, n suu we Dane
Of this community,
Why southern people, who are 4iwaya
bulls on oYtton. should dattsr themaelves
that they can make any money Oue Of me
stnule when nobody makes any except
The bears d more than ! can Understand
We Of Ire south have never been accused
of gambling IN stocks ms - muUn 20
our credit. On the other hand u may BE-
remarked with equal justice that 70 DO
not have % loae any money On stocks
because We have already lnst e al on
cotton.