The Birmingham age-herald., 1911-03-10
SOUTH WILL LEAD IN |NDUSTR|AL|SM Harris Tells How to Secure
 Capital NEED COTTON MILLS Business Men of South Should Con- trol State Legislatures and Aim Should Be to Secure More
 Investment Capital
NEED COTTON MILLS

Atlanta, Ga, March 9-A prophecy that the material and industrial progress Of the South in the next 20 years would equal, if not exceed, that of any other part of the United States was made to- day by Arthur NJ. Harris, the New York banker at the convention of the Conner cial League. MT. Harris took as his sub ject "The Field for Southern Bonds" The banker urged that the business men of the south control the legislature that the financial and corporation legls- lation may safeguard the interests of the people and encourage new capital into the southern field.
 Mir. Harris said
 Tt is generally conceded that "The Dark Continent" applies more truly u South America than to Africa: that the opportunities of trade have been least developed there; that her mineral depos- it's are more nearly intact; that her agri- culture is less scientifically conducted; in short, that the fields of development there give greater promise than any other natural group of countries 'It may be said that the most exten- sive markets in South America, which may be supplied from the southern states, lie on the Atlantic rather than on the Pacifc-ergo-the advantages from the Panama canal are theoretic rather than practical. But this is be- side the point.
 To be specific, is there any reason why your cotton mills should not weave into oln hon al, nf ba cotton sent away to the southern con- tinent; why the vast quantities of tex tiles imported into these countries should not largely come from the looms of your cotton mills? Does there seem to be any reason why the amazingly in- creasing railway mileage should not call upon your steel mills for rails, engines, cars and miscellaneous equipment?
 T firmly believe that the material and industrial progress of the south during the next 20 years will equal, if not ex- ceed, that of any other section of the United States. From now on, and for the first time since the close of the Civil War, the south will be competing on favorable terms with the rest of the country.
 From the standpoint of productive ness, the cheapest land in the United States today Is to be found In the south. Agriculture remains the greatest eco homie interest of southern life, and while there has been a considerable advance in prices during the last few years, there has been little imitation as the result of speculation. The large influx of popula- ton from other states and other na- tions, together with the general move ment toward the diversification of crops will prove powerful factors In maintaining land values.
 q thoroughly agree with Richard Fl. Edmonds, that No other section of the country equals the south In the aggre- gate of It's natural advantages for agri- culture for manufacturing, for mining, and as a place for residence.
 Tn encouraging the coming of invest ment capital, let your hospitality know no bounds. Your legislators must con trol your legislation, but first and above all, let the legislator understand that you. the business men of the south, con trol him. Control him I mean, in the sense that your legislation governing the creation of municipal debt, providing for the payment of same, regulating public service corporations, governing the rights and privileges of industrial cor pOrdilOIS Shall De or Sucn d character as to properly safeguard the interests of your own citizens, whether they be capi- talists or laborers, and at the same time such as to encourage the coming of that capital which will come to build your railroads, harness your water power, generate the electricity which shall pro- pell your cars urban and interurban, operate your mills and light your streets, build homes capital which will come to mine your minerals, build your mills, and operate your looms, capital which will come seeking those and other chan nels for investment, anxious to make the south its home, and to remain with you as long as 1t can be of service
 Tt Is because of my firm conviction that your chambers of commerce, your merchants associations, your boards of trade. and your business men generally will thus and otherwise encourage the coming of investment capital that I be- lieve the south Is entering upon an era of great industrial prosperity. You have every prospect for wonderful and even spectacular success"