The Mathews journal. (Mathews C.H. [Court House]) 1903-1937, 1911-11-09

I In timber properties in the Southwest
as well as in the building Of railroads
and so there may perchance be an
inherited tendency I'm the family which
found expression in the great street
railway and electric power develop
ment work in Norfolk and Richmond
and in hydro electric operations in the
neighborhOOd. by the son.
In discussing the outlook for the
South Mr.. Gould expressed his en-
thusiastic belief in the future OF that
section in the statement that he would
rather invest money there under
present conditions than anywhere
else in the United States.
Il have great faith" said Mr.
Gould, in the brOadest development
Of the whole South, and, OF course.
am deeply impressed with the pos
sibilities of the RichmOnd-NOrfolk
section as illustrating what will take
place in growth throughout the east
ern or central South. In the enlarge
ment of the operations of the Vir-
ginia Railway q Power Co, con-
trolling the street railways Of Rich
mond and Norfolk, that company is
planning TO spend much money dur
ing the next three years, and, in fact.
It's board OF directors has just author
ized the construction Of a new power
plant in Richmond to cost about
100000 to meet the growing demand
for electric current. Both Of these
cities have. In my Judgment, a very
great future. Perhaps Richmond is
growing more rapidly just now than
Norfolk, but the latter city has won
derfuI possibilities. It's harbor il
superior even TO New York's. and with
the opening of the Panama Canal a
great quickening in the commerce OF
the whole Hampton Roads basin
should take place. Both Richmond
and Norfolk must inevitably become
cities or the first magnitude. Rich
mond has shown an astonishing
growth as an industrial center, and
taken very aggressive part in the
development of the railroads and
business interests Of the whole CEN
traI South. 1t is thus a place Of
strong financial leaders, as well as a
great manufacturing point
The Hampton Roads Basin.
1.-THE Hampton Roads basin is even
now one Of the largest coal-shipping
points in the world. Connected as il
is by the Chesapeake & Ohio, the Nor
folk q Western and the Virginian Rail-
way with what has been termed the
heart of the bituminous coal field of
America. that is the great central
coal region of West Virginia, South
western Virginia and Eastern Ken
lucky, the present coal trade Of the
Norfolk district must inevitably in
crease with an accelerating rate 1t
seems TO me that the trade OF the
present is only a hint OF what the
future must be. for with an ever
widening market at home and abroa d
Tor the celebrated Goals of the Vir-
Sinias and Eastern Kentucky. and
with the inevitable increase in trade
which will come with the opening of
| the Panama Canal. l would not he
at all surprised TO see the coal trade
/ OF Norfolk increase during the next
ten years more than il has during the
last twenty-five. 1t is a strategic point
Tor bringing the coal of the Virginias
ana Kentucky TO the seaboard TO meet
foreign iron ores and to create some
where in the Norfolk region a great
steel plant such as that Of the Mary
land Steel Co, at Baltimore This
would seem TO be natural Outgrowth
OF the situation. The enormous sup
plies of iron ore in Cuba owned by the
Pennsy lNania Steel Co. the Bethlehem
Steel Co, the United States Steel Cor
porauon and others must be de-
Neloped on far larger scale than at
present 10 make profitable the in
NeStment IN them. and so il would
seem economic conditions should
when business again assumes its nor
maj sway. bring about the serious
study OF Norfolk az a site for a steel
plant, which would have the ad-
vantage OF water freight rates for
domestic and foreign trade
In fact. Norfolk is ideally situated
not only for concentrating the raw
materials for iron and steel making.
put Tor almost every kind of manu-
featuring. Here lumber Of every
variety can be assembled for wood
working interests. cotton for every
line OF textile industry, and iron and
steel for machinery production The
great shipYard at Newport News and
the Government yard at Portsmouth
nave already helped to make this one
OF the chief points in the country for
skilled shipbuilding labor, and in this
there is nucleus for every other
class Of Industrial work"
Types OF the South.
I am speaking" said Ar. Gould.
OF richmond and Norfolk as tvpes Of
the South because l am more init
mately Identified with these two places
through my large interest in the
securities of the street railway system
in both cities. and other investments
but ii seems 10 me my enthusiasm for
Richmond and Norfolk is equally as
well Justified as to the whole South.
So far as l have been able TO study
It's advantages. they are unique and
unequaled. Moreover. as the South
is now but at the beginning of its
real up-building, more profit is To- be
made from the increment in values
mat Will inevitably take place than i'm
the more developed sections OF the
MI III. III llllS respect II mlZnt there
fore be called virgin country.
promising the largest profits to care
full investors.
The South is today the most
American part of the country. Its
blood is less mixed with that of the
foreign element, and therefore il pre-
serves the best traits of the highest
type of American life. This is a very
strong factor for the future and for
the South's safety. Up TO the present
Tune the presence of the negro in the
South has been an advantage. in that
he has done the rough labor that i'm
other sections has been done by
foreigners. The negro is to a large
extent thriftless and shiftless, willing
only TO work for the needs of the day
and spending all that he makes To
some extent there are signs OF inn
proNement among the negroes, for
some Of them are becoming more in
clined to work with regularity and to
save what they make. But broadly
speaking, the race is thriftless
No.,