The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1907-04-24
By Associated Press.

Memphis. Tenn, Apr. 23.-In the
course of his speech at d reception
given in his honor by the Merchants
Exchange here today President W W.
Finley Of the Southern Railway de-
clared that the results accomplished
for the good of the country by the
railroads i'll extending their lines into
unoccupied territory and seeking new
resources TO be developed in territory
already occupied would have been im-
possible had they been hampered and
restricted by spirit of popular and
legislative antagonism and by repres-
sive and restriction laws.
President Finley spoke on the i'm
pOrtance of transport ration 10 CONNER
cial development and the dangers I'd
commercial prosperity in legislation
Gripping the railways. The common
carriers are not opposed to legislative
regulation within proper limitations,
ne said, but there is a point beyond
where legislation ceases to be rCSn-
lative and becomes destructive. Laws
for The regulation of railroads TO be
just and equitable mus, ne afforded
protection .or the railroads as well as
for the public
All the railroads of today he con-
tinueG. are working earnestly for tfC
development of the territory traversed
by them as they have IN former years.
They recognize that in doing 50 they
are advancing their own best inter
eSts. Il is not unreasonable for them
to ask and expect the same measure
of popular support that was accorded
them in their pioneer days.
He referred TO the systematic ef-
forts of the system of which he is
the head. acting in cooperation with
the communities along its lines in the
southern states, 10 advance the de-
vclopment of every locality in the
section traversed by 1t. lie said that
it has been the sole duty Of the
Southern Railway TO give its co-Opera-
ton without any charge 70 every in
diyidual and organized effort for the.
material and social advancement OF
the south. On this lpint Mr.. Finley
said:
1t is constantly working to develop
new resources in the southern field
and bring the men seeking TO bet
ter their condition into touch with
southern operators. This work is 10
be continued and the road is TO be
made. if possible, a more important
factor in southern development than
il has been in the past IT asks from
the SOUl HtEU DtODlf OIlE Ant SAl'pOA
of public opinion and from the south
ern legislatures only sUcn wise and
economically conservatism as has
been displayed by the legislature OF
Tennessee.
President Finley concluded:
If the railways of the south are
TO continue 10 be the most efficient
agencies for its material advancement
they must. in the immediate future,
extend and improve their facilities
on scale that will involve the OK
penditure of large sums Of money.
Practically all of il must be borrowed,
and borrowing power rests on ability
10 show 70 investors in railway secUrl-
ties that the income over operating
expenses, taxes and fixed charges is
sufficient 10 protect their Investments
and thai future income is not On
dangercd TO adverse legislation or the
prospect of adverse legislation The
course Of the legislature Of Tennessee
and South Carolina in declining 10
enact laws that would hamper rail
way development VIII be beneficial
not only TO ChOae states, but TO this
entire section Of the union.
The benefit 10 these states Will not
be confined 70 the announcement Of
railway development within their Dor
ders but viii extend 10 the encOur-
agemenr Of investments Of all kinds.
Capital Is proverbialIy Jimid and al
ways uOws with the greatest free
dom into those enterprises. and infO
those localities where IL is safest.
The best advertisement that any state
can have is the widespread kuOw.edSe
Of the fact that its law makers can
be depended upon 10 give every prop
e. protection 10 property and not 10
embark upon policies that would en-
danger investments The people OF
these states will bring by their con-
serYarism and ] believe that they will
found be found 10 be active and
earnest advocates of legislative poll
cies in all the southern states that
will insure to the railways of this sec
ton fair and just, treatment and free
dom from such restrictions "a would
hamper their ability 10 so increase
their facilities as To keep pace WIKI
the growing demands Of the south"