The Birmingham age-herald., 1907-04-24
SOUTHERN ROADS ID
 SPEND LARGE SUMS
President Finley Says Without Them Progress Impossible
SOUTH'S DEMANDS GROW
At Reception Given In His Honor He Says Expressive Laws Would Have Shackled Roads
 Efforts.

Memphis April 23.-In the course of his speech at a reception given in his honor by the Merchants exchange here today President w. w. Finley of the Southern Railway company declared that the re- suits accomplished for the good of the country by the railroads in extending their lines into unoccupied territory, and seeking new resources to ba developed In territory already occupied would nave been impossible had they been hampered and restricted by spirit of popular and legislative antagonism and by repressive and restrive laws.
 President Finley spoke on the impor- tance of transportation to commercial de- velopment and the danfers, to commercial prosperity in legislation crippling the rail- roads. The common cirriers are not op- posed to legislation within proper limta- tions, he said, but there is point be- yond where legislation ceases to be regu- lative and becomes destructive Laws for the regulation of railroads 10 be just and eouitable must be afforded protection for inc railroads as well as for the public.
 Work for Development.
 .Al the railroads of today" he con- tinued, "are working earnestly Tor the deyelopment of the territory traversed by them as they have in former years. 1hey recognize that in doing so they are ad- vancing their own best interests. It IS not unreasonable for them to ask ana eN- pect the same measure of popular support that was accorded them in their pioneer days"
 He referred to the systematic efforts Of the system of which he Is the head, act ing in cooperation with the communities along it's lines in the southern states to advange the development Of every local- ity in the section traversed by It. lie said that it has been the sole duty of the Southern railway to give it's cooper ation without any charge to every indi- vidual and organized effort for the ma terial and social advancement of the south.
 Southern Legislatures. On this point MT. Finley said:
 "It is constantly working to develop new resources in the southern field. and to bring men seeking to better their i condition into touch with southern op- portunities. This work is to be con- tlnued and the road is to be made. if possible, a more important factor in southern development than 1t has been in the past. It asks from the southern people only the support of public opinion and from the southern legislatures only such wise and economical conservatism as has been displayed by the legislature v Tennessee"
 President Finley concluded:
 If the railways of the south are to continue to be the most efficient agen- cies for it's material advancement. they | must in the immediate future extend and | improve their facilities on scale that will involve the expenditure of large sums i, of money. Practically all of it must be borrowed. and borrowing power rests on ability to shqw to investors fin railway | securities thfs the income over opera.- ing expenses, taxes and fixed charges is sufficient to protect their investments ! and that future income Is not endan- gered to adverse legislation. or the pros
 pect of adverse legislation. The course
 of the legislature of Tennessee and South
 Carolina in declining to enact laws tha