The Montgomery advertiser., 1907-10-03
oovrRNoR ,wAmr1rLp.s ApDRnss.

tySARFIELD's ADDRESS.
 The masteriy address of Governor warncld. the Democratic Governor of Maryland. at Jamestown, did not imme- diately attract attention. probably be- cause he did not "denounce" everything in sight and charge wholesale graft. But in the light of thoughtful reading and study the address has assumed the importance of statesmanlike utter ance, which will catch the attention of the country
 Governor warneld, It is to be remem- bered went into office. not as politi- elan but as a financier and a business man. In his Jamestown address he felt called upon to warn these of his own party against the reckless warfare which is being made against the agen- cies of development in the South. The trend of Governor warfeld's able argu- ment was that anti-corporate hostility carried too far, would be a pursuance of the policy, which killed the goose that laid the golden egg.
 There is thought and sense in this part of the Governors address;
 Baltimore has contributed of her capital and her enterprising men to this great deyelopmsnt .sao of tnS the osS South Southern railroads, Southern cotton mills. Southern street railways. south ern coal mines, timber lands and fac have had faith in the integrity and credit of the South. The question con fronting us today is. shall that conf dence be restored? Has it been shaken people of the South toward corporate interests? If the South Is sure of her self. and will need in the future no of her own sufficient for her further development-then the course these people are pursuing may prove all right. though it seems to me that your your protection that outside capital re, ouires, and that without this 1t will not seek investment in the develop ment of your matchless resources, But if she does need outside financial aid, then they are doing their best to XII the goose that has been laying the golden eggs. mortgage securities of the South today represent actual money. There IS very little fictitious valuation. I can say enna 1 in n' connection with these invest ments, and on the testimony or o@ur @ most conservative financiers, that the water has been squeezed out and we we bonds and securities are held by your people and by our people; ,tTyt,yos 6y yosr and md by capitalists who have hp,ph sappthieo ,t to has wrought its new prosperity. DO IT aot- lows that you cannot touch the seeuri- ties without at once once oarn anectlng bssf inter- tT ests. and the favor and steadfastness of those who have helped you through all the years. . .,, ,o. u,,e.1 II happenst rartv which IS dominant thrn,,rhout the South and that be. iiaye firmly in it's tenets, but l 20 not believe in thsantaFgonisms so Mnach ssssi and harass capital, and to make harder the ne future of our beautiful South In us afforts to realize the destiny tnat De- longs to it's people and us exhauS'ieS| niSogi NOW if the skiIi the goose that lays the golden egg" policy is continued what will result? The inevitable re- suit will be first the refusal of new cap ital to come in; second. the expulsion of some of the capital already in and the weakening of public service corpo- rstions until they can give neither satisfactory nor an adequate service. The present. status of the principal Southern railroads is thus given in circular sent out by the banking house of Niddendorf. Williams 6 Co:
 Atlantic Coast. Line barely earning common dividend.
 Southern Railway. not. earning half of its preferred dividend and paying exorbitant rate of interest for loans. Seaboard facing a growing dencit ana conseauenv disaster.
 ApS pGeoggia Centrsf passing dividends
 Nashville, Chattanooga and St. Louis l showing decreased net earnings.
 Louisville and Nashville barely hold ! ing it's own. .A cred.