The Montgomery advertiser., 1908-12-08
Note our new address.

| the designation The Solid South.
 what the railroads In this section need today is q solid South behind and
 beneath them; s solid South taking a calm and rational view of the insmeflse | factor the railroads have been and | always will be in the development
 of its future greatness
 l Example 0f Ge0rgia.
 "The recent rsyersion of sentiment in the state of Georgia, brought about by a calm and deliberate analysis Of | the present situation by the business men of that state, should be the key note of the future action of the solid South
 "The adoption of a policy of fair ness and liberaIity towards the rail- road interests on behalf of all the | Southern States, and the ability to convince the financial world that this action is sincere and genuine and VIII l be permanent. is the great paramount need of the railroads of the South to- day. Prompt action along these lines will enable the railroad companies of | this section to successfully compete In | the markets of the world for the capi- tai needed to carry out the improve ments outlined. and thus provide the l facilities which will enable the pro. ducers of the South to ride the crest | of the wave of coming prosperity.
 Tn It's calls for capital the South ern railroads must come Into eompe- tition in the markets of the world not only with the railroad requirements of | the North, of the East and the west
 but with all the lines of human in- dustry and endeavor throughout the | wide world.
 "The difference between the or 6 per cent paid by Southern railroads for the money which goes into their addi- tional facilities or equipment. and the or pe- cent which may be yielded by the high class world investments, is merely the gauge by which the con 1dence of the capitalist Is measured in the integrity of his investments.
 Today 1t is not even possible to se- cure money for railroad development, either South or North, at any oFdi- nary rate of interest. Why? Is it be- cause money Is scarce7 No.
 'T can best answer this by a story of the panic of 's3, when citizen of Chicago dropped into the ofhee of Bank Of that city, an inquired of Mr. Gaee if money was tight. He replied: No, the bank had plenty of money" I" The citizen said. That's fine; can secure a loan of slo0. 000T Mir. Gage replied. "Yes. you can have #; we will loan lt to you. What is your coilate ral; what security can you give?" It iS HeSulSSS bo say tuaI buS lOdH Wss not made.
 The customer afterwards remarked to (. friend that he had found that the trouble was not that money was tight, or that money was scarce, but was due to the scarcity of collateral or secur- fly, which is only another designation for guaranteed confidence.
 This Is the situation today. There is not a railroad in the South. North, East or West that could not secure all the funds necessary for any devel- opment 1t might desire Co make. pro- vided 1t could show the capitalists to whom application for the loan was made that 1t could furnish security which would insure the payment of the loan and the interest thereon as due.
 T doubt If there is a single Southern railway system. the officers of which would not gladly today take up. con. slder and block out a scheme for the improvement and betterment of their property, and commence preparations to enable their system to fully per- form the increased functions of q com- mon carrier, which the abundant years Of the immediate future promise to require, # they could be sure, and in turn could assure their financial back. CTS that the earnings of their road would be amply and safely sufficient 10 provide for. and take care of the investment necessary.
 "Th erefore, remember that the needa of the railroads are the needs Of the South"