The Savannah morning news., 1903-04-13
AT NO MANS MERCY
WILL RAILWAY SYSTEMS OF THE
COUNTRY BE LEFT.
NOT BY KING OF FINANCIERS
WILL THE ROADS OF THE SOUTH
BE CONTROLLED.

of the =. A. L., Discusses the De-
ciSsiOn in the Northern Securi-
ties Company Cnse-COmmends 1t
UnquaIifiedIX-Mean That Nor
gan Will Not Organize South
ern Securities Company to Com
troll the Great Southern Lines.
Richmond, Va. April 12.-The deci-
sion of the United States Circuit Court
of Appeals in the Northern Securities
Company case, Mr.. John Shelton Will
liams. president of the Seaboard Air
Line Railway system, says he regards
as one of the greatest blessings and
the brightest promises for railroad in
terests and general business that the
country could have. In an interview
to-day with a representative of the AS
ISOLATED Press, when asked his opinion
of the decision, Mr.. Williams said;
Il am satisfied that when they come
to study the matter carefully, railroad
men and thinking men of all classes,
not only in the South, but in the coun-
try generally, except those whose am
bilious schemes are directly hindered,
will be united in the feeling that the
decision is sound law, good sense and
for the advantage of all legitimate in
terests and for the country's welfare.
From a legal standpoint it accords with
the opinions of many of the ablest law
yers of the country, and it seems to
be fortified with authorities and rea-
soning too strong to be shaken,
Il have no fear that the Supreme
Court will reverse or seriously modify
it. Public policy public sentiment and
established principles and presidents
of law combine to sustain the Circuit
Court. From a commercial and prac-
teal railroad standpoint. the sound
ness of the courts position is indis-
putable. 1t voices the judgment of
probably nine-tenths of the most con-
sentative business men of the country.
Public Approves 1t.
Last November in New Orleans, in
an address before the trust company
section of the American Bankers AS
ISOLATION, l took the ground that there
must be a check to the processes of
merger and combination. I found my
position was heartily approved by
most of my hearers and by the public
ScHSIdliys IL may JuQ6C llOIii piCSo
comments, and l am satisfied the
country at large will welcome the
courts action
THE independent roads and systems
are by this decision assured that con-
Meeting lines, with whom they inter-
change business, cannot be bought up
by some powerful competition of their
own and of such friendly connecting
lines, and the holders of the securities
A. 4 L..
sured that their interests cannot be
jeopardized by the sale of majority
shares to rivals whose interests it may
be to divert the business of the road
to other channels at the expense Of
minority holders. The larger systems,
on the other hand, are protected
against the building of parallel lines
built to force them to buy to protect
themselves.
THE decision seems to make impos-
sible the success of the projected
Southrn Securities Company. 1t will
be recollected that at the recent hear
ing before the Interstate Commerce
Commission in the Louisville and
Nashville case, Mr. Gates testified that
if the Northern Securities Company
was upheld, Mr.. Morgan proposed the
organization of Southern Securities
Company to merge certain important
discussed or arranged to await the de-
cision, which Mr.. Morgan expected to
be favorable to his methods.
No Car Cor the Railways.
ut could not have been a healthy or
safe situation if few men could have
sat in their offices in New York and
controlled the railroad systems of this
entire country; not safe for the stock
holders of the roads themselves, nor
for the public.
Speaking for the independent sys-
TENS, | welcome the promise of con-
tinued fair competition. There is plen-
ty of business to give good profits to
all roads and systems properly estab-
Iished and wisely managed, and there
will be demand for extension and for
new lines to carry the steadily increas-
ing traffic and travel. AS for the gem
eral public, it is idle to talk of a po-
litical republic with a financial or COM
mercial tyranny. There is no more
safety in having commerce at the mer-
cy of an absolute ruler than there
would be in having our government |
controlled by a Car, who might be a |
benevolent or a cruel despot, a wise |
or a ruinous one, according to his |
within, or abilities or the circumstances. |
Instead of disturbing our prosper |
ity this decision, if sustained, as l be- |
lieve it will be, will establish, secure |
and protect the commercial situation. |
1t will encourage and foster legitimate |
extension, growth and expansion and |!
stimulate enterprise and industry and |
local effort by guaranteeing them |
against oppression and forced absorp- |
ton"