Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1903-04-16
DECISION IS A
GREAT BLESSING
'ohn Shelton Williams, of Sea-
board Air Line, Discusses
the Merger Verdict
SOUND LAW AND GOOD SENSE
Is to the Advantage of All Legitimate
Interests and the Country's welfare-Is
Idle to Talk of Political Republic With
a Financial Tyranny.

Richmond, Va, April 13-The de-
eision of the United States circuit
court of appeals in the Northern Sc
curities 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 promise for railroad in
terests and general business that the
country could have. In an interview
with a representative of the Associa.
ted Press, when asked his opinion of
the decision, Mr.. Williams said:
II 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 lawyers in the country, and it
seems to be fortified with authorities
anu iCdoOIihS, IOo " DS SudhSIl.
| have no fear that the supreme court
will reverse or seriously modify it.
Public policy, public sentiment and
| established principles and precedents
Of law combine to sustain the circuit
court.
THE Independent roads and sys-
TENS are by this decision assured that
| connecting lines with whom they in
tnrnhanon hnSiYncu hn hn, oh
up by some powerful competitors of
! Meeting lines, and the holders of Sc
curities in the Independent systems
will be assured that their interests
cannot be jeopardizeed by the sale of
a majority share to rivals whose is
terests 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 par
| allel lines built to force them to buy
| to protect themselves.
THE decision seems to make i'm
possible the success of the projected
Southern Securities company. 1t will
be recollected that in the recent hear
| ing before the interstate commerce
| commission in the Louisville Nash
vile case Mr.. Gates testified that if
| the Northern Securities company was
upheld Mr.. Morgan proposed the or
ganization Of a southern securities
company to merge certain important
roads in the south, plans having been
discussed or arranged to await the de.
cision, which Mr.. Morgan expected to
be favorable to his methods. 1t could
not have been a healthy or safe situa
ton if few men could have sat in
their offices in New York and control
led the railway systems of this entire
country, not safe for the stockholders
of the roads themselves nor for the
public.
Speaking for the Independent sys
TENS, l welcome the promise of con
tinued fair competition. There is
plenty of business to give good profits
to all roads and systems properly es
tablished and wisely managed, and
there will be demand for extension
and for new lines to carry the stead
lily increasing traffic and travel. As
for the general public it is idle to talk
of political republic with financial
| tyranny. There is no more safety in
having commerce at the mercy of an
absolute ruler than there would be in
having our government controlled by
a car, who might be benevolent OF
a cruel despot, wise or a ruinous
one, according to his within or abilities
or the circumstances. Instead of dis
turbing our prosperity, this decision
if sustained, as 1 believe it will be
will establish, secure and protect the
commercial situation; it will encour
age and foster legitimate extension
and growth and expansion, and stimu
late enterprise and industry and local
effort by guaranteeing them against
oppression AMI forced ABSORPTION"