Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1903-04-13
RAILROAD INTERESTS
Will Be Protected by the Deci-
sion in Northern Securities
Company Case.
FOR THE COUNTRY'S WELFARE.

Line, Considers 1t One of the Great.
est Blessings and Brightest Prom
ises for Business for the Country.
Richmond, Va, April 13-The de-
cision of the United States circuit
court of appeals in the Northern Sc
eurities company case, Mr.. John Skel-
ton Williams, president of the Sea-
board Air Line railway system. says
he regards as one of the greatest
blessings ana the brightest promises
for railroad interests and general
business that the country could have.
In an interview Mr.. Williams said:
81 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 tho
ablest lawyers of the country, and it
seems to be fortified with authorities
and reasoning too strong to be shaken.
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. From 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-
serVative business men of the country.
Independent Roads Protected.
The Independent roads and sys-
TENS are by mis- decision assured that
connecting lines with whom they in
terchange business cannot be bought
up by some powerful competitor os
their own and of such friendly con-
Meeting lines, and the holders of Sc
eurities in the Independent systems
will be assured that their interests
cannot be jeopardized by the sale of
majority shares to rivals whose inter-
ests may be to divert the business of
the road to other channels at the ex-
pense 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.
1.-THE decision seems to make i'm
possible the success of the projected
Southern Securities company. It will
be recollected that at the recent hear
ing before the interstate commerce
commission on the Louisville and
Nashville case Mr.. Gates testified that
if the Northern Securities company
was upheld Mr.. Morgan proposed the
organization of a southern securities
company to merge certain important
reads in the south, plans having been
discussed or arranged to await the de.
cision which Mr.. Morgan expected to
be favorable to his methods. II cou1d
not have been healthy or safe situ-
ation IL few men could have sat in
their Offices in New York and con.
trolled the railroad systems of this
entire country; not safe for the stock
holders of the roads themselves nor
for the public.
viii Protect Commercial Situation.
Speaking for the independent sys-
TENS, | welcome the promise of con.
tnued 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 steadily
increasing traffic and travel. AS for
the general public, 1t is idle to talk Of
political republic with a 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 a benevolent
or cruel 1espot, wise or a ruinous
one, according to his whim or abili
ties or the circumstances.
Instead of disturbing our prosper-
ity, this decision, if sustained. as
believe it will be, will establish, Sc
cure and protect the commercial situ.
alton. 1t will encourage and foster
legitimate extension, growth and ex.
pansion, and stimulate enterprise and
industry and local effort by guaran.
teeing them against oppression and
forced absorption"