Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-04-13
Decision In Northern Securities
Case a Great Blessing to
General Business
RAILROADS :. VERY 5. GRATEFUL
Mr.. Williams, President of the seaboard
Air Line Railway System Regards
1t as One Of the Brightest Promises
for Railroad Interests the Country
Could acknowledgement Systems.

Richmond. Va, April 13.-The deci-
sion of the United States circuit court
of appeals in the Northern Securities
case. Mr.. John Shelton Williams, pres
ident of the Seaboard Air Line railway
system, says he regards as one of the
greatest blessings and the brightest
promises for railroad interests and gen
eral business that the country could
have. In an interview with a repre-
sentative of the Associated 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 ambi-
tious 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 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 prin-
ciples and presidents of law combine
10 sustain the circuit court.
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 competitors of their
own and OF such friendly connecting
lines, and the holders of securities in
the independent systems will be assur-
ed that their interests cannot be jeop-
ardized by the sale of majority share
to ravils whose interests may be to di-
vert 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 impossi-
thern Securities Company. 1t will be
recollected that in the recent hearing.
before the interstate commerce CON-
in the Louisville & Nashville
case Mr.. Gates testified that If the,
Northern Securities Company was up
held Mr.. Morgan proposed the organi- =
cation of Southern Securities Com
pany to merge certain important roads
in the south, plans having been discuss
ed or arranged to await the decision,
which Mr.. Morgan expected to be fa-
vorable to his methods. 1t could not
have been a healthy or safe situation If
a few men could have sat in their of
fees in New York and controlled the
railway systems of this entire country,
not safe for the stockholders of the
roads themselves nor for the public.
Speaking of the independent sys-
tens, l welcome the promise of con-
tinued fair competition. There is plen-
~ of business to give good profit to all
roads and systems properly established
and wisely managed, and there will be
demand for extension, and new lines to
carry the steadily increasing traffic
and travel. AS for the general public
IL Is lulc u tStlh OL q pOilllCSii IepuDllC
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
by a car, who might be a
or cruel despot, wise or
a ruinous one, according to his wl1im
or abilities or the circumstances. In
stead of disturbing our prosperity.
this decision. if sustained, as / believe
it will be. will establish, secure and
protect the commercial situation; it
will encourage and foster legitimate
extension and growth and expansions
and stimulate enterprise and industry
and local effort, by guaranteeing them
against oppression and forced absorb
tion.'
MANY DEMONSTRATIONS.