Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1903-04-16
DECISION IS A
GREAT BLESSING
lohn Shelton Williams, of Sea-
board Air Line, Discusses
the Merger Verdict
SOUND LAW AND GOOD SENSE
Is to tho Advantage CO 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-
ision 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 representative of the Associa-
ted 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 legal standpoint it accords
with the opinions of many of the
ablest lawyers in 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.
THE Independent roads and sys-
TENS are by this decision assured that
connecting lines with whom they in
terchange business cannot be bought
up by some powerful competitors of
their own and of such friendly con-
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
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 il
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 il a 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, 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 or
a cruel despot, a wise or a ruinous
one, according to his within or abilities
or the circumstances. Instead of dis.
turbing our prosperity, this decision.
IL sustained, as | believe 1t will be,
will establish, secure and protect the
commercial situation; 1t 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"