The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-04-15
H. NAGHlTE ENDORSES
ANTI-HERGER DECISION.
John skeIten Williams Says il Marks
Beginning Of kev Era.
WILL PREVENT OPPRESSION.
Instead of disturbing the Coun,
try's Prosperity it Will Establish
in on a Sound Basis.
WILL PREVENT OPPRESSION.

III OF d SUuIlu BASIS.
Richmond, Va, April 12.-The de-
cision of the United States circuit
court of appeals in the Northern Sc
curities company case, Mr.. John
Shelton Williams, president of the
Seaboard Air Line railway system,
says he regards it as one Of the great
est blessings and brightest promises for
railroad interests and general business
that the country could have. In an
interview today With representative
of the Associated Press, when asked
his opinion of the decision, Mr.. Will
liams, said:
ST 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
country generally, except those whose
| ambitious schemes are directly hinder
ed. will be united in the feeling that
the decision is sound law, good sense
and for the advantage of all legitimate
interests and for the country's wei
fare. From a legal standpoint it ac-
cords with the opinions Of many OF
| the ablesJ lawyers in the country, and
it seems to be fortified with authori-
ties and reasoning too strong to be
shaken.
"I have no fear. that the supreme
court will reverse or seriously modify
it. Public policy, public sentiment
and established principles and prece-
dents of law combine to sustain the
circuit court From commercial and
practical railroad standpoint the
soundness of the courts decision is
indisputable. 1t voices the Judgment
of probably nine tenths of the most
conservative business men of the
country. Last November in New
Orleans in an address before the trust
company section of the American
Bankers association, took the ground
that there must be check to the pro-
cesses of merger and combination. l
found my position was heartily ap-
proved by most of my hearers and hJ
the public generally if | may judge
from press comments, and | am salts
fed the country at large will welcome
the courts action.
'sIhe independent roads and systems
are by it's decision assured that con-
Meeting lines with whom they inter
change business cannot be bought up
by some powerful competitor Of their
own and of such friendly connecting
lines. and the holders of securities in
the independent systems will be as
sured that their interests cannot be
jeopardized by the sale of a majority
of shares to rivals whose interests
may be to divert the business of the
road to other channels at the expenses
of minority holders. The larger sys-
TENS. on the other hand, are protect
ed against the building of parallel
lines built to force them to buy to
protect themselves
"The decision seems to make i'm
posi- bic the success Of the projected
Southern 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 COM
pany was upheld Mr.. Morgan proposed
the organization of a Southern Securl-
ties company to merge certain lmror-
tant reads in the south, plans having
been discussed or arranged to await
the decision, which Mr.. Morgan ex-
pected to be favorable to his methods.
1t could not have been healthy or
safe situation if few men could
have sat in their Offices in New York
and controlled the railroad systems Of
this entlre conutry not safe for the
stockholders of the roads themselves
nor for the puhlic.
Speaking of 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,
tablisbed and wisely managed and
there will be demand for extension and
for new lines to carry the steadily in
creasing traffic and travel. As for the
general public it is idle to talk of a
political republic with financial or
commercial tyranny. There is no more
safety in having commerce at the
mercy of an absolute ruler than there
would he IN having our government
controlled by a czar, who might be
benevolent or cruel despot, wise
or ruinous one, according to his
wnim, or abilities or the circum
stances.
.sInstead of disturbing our rrosperi-
ty this decision, if sustained, as l
believe it will be, establishes. secures
and protects 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-
tion.'