The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-04-14
MR.. JOHN SHELTON WILLIAMS ON
The NORTHERN Securities
COMPANY DECISION.


tains of industry who believe in the
maxim Live and let live" The men who
are doing most for railroad extension,
for commercial expansion for industrial
progress as contradistinguished from the
men who speculate in stocksf and get
their wealth from trusts and watering
stocks-all that class of men will see
in the decision strong arm about legiti-
mate growth and progress.
In wise and sensible speech at New
Orleans last fall, before the Bankers AS
ISOLATION, Mr.. John Shelton Williams.
the young and able president of the
Seaboard Air Line Railway. spoke of the
evils in the giant combinations that
threatened legitimate expansion and de-
velopment. His protests against Nor
ganizing the country made an impression
upon thoughtful men everywhere who
saw that the monopolization of the north
in monopolizing all the transportation
facilities of the country AS was to have
been expected, Mr. Williams regards the
decision as one of the greatest blessings
and the brightest promises for railroad
interests and general business that the
country could have. He says:
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 throughout
the country generally, except those
whose ambitious schemes are directly
hlndered, will be united in the feeling
that the decision is sound law, good
sense and for the advantage of all le-
climate interests and for the coun-
try's welfare. From legitimate
standpoint it accords with the opin-
ions of many of the ablest lawyers of
the country, and it seems to be forti-
fled with authorities and reasoning too
strong to be shaken. I have no fear
that the Supreme Court will reverse or
seriously modify it. Public policy. hon
orable sentiment and established prin-
ciples and precedents combine to sus-
tain the Circuit Court From a COM
the soundness OF the courts position is
indisputable. 1t voices the judgment of
probably nineteenth of the most conserv-
ative business men in the country Last
November, in New Orleans, in an ad-
dress before the American Bankers AS
ISOLATION, I took the ground that there
must be a check to the process of merger
and combination. l found my position
was heartily approved by most of my
hearers and by the public generally. if
may judge from press comments, and
am satisfied the country at large will
welcome the courts decision.
'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 competition 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 majority
shares to rivals, whose interests may
be to divert the business of the road
to other channels at the expense of
minority holders. The large systems, on
the building of parallel lines, built to
force them to buy to protect themselves.
1.-THE decision seems to make impossi-
bic the success of the projected South
ern Securities Company. 1t will be re-
called that at the recent hearing before
the Inter State Commerce commission, in
the Louisville and Nashville case, Mr..
Gates testified that if the Northern Sc
curities Company was upheld. Mr.. Morgan
proposed the organization of Southern
Securities Company to merge certain inn
portant roads in the South, plans hav-
ing been suggested or arranged to await
the decision, which Mr.. Morgan expected
to be favorable to his methods. 1t could
not Fave been healthy or safe situation
If few men could have sat in their
offices in New York and controlled the
railroad systems of this entire country;
not safe for the stockholders of the roads
themselves, nor for the public.
Speaking of the Independent systems,
welcome the promise of continued fair
competition. There is plenty of business
to give good profits to all company sys-
TENS properly established and wisely
managed and there viii be demand for
extension, and for new lines to carry
the steadily increasing 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 progressive commerce at the
mercy of an absolute ruler than there
would be III having our government con-
trolled by Gear, who might be a be-
nevolent or a cruel despot. wise or
ruinous one, according to his whim, or
abilities. or the circumstance.
Instead of disturbing our prosperity,
this decision. if sustained, as I believe
it will be, will establish, secure and
protect the commercial situation. 1t will
encourage and foster legitimate jexten
sion, growth and expansion and stimulate
enterprise and industry and local effort
by guaranteeing them against oppression
and forced absorption"
The Dunn Guide issues a beautiful
Easter edition printed in colors. 1t is
thing of beauty, chock full of choice
reading 1t is a credit to Dunn to sup
port such a paper.