William R. Day

“ The court asserts an interest in the Southern Pacific that urged its guaranty, but does not explain the interest. It is of pertinent concern to consider what it was. It manifestly was no other than the relation of the company to the Central Pacific Railway Company through stock ownership. The company would necessarily have no concern or interest in the Central Pacific (the new company) , or the payment of the old company's debts to the government, if it was to be separated from the Central Pacific and declared a competitor and a business antagonist ”

“ And there was no revulsion against or condemnation of the control-not by the government, whose duty it was to proceed against it, if it violated the Anti-Trust Law; not by any business interest, though for such interest the law was enacted as a protection. This suit was not brought until 1914, 15 years after the agreement; not, however, by the government of the agreement, but by the government of a much later time. ”

“ The court's view is, rejecting that of the District Court, that there was no acceptance by the commission of the Southern Pacific's guaranty which carried obligation, and that the guaranty was the prompting of interest on the part of the Southern Pacific. I concede the latter. The enterprise that is necessary, and is exhibited in the conduct of great railroad systems, whose traffic is concerned with a continent, is not induced by the altruistic ”