The Birmingham age-herald., 1903-04-13
President of SeabOard Talks of
 the Merger Decision
GREAT HELP ID COMMERCE
He Says 1t VIII Tend to Stop the Trend Toward Consolidation Of the Big Lines and VIII Not HInk
 der Railroad Progress.

Richmond. Va, April 12.-The decision or the United States Circuit Court of Appeals in the Nc-thern Securities case,
 MT. John Skelton Williams, president of
 the Seaboard Air Line railway system, says he regards as one of the greatest
 blessings and the brightest promises for
 railroad interests and general business the country could have In an interview to-
 day with representative of the Asso- ciated Press when asked his opinion of
 the decision, Mir. Williams said:
 T 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 general
 ly, 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 legitimate interests and for the eoun- trys welfare. From a legal standpoint it accords with the opinions of many of the ablest lawyers of the country and 1t 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.
 soundness lndsputabe.
 From commercial and practical raii-
 road standpoint, the soundness of the
 courts decision Is indisputable. It voices
 the judgment of probably nine-tenths of
 the most conservative business men of
 the country. Last November in New Or | leans in an address before the trust com pany section of the American Bankers' association l took the ground that thera must be a check to the processes of mer- | ger and combination. l found my posi- | ton and views were heartily approved by | most of my hearers and by the public | generally if l may judge from press com
 ments, and I am satisfied the country | at large will welcome the courts action | The independent roads and systems 1 will by this decision be assured that the competing 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 ln- | dependent systems will be assured that | their interests cannot be jeopardized by l the sale of a majority share to rivals whose interests may be to divert the busi- | ness 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.
 Makes Merger Impossible.
 "The decision seems to make impossible
 the success of the projected Southern | Securities company. It will be recollected
 that in the recent hearing before the inter- | state commerce commission in the Louis- vile and Nashville case MT. Gates tes- | tifed that if the Northern Securities com
 pany were upheld, MT. Morgan proposed
 the organization of a Southern Securities | company to merge certain important roads | in the south, plans having been discussed | or arranged to await the decision. which | MT. Morgan expected to be favorable | to his methods. It could not have been | healthy or safe situation if a 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.
 Welcomes Competition.
 | Speaking for the independent systems, l I welcome the promise of continued fair | competition. There Is plenty of business | to give fair profits to all roads and sys-
 tems 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, it is idle to talk
 of a political republic with a financial 1 tyranny. There is no more safety in hay- | Ing commerce at the mercy of an abso- lute ruler, than there would be in having | our government controlled by a czar who
 might be a benevolent or cruel despot. 1 wise or q ruinous one. according to his | whim or abilities or the circumstances. | Instead of disturbing our prosperity.
 this decision, If sustained, as I believe 1t will, will establish secure and protect | the commercial situation; it will cncour- | age legitimate growth and expansion and
 stimulate enterprise and industry. by l guarding them against oppression and | forced absorption"