New-York tribune., 1903-04-13
PLEASED BY DECISION.
Good for Independent Lines and M
nOrity Interests, UiLllGms Says.

Richmond Va. April 12.-The decision OF the
United States Circuit Court of Appeals In the
Northern Securities Company case Jonn SkelIoh
Williams president of the Seaboard Air Line
Railway Company says he regards as one OF the
greatest blessings and the brightest promises
for railroad interests and general business thaI
the country could have. He said to-day
I am satisfied that when they come to study the
matter carefully railroad men and tnInkIng men EN- u
an classes not only the South. but IN tIe c0un-
gr are reety ndered will be united in the
feeling that the decision IS s9und .aW GOO f+eTesTs
tandnoint II accords with the opinions of many Of
ba aPIet LAWYERS of the country and it seems to
be fortified with authorities and reasonlng 10 ~
rI,e court viii reverse or seriously modify it.
Public policy public sentiment htTs ann fn sts
P5iIl'ifrsS tain the Circuit f-t;t Court.
From commercial ana pract,cas asjgn1 is in
tlisputabIe. It voices the judgment OF proOtoIy
2I M tne 5S Sbafore the trust company section Of
~ an ne-ics9 Rsnkers Association. I took the
ground that there must be check to the processes
9l ag 5esTtT approved by most of my hearers and
public generally if may Judge g IT0 con1T press a.
large will welcome the courts action -, this
he ae1ed that connecting lines with which
they interchange business cannot be bought up Oy
fidffy connectng lines and the holders of securi,
ties in the independent systems ,fze5 Nv the
sale Of a majority of the shares TO riVaIs. WhoSS
interests NAV be 10 divert the business OF the rOu
To other channels the expense OF minority hol4-
ers The larger systems. the otner nano ar
protected against the building or paTdHel Hile9'
which thev must buy protect themselves,
The decision seems to make lnpOsslDie ILs So
cess of the projected Southern Securities CoTnpdS
It will be recoIlected that at the recent nearing
before the Interstate Commerce Commission IN
tba TorisvTe and Nashville case Mr.. Gates testt-
ded that il the Northern Securities company
were upheld Mr. Morgan proposed the organlzatlon
Of a Southern Securities Company. 10 Iners c.
tain important roads in the South. plans ndElHs
bean discussed arranged TO await the declslQu.
which Mr. Morgan expected to be Favorable 70 as
methods II would not be a healthy or saIe STU
alton if a few men could sit in their oITlces i
Tew-York and control the railroad systems OF thls
sr-ira country: not safe for the stockholders OF
rbe roads themselves or for the public
SDeakiug for the independent systems l welcome
rhe promise Of continued fair competition There
fs Dieutv Of business to give good prohts TO all
roa Is and systems properly established and wisely
rnanagad and there will be demands for exten-
sion and for lines 10 carry the steadily m
Creasing traffic and travel AS for the general
uubIic il is idle talk of political republic with
= fnarcfaI tyranny. There is no more safety IN
having commerce at the mercy Of absolute ruler
Controlled hv a czar. who might be a benevolent
or cruel despot a wise a ruinous one, accord
ire "a his vrhirn abilities. the circumstances
instead of disturbing our prosperity. THIS De
oseio sustained I believe IL VIII De. Will
es1a bsh security and protect the commercial siria-
tion 1t will encourage and foster legitimate ex-
tension growth and expansion, and stimulate en-
trnrise and industry and local effort by guarantee
ing them against oppression and forced ansorptloh-