The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-04-17
PLEASED WITH THE DECISION.
President Shelton Williams SAYS it
is n Great Blessing to the Rail-
roads.

Richmond, Va, April 1.-THE decis-
lion of the United States circuit court
lof appeals in the Northern Securities
case, Mr.. John Shelton Will
lIiams, president of the Seaboard Air
Lime railroad system. says he regards
las one of the greatest blessings and
1.-THE brightest promises for railroad in
I~terests n general business that the
country could have. In an interview
today with a reporter for the Asso-
|eiated Press, when asked his opinion of
the decision. Mr.. Williams stated:
II am satified that when they come
to study the matter carefully, railroad
men and thinking men of all classes,
not only in the south but throughout
1.-THE country generally, except those
whose ambitious schemes are directly
lhindered, will be united in the feeling
that the decision is sound law, good
Sense and for the advantage of all Ie-
ultimate interests and for the coun-
try'S welfare. From a legitimate
standpoint it accords with the opin-
ions of nan of the ablest lawyers of
the country. and it seems to be fortI-
fled with authorities and reasoning too
lstrong to be shaken. 1 have no fear
that the supreme cour will reverse or
seriously modify it. Public policy,
honorable sentiment and established
principles and precedents combine to
Sustain the circuit court. From a
commercial and practical railroad
standpoint the soundness Of the courts
position is indisputable. 1t voices the
Judgment of probably nine-tenths OF
the most conservative business men i'll
the country. Last November, in New
IOrleans, in an address before the
american Bankers Association. I took
the ground that there must be a check
Ito the process of merger and omb
nation. I DUN my position was heart
lily approved by most of my hearers and
lby the public generally, if / may judge
from press comments. n I am salts
flied the country at large will welcome
THE courts decision.
THE Independent roads and systems
lare by this decision assured that con-
meeting lines with whom they inter-
lchange business cannot be bought up
by some powerful competition of their
Iown and of such friendly connecting
lines, and the holders of securities in
the independent systems will be as
Isured that their interests cannot be
ijeOpardiZed by the sale of the majority
Ishares to rivals, whose interests may
be to divert the business of the road
Ito 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.
bile the success of the projected South
lern Securities Company. 1t will be re-
lcalled that at the recent hearing be-
fore the Interstate Commerce Com
mission, in tn Louisville & Nashville
lease. Mr.. Gates testified hat if tha
held, Mr.. Morgan proposed the organi-
lzat1on Of q Southern Securities Com
Ipany to merge certain important roads
in the south, plans having beer sug
Igested or arranged to await the decis-
ion, which Mr.. Morgan expected to be
Favorable to his methods. It could not
have beer a healthy or safe situation
IF a few men could have sat in their
lofficeS in New York and controlled the
railroad systems of this entire country;
mot safe for the stockholders of the
lroads themselves, nor for the public.
Speaking of the Independent sys-
items, l welcome the promise of con
ltinued fair competition. There is pleD-
lty of business to give good profits to al
company systems properly established
land wisely managed and there will be-
demand for extension, and for new
lines to carry the steadily increasing
traffic and travel. AS for the genera
public. it is idle to talk of a pOlitica
republic with a anc or CONNER
lcial tyranny. There is no more safety
lin progressive at the mere!
Iof an absolute ruler than there would
|be in having u government controlled
jby a Car. who might be a b%enevolen'
Tor a cruel despot. a wise or a ruinou:
lone, according to his whim, or abilities
Tor the circumstances.
Instead of disturbing our prosperity
this decision. if sustained. as T beliey.
lit will be. will establish, secure an.
protect the commercial situation. I
Twill encourage and foster Legitimate
EXTENSION. growth and expansion anC
stimulate enterprise n industry anC
local effort by guaranteeing then
against oppression and forced ABSORB
Ition."