Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-13
DECISION A BLESSING
PRESIDENT WILLIAMS DISCUSSES
DEFEAT OF MERGER.
Every Interest, He Declares, Will Be
Benefited by Position Of
the Court

A dispatch from Richmond, Va, yester-
| day says:
The decision of the United States circuit
court of appeals in the Northern Securities
Company case. Mr. John Shelton Williams,
president of the Seaboard Air Line railway
system. says. he regards as one of the
greatest blessings and the brightest prom
Uses for railroad interests and general bust
ness that the country could have. In an
interview today with a representative of
the Associated Press, when asked his opin-
ion of the decision, Mr.. Williams said:
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 In the country generally,
except those whose ambitious schemes are
directly hindered,. will be united in the feel
ing that the decision is sound law, good
sense and for the advantage of all legiu-
mate interests and for the countrys wei
fare. From a legal standpoint it accords
with the opinions of many of the ablest
lawyers of the country, and it seems to
be fortified with authorities and reasoning
too strong to be shaken l have no fear
that the Supreme Court will reverse
,rfously modify 1t. Public policy, public
sentiment and established principles and
presidents of law combine to sustain the
circuit court.
From a commercial and practical rail
road standpoint the soundness of the
courts position is indisputable. 1t voices
the judgment of probably nfne-tenths of
the most conservative business men of the
country. Last November in New Orleans,
in an address before the trust company
section of the American Bankers Associa-
ton. took the ground that there must be
q check to the processes Of merger and
combination. 1 found my position was
heartily approved by most of my hearers
and by the public generally, If may Judge
from press comments, and I am satisfied
the country at large will welcome the
courts action.
1.-The Independent roads and systems are
by this decision assured that connecting
lines with whom they interchange business
cannot be bought up by some powerful
competitor of their own and Of such
friendly connecting lines, and the holders
of securities in the Independent systems
will be assured 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 hold
ers.
1.-THE larger systems, on the other hand
are protected against the building Of par
allel lines built to force them to buy to
protect themselves.
1.-THE decision seems to make impossible
the success of the projected Southern Sc
curitfes Company It will be recollected
that at the recent hearing before the inter-
state commerce commission in the Louis
vile and Nashville case Mr. Gates testified
that If the Northern Securities Company
was upheld Mr.. Morgan proposed the or
ganization of a southern securities COM
pany to merge certain important roads in
the south, plans having been discussed or
arranged to await the decision. which Mr..
Morgan expected to be favorable to his
methods. 1t could not have been a healthy
or safe situation If a few men could have
sat in their offices in New York and con-
trolled the railroad systems of this entire
country: not safe for the stockholders of
the roads themselves nor for the public"