The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-14
.cHECKSTO COMBINATIONS BIZ Z q i y rs.
esldent Williams Of the seaboarsd A''

Al Line on the Merger Decision m
III NJ John skeleton illiams, pr!esiIu c
Y, 10 Sea board Air Line, regards the o q
3, &, ~ FIX United States Circuit Court
K 81 Appeals In the Northern Y seou 1|
n Company case as one OF the ereuseS.
Il me possible for railroad Interests Allu
80, . {, 10 business In statement glNesl
Aft. "a the press Sunday night ne snss.ly
Iii nm satisfied that when they coIne =
N matter carefully railroad men
n ,nd thinking men Of all classes, ny o ~!
Singthe South, but In the country sene' 80,
except those whose ampillous s1 ,N,'',.
~ directly hlndered, will be united "a
~ ;fa.linu hat the decision Is sound law;
y 5gnod n sense. tor the advantage OF a al
Il ia5,timateB interests and for the countrS5fs
I yueI fare. Jrorn a legal standpoint " az ,
< cord 3 with the opinions Of many OF thf.
ablest lawyers Of the country ana !, y
seems to be fortified with auth orr
and reasoning too strong to be shaken..
Ii 6have& no fear that tho supreme SC .o''.
will reverse or serio usly modify y y; w y,
4 lie policy. public sentiment and estan.
8lished principles and presidents OF 'aM
combine to sustainythe CircuitsC Court. #
X ~ 4 CHECK TO CONVERSATIONS. s.
Z From a commercial and practical rail- "a
road standpoint the soundness g the
courts position is indisputable. IT Svolc'S
the Judgment Of probably nine-tenths CT
4 the most conservative business men . 81
& the country. Last Novembersin New or
+ leans, In an address before the trust com
4 pany section Of the American bankers
II Association. I took tho ground that there
must be a check to the processes q
merger and Scomblna ton. p round my poZ
sition was heartily approved by most Of
my hearers and by the public generally
IL l, may judge from press comments
and I am satisfied the country at large
will welcome the courts action.
sa$8.'The independent roads and systems
arc by this decision assured that con-
& Meeting lines with whom they interchange
business cannot be bought up by some.
Y powerful competitor of their own ana
4. OF such friendly connecting lines. and tha
holders OF securities In the independent
systems will be assured that their IN.
tcrests cannot be teopardized blythe sale
OF ma jorityi shares to rivals whose IN
terests may be to divert the business Of
s the road to other channels at the en-
i pense OF minority holders. The larger
systems, on the other hand, are PRO,
tected against the building Of paralei
"a tines built to force them to buy to pro:
$tect themselves.
BLOW TO SOUTHERN MERGER
w ..The decision seems to make impossible
Is tho success OF the projected Southern SCI
" curities Compahy. It.'will be recolected
y that in the recent hearing before tho III
A terstate Commerce Commission in The
II louisville and Nashville case Mr.. Gates
testified that II the Northern Securities
N Company We're upheld Mr. Morgan pro-
n; posed the organization of Southern
Securities Company TO merge certain I'm
portant roads In the South. plans having
y hceE discussed or arranged to await the
Il DECISION, which Mr.. Morgan expected to
be- favorable to- his methods. IT could
not have been healthy or safe stua-
tion II a few men could have sat In their
3 Offices in New York and controlled the
railroad systems of this entire country,
not safe for the stock holders of the roads
4 themselves nor for the public. ~
NJ Speaking for the independent systems.
II welconea tho promise OF continued fair
competition. There is plenty Of business
toSgive good profits TO all roads and sys-
e TENS properly 5festablished and wisely
managed, and there will be demand for
extension and for new lines to carry the
i steadily increasing traffic and travel, As
a for3the general public, II Is Idle to talk oi
political republic with financial tyr
ranny. There Is no more afety In having
commerce at the mercy of an absolute
ruler than there would be In having oui
government controlled by car who
might be a benevolent or cruel despot
a wise or a runops one according to III
within or abilities or the circumstances.
PROTECTS COMMERCIAL SITUATION
! INSTEAD OF disturbing our prosperity
this decision, If sustained, as | believf
1t Will be- will establish, secure and pro
lect the commercial situation 1t vii
encourage and foster legitimate exten
sion. growthand expansion and stimulate
enterprise and industry and local eff
fort by guaranteeing them against OPP
= preston and forced absorption.O