The daily morning journal and courier., 1903-04-13
REGARDS 1T AS A BLESSING
RAILROAD PRESIDENTS OPIN- ION ON MERGER DECISION.

ION ON MERGER DECISION. John S. Williams of the Seaboard Air
 Line Believes it Offers One of the
 Brightest Promises for Railroad
 Interests in General the County
 Could Have-Looks, However, for
 Some Modification by tho Supreme
 Court.
 Richmond, Va, April 12.-The decis- ion of the United States circuit court of appeals in the Northern Securities com pany case, John Skelton Williams, president of the Seaboard Air Line rail- way, says, he regards as one of the greatest blessings and the brightest promises for railroad interests in gen. eral the country could have. In an in- terview to-day with a representative of the Associated Press, when asked his opinion of the decision, MT. 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 coun- try generally, except those whose am- bilious schemes are directly hindered, will be united in the feeling that the de- cision is sound law, good sense and for the advantage of all legitimate inter- ests. for the coutry's welfare. From a legal standpoint it accords with the opinions of many of the ablest lawyers of the country,-and it seems to be for tified with authorities and reasoning too strong to be shaken. have no fear that the supreme court will reverse or seriously modify it. Public policy, pub lie sentiment and established principles and precedents of law combine to sus- tain the circuit court. From commer- cial and practical railroad standpoint the soundness of the courts position is indisputable. It voices the Judgment of probably nine-tenths of the most con servative business men of the country. Last November in New Orleans, in an address before the trust company sec tion of the American Bankers associa- tion, I took the ground that there must be a check to the processes of merber duo COllDlIldIlOHs LOullu lily Pp61Lio4A was heartily approved by most of my hearers and by the public generally, if I may judge from press comments, and l am satisfied the country at large will welcome the courts action.
 ."The independent roads and systems are, by the decision, assured that con- meeting 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 independent systems will be assur- ed that their interests cannot be jeop- ardized by the sale of majority shares to rivals whose interests may be to di- vert the business 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.
 'The decision seems to make impos- sible the success of the projected Southern Securities company. It will be erecollected that at the recent hear ing before the interstate commerce commission in the Louisville and Nash vile case MT. Gates testified that if the Northern Securities company was up- held MT. Morgan proposed the organi- zation of 8 Southern Securities compa- ny 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 a fo eit, fa1 could have sat in their offices in New York and controlled the railroad sys- tems of this entire country; not safe for the stockholders of the roads them- selves nor for the public.
 Speaking for the independent sys- tems. welcome the promise of contin- ued fair competition. There is plenty of business to give good profits to all roads and syst properly established and wisely managed, and there will be demands for extension and for new lines to carry the steadily increasing traffic and travel. As for the general public, it is idle to talk of political republic with financial tyranny There is no more safety in having com merce at the mercy of an absolute ruler than there would be in having our gov ernment controlled by czar who might be a benevolent or a cruel despot 8 wise or ruinous one. according to his whim or his abilities, or the circum- stances
 Instead of disturbing our prosperity this decision, if sustained, as I believe it will be, will establish, secure and protect the commercial situation. It will encourage and foster legitimate ex- tension, growth and expansion, and stimulate enterprise and industry and local effort by guaranteeing them against oppression and forced absorp- tion."
 CARPENTERS SEXECUTIVEB BOARD