Savannah morning news. [volume] (Savannah) 1868-1887, 1881-02-24
The Central Railroad.

The Central Railroad.
In a recent letter from New York TO
the Atlanta Constitution III. w. G."
states there is a movement on foot to
interest certain New York capitalists
in a syndicate for the purpose of buying
up the stock of the Georgia and Central
Railroads, with the view of getting con-
troll of the same, to be worked in their
interests. The writer says that last
summer some parties from Georgia, who
constitute an anti Wadley clique, visited
New York and made the proposition
above referred to. but failed in their
efforts, receiving no encouragement
from the parties approached. Re-
cent Developments, however, have
satisfied "H. w. G." that the
scheme is to be revived. and that there
is a probability of its being carried
through.
So far as the Central Railroad is
concerned, we regard the rumor Of such
a movement as utterly absurd. Further
more, we do not believe that there are
any parties from Georgia" opposed to
Colonel Wadley's management who
would undertake the accomplishment of
scheme so utterly impracticable and
unwise. The PRONUNCIATION of such
reports may have the effect of running
up the price of stock, and thus serve the
ends of spectators; but, at the same
time, such statements as that of III. W.
g." uncontradicted, are calculated to
produce a wrong impression abroad,
and to excite apprehension in the minds
of some that there is dissatisfaction
with the present management OF
The Central Railroad. For this
reason only are we induced to notice the
statements made, and we propose briefly
to show the fallacy of any such move
ment, and the absence of any cause for
such movement
The Central Railroad Company was
never more prosperous than at present,
its business has increased enormously,
and its affairs have been and are
now managed with rare ability and
judgment. The stockholders are re-
ceiving good dividends, and the market
value of the stock is greater than it has
been for years. Hence, there is no cause
for dissatisfaction on the part of stock
holders, and, IN fact, many who
few years since were opposed to Col
Wadley's policy, nave been convinced of
the wisdom of his management, and are
now among his firmest supporters and
friends. So far as we can learn there is
no anti Wadley clique in Georgia, and
careful inquiry reveals the fact that the
utmost confidence and satisfaction is felt
in the present management of the COM
pany. What, then, can be the motive
of these parties from Georgia" in seek.
iRg to throw the control of this large
and prosperous railroad, in which the
entire State is vitality interested, into the
hands of foreign capitalists, who
would certainly not study the in
terests CT this section in its
management Admitting, however, for
the sake Of argument, that there might be
such scheme on foot, what possible
chance would there be for its success
There are about three thousand stock
holders of the Central Railroad, many
of whom OWE only one or two shares.
The difficulty, therefore, of buy
ing up this stock is apparent, and such
an effort could not be prosecuted secret
ly. Again, the largest stockholders are,
without an exception, the personal
friends of Colonel Wsdley, and warm
supporters of the policy be has pursued.
If, therefore, any attempt was made
to buy up the stock for the
purpose of acquiring control Of
this splendid property, it is eyi
dent that these large stockholders would
promptly rush to the rescue and prevent
the accomplishment of a scheme thai
would undoubtedly work great injury tc
the interests of this State and section.
The management of the Central is now
in the hands of Georgians, whose policy
is to develop and benefit the varied in
terests of the sections through which the
road passes, and we do not think the day
will come when its control will be al
lowed to pass into the possession Of
Northern railroad magnates to be rur
in their interests.