Savannah morning news. [volume] (Savannah) 1868-1887, 1881-12-12

II Is said, that, under the present Olrec-
ton of the road, these coveted dividends
will never be paid. inasmuch as Mr..
Wadley favors giving only s per cent per
annum, and the Board of Directors. as
now constituted. are fully in accord with
him on this point. Hence that road, and
those who agree with its ideas propose
to do what they can to secure a Board of
Directors which will vote for such divi-
dends as they desire declared.
We do not know whether or not this
rumor has been at all instrumental in
bringing about the recent boom in Cen
trail stock, but if it has, those who have
purchased it with the expectation that
such a movement, if insugurated, will
succeed. will, most likely, meet with dis
appointment
In the first place it is well known that
the Louisville aud Nashville Road not
oniy does not own a controlling interest
in the stock of the Central, but that it
cannot vote at the approaching election.
much of the stock it has purchased. IN
der the rules which govern the voting
capacity of Central stock, such stock
must be owned by those desiring to vote
it at least ninety days before an election,
and the Louisville and Nashville pur
chGses have, to great extent at least,
been made too recently for its stock to
be made available in this respect at this
time. All that it can accomplish with
its newly acquired stock is to prevent It's
being voted at all, and that, it is plain,
cannot injure those stockholders favOriDg
q continuation of the present board and
the policy of the present administration.
In the next plsce. experience has
shown that Mr.. Wsdley's management
of this great Georgia highway has been
most wise and prudent 1t has raised
the value of the stock from considerably
below par to its present high figures; il
has placed the road upon so solid foun-
dation as to make an investment in its
stock absolutely safe, and while it has done
this, the dividends declared have ever
steadily been increased. as literally as it
was believed they should justly be, regard
being had to the obligations of The road.
aud to any future cOntingencies-such as
losses, panics. etc.-whieh might possibly
arise. a majority of the stockholders are
fully aware of this, and, as prudent men.
will be unwilling to condemn the policy
which has carried them safely over past
difficulties and dangers. and rendered the
road impregnable against hostile combi-
nations. and try a new one which may be
beneficial, apparently, for q time, but
which may, in the end, prove disastrous.
In a word. they fear that this would be
too much like killing the goose that has
been, and is now, laying for them very
fair sized golden egg.
In the third place, it seems to US that
if prudence and wisdom ever demanded
such policy as has in the past governed
the management of the Central Road,
prudence and wisdom both unite at this
time more than ever in demanding con-
thu nee of that policy. Not only is the
Railroad Commission law of Georgia, as
il stands now upon the statute books of
the State, a constant menace to the ma
terlal interests Of the railroads of the
State (and the roads have only fourished
in spite of such law because of an I'M
| precedentedly prosperous business era),
but the progress now being made towards
building formidable rival to the Central
makes it necessary for the latter line to
provide against future losses by means of
such rivalry in every possible way. To
succeed in this it must be strongly forth
fed with a large reserve fund to make
sure of future dividends, as well as to
enable it to successfully make Roadway
against competition. The large stock
holders and permanent investors in the
stock of the Central are doubtless wise
enough TO appreciate this, and will
therefore most likely be united IN up
holding the hands of Mr.. Wadley and
his directors.
For these reasons, we believe, that if
there is anything at all in the reported
movement which. we are discussing it
will certainly fail. What may be done a
year hence, after the Louisville and Nash
vile have purchased more of the stock
of the Central, and when what they have
already purchased Is invested with
voting capacity, of course cannot be
predicted. 1t is hardly probable, how
ever, that at the approaching election
the present status and policy of the great
highway of Georgia will be changed.