Savannah morning news. [volume] (Savannah) 1868-1887, 1881-12-23

Numerous stockholders I'm the CITY.
But Few at the Meeting-An Inter-
esting COlloquy.

1t was anticipated that the meeting of
stockholders of the Central Railroad Com
pany, which was announced to be held yes
terday, would prove exciting and interest
ing, In view of rumors of big dividends and
scrip, and that the future policy would be de-
veloped.
The stockholders assembled in the room
over the bank, where the meeting was or
gained.
The city was throDged with stockholders
but they were not present at the meeting.
The banking house was crowded, however,
throughout the day by the holders of stock.
who were paid their dividends. They
seemed to be more interested in this than
in interfering with management that has
been so successful. 1t is limited that quo
rum was prevented by parties who hold
considerable stock, and who are
in sympathy with the movement 10 divide
out the property Of the railroad and steam
ship company. not registering and keeping
away from the meeting, being unwilling, it
is presumed, at present, to develop their
plans. whatever they NAV be.
On motion, Colonel John Sereven was
called TO the chair, and Mr.. L. NJ. Gun
nipehsm elected Secretary of the meeting
The Chair stated that the call of the
stockholders list would consume much
time, ard in order to determine whether or
not there was q quorum present before en-
teriDg upon formal business, all who repre-
sented stock in their own right or by proxy
were invited to give in their names and
number of shares they represented to the
Secretary. After the invitation was repeated
several times aud many names given In, IL
was announced by the Chair that only
Z 07S shares were reported and 1880 were
required TO constitute a quorum; therefore,
the meeting was not competent to transact
any business.
was withdrawn upon a member present
asking the Chair If the party offering the
motion to adjourn was upon the Secretary's
list as representing stock.
The Presidents report was then sub
mitted and received as information by
unanimous consent. 1t was then stated by
the President that on the streets and in pa
pers rumors were afloat as to the dissatis-
faction with the management of the road,
and without sny official knowledge as to
the exact grounds of complaint, he
was unable TO. offer any explanations,
but was prepared to answer
any questions, or give any desired informa-
ton that IL any parties present were in
sympathy with such rumors or complaints
he would be glad to have the criticism stated,
and to offer any explanation in his power as
pany.
Captain Gordon arose and asked Colonel
Wadley the following questions:
Capt Gordon-I will ask how the earn
ings for the last three months compare with
those of the corresponding period of last
year?
Col Wadley-They have fallen off very
considerably. In round numbers, for the
three months ending with first Of the pres
ent month they are a little over $4,000 net
less than they were for the corresponding
three months last year.
Captain G.-With your knowledge Of the
cotton crop of the State, do you Ihink for
the remainder of this year your increased
earnings will offset thatg
Colonel W.-The deficiency will be in
creased. There are two reasons for this:
First, the crop is very short in the country
tributary to our road, and necessarily our
gross earnings must be less; then our ex-
penses will necessarily be more; for we
have been obliged to advance the
pay of almost all of our operatives,
and all the material we use is considerably
higher than last-year. We entered upon this
year with everything rising, while a year
ago we were working with labor and other
expenses on a lower scala scale of prices
that had prevailed for year or two before
tbat-and it will necessarily be some time
before we can get down to the plane OF the
year represented in this report. We are
going in two directions-dec lining with our
gross earnings and increasing with our ex
penses. IL would not surprise me II this
present year comes to close with $3.50, 900
to $500, 000 net less than We had last year.
After this statement from Colonel Wad-
ley, there being DO further business offered,
the meeting adjourned.
The election for directors takes place on
the ID proximO, and the indications are that
it will be the most eventful that T As occur
red in years. Those in q position -. DE fully
informed as to the condition and future OF
the company regard the capita cation of
The Ocean Steamship Company and the
issuance of more scrip as fraught with dis
asttr to the interests of that company.
There is strong opposition among many
Of the permanent investors In this
city and elsewhere to the
proposed scheme, and it is not improbable
that reflection will satisfy many of those
who are now clamorous for 'big divide"
utterly regardless of the cOnst quences, that
It. will be an exceedingly unwlse course to
adopt