Savannah morning news. [volume] (Savannah) 1868-1887, 1882-02-08

Not since the meeting of the election for
Directors of the Central Railroad in January
last, when General Alexander and his party
who favored a division of the earnings Of
the steamship property of the company,
were successful in effeeting s change in the
directory, has there been greater interest
manifested than in the meeting Of the
Directors Of the Central Railroad yesterday,
elect Directors for the Ocean Steamship
Company Of Savannah. The following were
elected:
VIM. NJ. Wadley, E. C. Anderson,
j. F. Alexander, Z P. Alexander,
c. b. PhiniZY.
After the election the directors met and
re elected Colonel Wsdley President Of the
company.
The board then organized and the routine
business was disposed Of, during which
g communication was received from
Capt. w. W Gordon and others, addressed
to Colonel Wsdley, citing the rumore re-
ports in circulation regarding the proposed
action OF the directors and protesting
against the proposed issue Of certificates
Colonel WadIey submitted the communf-
cation, which excited brief discussion, and
on motion was finally laid OF the table until
some more important business could be
transacted.
A resolution was then offered for the
Issuance of q certificate or document to the
Central Railroad and Banking Company for
the sum Of three million five hundred thou
sand dollars, upon which interest is to be
paid upon certain conditions, not to exceed
Z per cent.
This document, which was drawn up in
due form, was presented to Colonel Wadley
for his signature, and after careful considera-
ton and consultation with the attorney OF
the road, Gen. a. r. Lswton, Colonel Wsd-
ley stated that he could not sign the eertih-
cate, as he had grave doubts as to the policy
Of issuing such a document, not only on
account of its being against he interest OF
the company, but In violation Of the laws Of
the State.
We understand General Lswton did not
give any positive opinion as to the legality
OF the certificates, but stated he had never
seen sucn q document in any court before.
After this consolidation had been receiv-
ed and acted upon Col. Wadley declined to
ign the document and retired, and subse-
quently sent in his resignation to the board,
Of which the following Is a COPY:
FEBRUARY Z, 1882.
| To The Bard Of Directors n the Ocean Sbdnl-
ship Company, Savannah:
GENTLEMEN-The certificate Of indebted
ness, a document proposed to be Issued in
/ accordance with the resolution OF your
| board, passed this day, is so extraordinary
in its character, and, If carried out can have
no other than damaging effect upon the
permanent prosperity Of the company, aud
| entertaining grave doubts as to its legality
under tie laws OF the State, l feel tito be
nv duty in self respect to resign my posi-
I ton as President of YOUR company, also as a
| director, rather than execute the same.
Thanking you for the honor conferred,
and sincerely regretting to sever my eonIee-
ton with your company, l am, very respect
WIN. NJ. WADLEY.
The resignation was accepted, and Col. E.
c. Anderson was elected President.
The directors remained in session several
hours, but no other action than that
/ referred TO was taken. The bonds or Ger
| tifcstes are not yet issued, and it may be
sometime before they are.
i I FOR INJUNCTION.
Yesterday afternoon after the adjourn
ment of the board of directors a bill for In
/ junction against the proposed action Of the
| new directors OF the Central Railroad was
fled. The following is q copy OF the bill in
full:
STATE OF GEORGIA, CHATHAM COUNTY
To the Honorable the Judge Of the Supe-
rior Court Of the said county OF Chatham,
having and exercising jurisdiction in equity:
William ". Gordon. Jacob Rauers, Henry
Blum, George J. Mills. G sorge L. Cope,
| John Flannery, Andrew Low, H. N Conner,
| Henry Brigham, j. J. Gresham, L sis Z.
I Nicol, J. B Read, guardian, job Screven
/ and Thomas F. Screven, trustees, n behalf
| of themselves aud all other owners OF the
| CAPITAL stock of the Central Railroad and
Barking Company Of Georgia Who may
desire 10 Join in this bill, paying their pro-
portion of the expenses Of the suit, bring
I this. their bill Of co nplaint, against the
| said the Central Railroad and Banking Com
I pspv of Georgia and the Ocean Steamship
\ Company Of Savannah, corporations duly
/ established under the laws Of the State OF
/ Georgia, and having their principal place OF
business in the said county OF Chatham,
and also against William NJ. Wadley, J. F.
| Gilmer. E. Porter Alexander, and Charles
| H. Phinizy and Edward G. Anderson, all OF
said county and Stste; and thereupon your
| orator. complain aud say:
That yoar orstors are the bona fde own
ers and holders Of the capital stock Of the
said the Central Railroad aud Banking
Company Of Georgia in the number OF
! shares, each of the par value Of one hun
bred dollars, set opposite their respective
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