Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-30
CONTEST FOR THE CENTRAL.
Discussed Under Eleven Heads =
Views of Square Dealer.

| heads:
/. The election is purely a matter Q
! business.
| 2, Elections are intended to be annual
B. Many stockholders believe change
| desirable and for cause.
4. They strongly prefer the election o.
Gen. Alexander to the Presidency.
! 5. The election of President and di
rectors is almost the only lold the stock
holders have on their own property and
| its management.
6. 1t ls greatly to their interest to at
tend to this particular business at this
/ particular time.
Z. The present board refuses them the
means OF communication.
8. This is an unprecedented measure oil
| official despotism intended to defeat fail
election.
9. 1t deserves the severest rebuke on
the part Of the owners of the property.
10. The preSent policy 0fthe stockholders
ii. The advantages Of change of ad'
ministration.
Stripped of all irrelevancies there is
but one issue. The business interests o.
| the stockholders.
The election of a president is matter
purely OF business, not at all of senti-
ment, Between the President and stock
holders there is no personal intercourse
to breed affection as in domestic service
or as between partners occupying the
same place of business. No loyalty, no
tealty or homage is due to the admins
tration. The lord proprietors are not the
PRESIDENT and directors but the body OF
stockholders large and small.
In the selection of their agents the
stockholders are bound only to consult
their own interests. The administration
Tor the time being has only one years
lease OF power-no life estate In Office.
The organic law provides for annual
meetings and annual elections based on
annual reports.
Why state these familiar truths? Be-
cause they seem by many to be forgotten.
IL seems to be considered liberty for
any stOckholder to presume to vote for q
new administration or for a new Presi-
dent. 1t is regarded as sort OF tsasurrec-
tIon! A strange insurrection truly, the
masters TO rise up against the servants !!
The principals against the agents,
Perpetual vigilance on the part Of the
stockholders is the price of good manage
ment. Renewal or change of agency is
not an extraordinary but an ordinary
event, and the danger of change Is q great
stimulus to diligence and good conduct.
The annual meeting Is the day of judy
ment contemplated by the charter and
intended as set time for a fair contest.
There Is an annual inquiry, who will best
manage our property? R,GhtS and in
tereStS Of st0ckhOlders-itis not only your
right, but greatly to your interest to at
tend to the election. Attend In person if
you can.
TINS right of voting Is the quintessence
or all your rights. You have no personal
control of your stock except through
them. No contract with the business
W IOd loo nf
informed. There are on the list of stock
holders many widows, orphans, lone
women, charities, whose all is invested
In this stock. Their only chance Is to be
properly represented in the elections.
Attend diligently Do not be afraid.
What hazard is there in attending to
your own business. Rebel! unless you
have light; get new form OF proxy and
re-execute, If necessary, gUtth light, in
stead of ecith0ut. Many stockholders
now desire change and for cause. They
desire to communicate with their CO.
stockholders, whose very names are kept
concealed, however, lest they should
confer together. On what is the desire
to make Gen. Alexander President based?
Is it personal favOritlsmS BY no means.
Millions OF dollars have been expended
In the purchase of stock. Why? Has 1t
been just 10 help Gen. Alexander? With
half the money they could have made him
millionaire needing no further help.
These Investments have been made for
two reasons: The investors had conf.
dence ia the stock, if we'll managed. and
they had confidence in his canacity and
fidelity in managing it. People who have
millions to invest do not risk it rashly: it
was not in any such way that they got the
millions, but by cautious and prudent
management, sometimes bold but ALWAYS
sagacious. To convince others they only
needed to communicate with them. The
desperate disposition of the board to de-
feat such communication increases their
conviction that the stock is unsafe in their
hands. They had ample reasons before,
which this conduct clinches.
1t was natural tor the stockholders to
look to Gen. Alexander. His administra-
tion OF the Georgia railroad was adj
mirable, and showed the hand of a mas
ter. 1t brought order out of confusion
and infused life into decay. 1t increased
receipts, diminished expenses and brought
all departments into close and strict re-.
sponsibility He did just what the Gen.
trail railroad management has failed to
dol. e. U) increased the convert BILE
value of the stock; (2) increased the divi-
dends and assured the confidence OF both
to stock holders and the public in it's per-
manent value.
His reports were as admirable as his
management. His own knowledge (by
an excellent system of bookkeeping was
perfect, and 1t was all transferred to the
stockholders in the most Ineligible form.
A model administration, as exhibited by
model reports. AS solid as brilliant, it
left the Georgia railroad on foundation
of permanent prosperity. Paying good,
high regular dividends, it is what the
conservatives choose to call fancy stock.
His penetration, as q stakeholder, into
the affairs OF the Central railroad, despite
it's imperfect reports, has greatly en-.
HANGED the value of the stock already.
The present management found the stock
worth Ill; 1t declined to 60 (sharing out
outrunning general decline then rallied
to 70, not catching up with the general
rally. The movement of Gen. Alexan-
der's friends has rapidly advanced it's
price partly because of the exposition
given of its actual value under good man.
agement and partly under the hope that
such management will be gained by his
election.
1he report of 1885 depressed the stock
and dispirited the stockholders. The
earnings are not made known and the adj
wee of directors Zone or more) aided
the depression.
The clearest revelation the reports and
conduct of the management makes is
that of disposition on their part to con-
ceal.
Use or obuSe of profess
Time was when vote was the evidence
AL 81. Il.