Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-02

The CentraPs Dividend.
The 4 per cent. semi-aunual dividend
which the Central railroad declared yes
terday was doubtless quite surprise to
the stockholders and the public. The eff
feet oft will be. OF course, to make stock
/ holders tighten their grip on their stock.
A stock that can pay an s per cent. diyi-
| dend is not one to part with readily when
ltis difficult to get good securities which
pay even per cent.
/ There is % question, OF course. that the
earnings Of the road Justify this 4 per
cent. semi-Sunual dividend. The present
management Is TOO conservative to excite
! hopes that may sOOn end in bitter disap-
pointment. In fact, it has been so con-
sentative in the matter OF dividends that
some stockholders have complained OF it.
The tact could not be kept in the back
ground, however, that while the dividends
were small the railroad property was
being put into splendid condition, that is
branches we're being extended into new
and profitable territory, aud that it's earn
ing power was being greatly increased.
70 make the system great and
has been the policy Of the present manage
ment, and that was the policy Of the late
Col. Wadley-a policy that has been com
mended and approved by some of the
wisest men of the State and the ablest
railroad men Of the country. AS result
OF this policy the Central system is the
finest railroad property in the South and
one Of the finest In the country. 1t is
| solvent, and is growing more valuable
every day. It's main line and branches
comprise thousands Of miles of road in
excellent condition reaching into several
States. II owns the finest and most pro-
ftable coast line of steamers in the
world, and 10 prepared, in these days of
competition, to meet competition on sea
and land.
The genius of the late Col. Wadley saw,
even before the master railroad mi nds of
other sections Of the country did, that
short line roads would have to give way
in the near future to great systems, and
be planned accordingly. Those of the
stockholders VINO wanted to get all that
was possible out of their stock at once pro-
tested, but unavalingly. Had their pro-
tests been needed, or had different policy
prevailed within the last few years, the
stockholders would not have the splendid
property they have to-day-a property
which millionaire railroad wreckers re-
gard with envIous eyes and upon which
Wall street would joyfully lay its hands
if it could.
The stockholders realize now, in a
measure, what they own. The dividend
declared yesterday is convincing evidence
OF the value, of their property. If they
have had doubts about its worth they
arose from ignorance, and there is no
longer occasion for entertaining them
Those OF the stockholders who are
Georgians-andt the great ma GRITTY OF them
are-can feel just pride in owning and
! controlling property that has grown
great as the State has prospered. and has
contributed more than anything else to
make Georgia the Empire State of the
South.
The question which now presents itself
is this: Shall the policy which has made
the Central great, strong and valuable be
| abandoned or shall it be continued? Shall
the property remain in the hands Of
| Georgians-the one great Southern rail
| road system owned in the South-to be
used In promoting Georgia's interests, or
shall it be permitted to pass into the
hands of the capitalists of the North, who
may use it for speculative purposes or
wreck 1t in the effort TO make illegitimate
millions out of it, as many another rail-
road system has been wrecked?