Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-05
CONTEST OF THE CENTRAL
AVIGOROUS DEFENSE OF CAPT.
RAOUL'S MANAGEMENT

| How "Pis" Was Disposed Of-A PERTH
nent Reference to short Crops and the
Railroad Commission-~ome Cues
tions About the Condition of the
/ Road.
| SAVANNAH, Dec. 3, 18S6.-Editor Morn
611g NelcS: l, as no doubt other stockhold-
ers OF the Central railroad, have read
with interest an interview with Gen. e.
Z. Alexander recently published in the
Atlanta Constitution, and as he an
nounces himself candidate for the
Presidency of that corporation note the
great change that has come over him
within the past four years. Evidently ''by
associating with Mr.. Adams and coming
in contact with other railroad men of ex-
perieuce since he has been a director of
the Union Pacific road" he has been
somewhat educated in the principles of
railroad management since he last put
himself in PRINT on that subject in Geor-
gia The fear | have. however, is that
having been inconsistent in the past his
policy as now proclaimed might be
changed again should he attain the object
OF his aspiration.
1t is matter of feeling recollection to
some OF us that about the time, come tour
years ago, when he says the stock was
above par, and when after his defeat for
| the Presidency be and some of his friends
threw their stock upon the
market, causing it to decline,
which he now charges to Can't. RaouFs
management, thereby hurting others not
themselves, his policy, as then declared
by himself. and which, but for the utter
| Yention OF the courts, would have been
| executed, was the division of a nice little
''pie" (that is what be called it)--the
Ocean steamship Company. He was so
anxious TO do this that he was even will
| ing-indeed, he expressed the opinion
! that they ought to have ito give more
| than third OF II to the stockholders OF the
| southwestern railroad. (Gen. Alexander
! says his family las largely interested in
! the Central railroad. He does not say
| they were also large owners OF South
/ western stock.
| Report also said the Western railroad
! OF Alabama was another "pie" to be
| similarly disposed of. Other "pies" might
| also have been found. The Contra! has
| several, the Montgomery and Eutaula
! railroad, besides several millions OF dol
| lars OF securities OF other companies.
! liz other words, the policy heretofore ex-
| pressed and advocated by Gen. Alexan-
| der was a division between the Central
and South western stockholders of certain
valuable property then and now owned
exclusively by the Central, and
TO make no more extensions
| nor acquire any more roads or steamships
| for and on account OF the Central rail
| road. Upon this issue Capt. Raoul was
elected President In January, 1888. The
| policy under Capt. RaouPs administra-
tion has been to place and keep the prop
! ertv in good condition so that IL could he
operated economically and well, to hold
it all together for the advantage OF Cen
trail stockholders exclusively, which
would also insure to the South
western stockholders the regul4r
dividends to which, under the lease
of their road, they are entitled. Had
Gen. AleXander's policy preva led
what dividends would Central stOckhold-
ers have received during the years 1888, a
and %, when crops were short, business of
every kind depressed, railway traffic light
and rates being constantly reduced by
the commission? What would be the
physical condition OF the entire property
to-day? What would the stock be worth
to-day? Would Savannah have increased
her business and population as she has?
Would other towns and cities and the
country on the line have prospered as they
are now doing by means of the policy
pursued?
These are all pertinent questions,
which appeal to every stakeholder who
owns his stock as al investment and to
every person who has an interest in the
prosperity of our city aud State.
Upon the other hand, under the man.
agement of Capt. Raoul, and as clearly
stated in the reports of the company.
Gen. Alexandec's statements to
the contrary Notwithstanding, the
road is in better condition
and is better equipped and prospects are
hriar Nd h.f hosa 4An
fair and regular dividends, and, if kept
out of the hands OF manipulat9rs. a
higher and steadier value for the stock.
seeing this has doubtless prompted Gen.
Alexander to "OrganiZe" the friends be
refers to to try to buy control of the stock,
which fortunately they could not do, as
they had to buy in the open mar6et,
there being no published list OF stock
holders to enable them to buy quietly
and secretly. This is virtually ad-
mitted by him in his interview,
and he now seeks support from the stock
holders by attempting to lessen their con-
fdence in Capt. RaOul and his board.
This looks like trying to deprive a gener-
Gus but successful rival OF the laurels he
has fairly won and which he richly de-
served. But unfortuna;ely-pcrhap |
should say tortunately-it is well known
that Gen. AleXander's chief supporters
Though it is a personal matter, and
Capt. RaOul is abundantly able to defend
himself, will note another inconsistency
In Gen. AleXander's statements. He says
Capt RaOul has attempted TO create the
impression that there was no contest. In
letter from Gen. Alexander under date
Nov. %, only eight days before his inter-
view with the Constitution and two days
before the interview Of Capt. Raoul in the
New York World, referred to by him, he
says: II am not prerared to say that am
n candidate" How, then, could Capt.
Raoul know there was to be a cOntestf
Gen. Alexander's attempt TO reflect
upon the board OF directors by innuendo
will scarcely avail him anything where he
and they are known, and they are doubt
less able to defend themselves against any
attack ne may make.
STOCKHOLDERS.
The Cooperative Store.