New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-04
CRIIIOISING THE DIRECTORS.
ALFRED sULLY AND RICHMOND TERMINAL
THE PRESIDENT WHO IS TO 90 OUT BEwAILs THE
MIspEEDs or "wICKED PAkTNKRsp

THE PRESIDENT VINO IS TO 90 OUT BEwAILs THE
MIsDEEDs OF "wICKED PARTNERS"
A meeting OF tho directors of the Richmond Tor
minal Company held yesterday, but progress
made toward arranging for meeting Of the board
to decide the question Of the OF Alfred Suy,
who contempates retirement from the presidency, and
whose retirement Is contemplated by both the BrIce
Thomas faction and tho Hollins party which is sup
posed to want General Alexander OF the Georgia Com
pany, to take his place. The Brce- Thomas party
claim control Of tho company, and they dispute the
statements made by Mr. Sully In CORES pondence
between him and william Llbbey, T. W. Clark and
Isaac L. Rice, committee who working for tho
Hons party. This committee forwarded to Mr.. Sully
request signed by owners of 100000 share, of stock
calling on the directors to summon tho stockholders to
meet at Richmond May IA and to close tho transfer
books May f. the object OF the meeting being
organize the management. meeting OF Richmond
and Danyllle directors Is also asked for for May 81
In their letter Messrs. Libbey Clark and RIce say
that his friends have long known that Mr. sully desired
to retire from tho position Of president of the Terminal
Company, and that no would approve "our lnten-
ton of nominating your successor man who has no
interests whatever In Wall Street. who has thorough
acquaintance with the territory covered by the Terminal
lines and the needs of the South and who
would make his permanent residence at Richmond Va
which should be the headquarters Of the Terminal prop
critics.
Your letter OF yesterday is duly received, and in
eordance with your request Will call meeting OF the
Board Of Directors Of the Terminal Company Immediately
to t,f1e action thereon.
proper that should say that your movement has
my hearty Endorsement Several timeI durng the past
year tempted call meeting Of the stockholders
with view to dccliiag between majority Of the
directors and myself as TO certain measures which
deemed clearly against the best Interests Of the Terminal
stockholders but which adopted against my earnest
OF plpslient of Terminal
Company is not desirable one. Although elected d..
recty by the stockholders the president has actual
power and is meely the executive agent OF the directors
yet naturally he is held responsible for the entire
agement however unpopular it be, and the stock
OF Terminal Company is largely held in Wall Street
o speculative security, h1 Is. to some extent held
responsible for tho market fluctuations.
For these and because the duties OF this
position obige neglect to extent my personal
business did not desire reelection In December, and
forced into the attitude Of becoming candidate for
reelection against my wish hoped however that With
Messrs Flower Rockefeller and Wilson In the board
matters wOlld move to my satisfaction. At the
moment however, these gentlemen withdrew, which.
the loss OF Messrs Rice and Dow Of the former
beard left the policy Of the company completely In the
control OF the gentlemen whose policy and views were
almost entirely opposed to NINE
When the difference OF opinion eliminated In forcing
borrow the money necessary to pay the January
dividend on preferred and February interest on
the collateral bends, 1t became my firm hen'jn to
call general meeting OF the stockholders my own
nj llon in order have them decide upon the policy
which should be pursued many matters concerning
the company which need discuss at this time, and
such changes in the officers and Board OF directors
as they might desire, and glad TO learn on my
from tho South that the stockholders themselves
had taken the initiative
The TesLhal properties OF great value II managed
In a proper by efficient dslnterested and
harmonious board. II such management can be OBJ
alned will result in very great reduction In operat-
Ing expenses especially In expenditures for beermens
In the preservation Of by properly protecting the
territory each road and all personal ends END In
erests arc kept apart from the eOunses the value OF
stock OF the Terminal Company be very greatly
enhanced.
Mr.. Sully expects to sail for Europe on May with
AuStin Corbn.