Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-04-07
A BITTER FIGHT.
FEELING IN NEW YORK T0UCHIEG
TERMINAL TROUBLES.
How the Two Factions Talk-one Hundred
and Twenty Thousand Shares
Not Located
Special telegram to tho Dlspatch.l

hna twenty Thousand snares
Not Located.
Especial telegram to tho Dlspatch.l
New YORK, April 6.-Wall street is
watching with a great deal OF interest
the outcome of the Richmond Terminal
troubles. The feeling between the
Thomas ogan-Brice combination on
the one hand, which now controls the
directory, and the outs or opposition,
under the leadership of Rice and Lib
bey-tO which President Sully has given
his adherence-Rrows more bitter as the
days go by. The members OF both par
ties have thrown aside all effort to con
ceal their feeling toward each other, and
speak pointedly to the "other side"
or mention them as "our opponents. y
The important question to outsiders is
whether the Rice-Libbey-Sully party will
be able to GUST the Thomas Brice-LOgan
party. The former say they control
/ 100, 900 shares of the $50, coo shares of
the capital stock, while the latter only
control 10000, but no one seems to
/ know where the other 100. 600 shares
may go. A meeting Of stockholders can
be called at the solicitation of 10 per
cent of the capital stock. This step, it
is conceded, the Sully party can easily
take, but then comes in the Virginia law,
/ which saws that after the meeting has
been called it requires at least a certain
amount of the stock to transact any
| business. General Thomas said this
morning that he believed it required
two thirds Of the stock to be represented.
and this amount the Silly people had
not and could not get control OF.
Neither did he think they had
the full control OF the 10000
shares which they said they had.
Mr. Sully, on the contrary, was certain
that it would only require a bare ma
| jority Of the stock to transact business.
1t is possible that a legal construction Of
/ the law will be necessary TO settle this
/ difference of opinion, nor did he con
/ slider the doubt thrown ont about the
control of the 10000 shares as worthy
of attention.
THE DIRECTORS STATEMENT.
At the meeting of the directors this az
ternoOn a statement addressed to the
stockholders was prepared-as follows:
card signed 10y .hree gentlemen. Of whom
| bat one is a stakeholder ot record az your COM
] pany. has been published IN tho newspapers OF
this city Tor aOmo two weeks past criitcisinR tho
! policy and mauagcmout Of Your company aud
asking the stockholders % unite IN calling
/ special meeting for tho purpose o. securing
/ change Of tie management
/ Your board having been elected I'm December
| last by tho unanimous vote OF the stockholders,
aud acting entirely in the Interests ~ your pro-
/ pcrty and securities, asks your careful alton
/ tion % tho following statement:
The res gnation II PRECEDENT Suuy Yesterday.
/ 20 take effect ou the l.tn of taI- month, makes
/ vacancy in the olirc 81 president which we
J hope will be filed 10 the s0li-iaru0u ~ the
/ stockholders and in their interest. instead OF
/ placing mo property under alveie' control.
OF The three gentlemen signing the card ono is
/ q director OF and another is Interested iu and
prominently Identified with the Norfolk and
/ Western Railroad Company, which has per-
| sistenty opposed your company tn deriving any
/ benefit from ne iradc ~ me East Tennessee
railroad, in which you acquired majority OF the
/ first preferred stock at tho expenditure OF
/ 56.500C0l The third was n memocr OF the Ter
! mlnal board Of 1874 and il now director Of the
/ Georgia Company. We understand that q ma
/ jOrity OF the names thus far proposed boy parties
! soliciting proxies for directors and president ot
| this company are gentlemen who are well
! known % be ownois OI the majority
1 OF tho stock Of the Georgia Com
pany. which owns railroads whose business
/ and interests are at al points OF our system ia
] competition with and antHEOnistir 10 fhc hu-i-
/ moss and interests 81 this company. Amy diver
/ sion of traffic or exercise az influence favorable
/ 90 the Georgia Company no The numerous COM
/ potitive points would work intalcuable injury
/ fO vour proUarty. The invasion II TERRITORY
! and property belonging 70 your company by the
/ Georgia Central raiirOad-au Invasion which
/ This company has never reAliatei ln
any Way-has already cost your COM
pany many thousand dollars, especially
/ in the case 81 the Columbia AMI Green
| Vile road. II. on tho other hand, a pre-
| DOnderauce % the Georgia COmDauys Interest
{ in this company should result in sale 10 AMI
/ purchase boy your company oi teorEia COM
/ pany stock owned by these gentlemen. 10 would
/ leccs-itate The issue ~ many millions Oi your
! common stock or some Kind OF obligation taxing
precedence Of that stock, the effect Of when
/ upon tho value Of your property you arc fully
competent 70 judge
The statement then relates the result
Of retrenchment in the Terminal AMI
Danville Companies, a saving Of $4,000
per annum, and presents n favorable
| comparative review OF the earnings aud
expenses o. the Richmond and DanvlIlc.
The statement then proceeds as follows
Your company Is a security company
simply, and operates no railway directly,
and it is therefore not necessary TO main
tain the expensive management at Rich
mond. New Orleans, or elsewhere,
rs the Board of Directors is
properly in charge Of the company's
business. The railroads in which this
company owns securities are all as well
Differed and managed as any in the
country, at as small expense, and with
absolute fidelity to the interests of the
security-holders. The three great pro
perties controlled by your company are
operated by practical rallroad-men OF
| lifelong experience IN their respective
properties, the business of which wall
/ this wear show a large increase IN gross
and net revenue and great Improvement
in the physical condition. The a3l-
/ tatIon for change of management at any
/ time other than the fixed periods for
annual meetings for the stockholders is OF
great injury TO the company seriously
| embarrasses the directors in the manage
ment Of the companys affairs. lmpor-
| tant negotiations are necessarily sus-
pended. the company's securities are UNI
| fayorably affected, the credit of the COM
pany jeopardized, and the efficiency OF
| the operating departments seriously I'M
paired Their tenures being uncertain
the officials relax their energy, and the
best are inclined to enter other service.
Such agitation, unless WHEEL stern mea-
sures are necessary to prevent mani
fest wrong-doing, is at all times
injurious to the interest of the stock
holders, and should never be ayailed
of except in extraordinary emergencies.
The statement concludes with the as
sertion that no request for a stockholders
meeting has been made even informally
to the board, but if such a request be
made in proper form the meeting will be
called.
Directors Lehman and Lauterback
rendered their designations. The for
mer's was laid on the table and the latter
was requested by the board to remain
and participate in the proceedings.
suit Against the Richmond aud
DanviIle Railroad.
[By telegraph to the Dispatch.l
NEW YORK, April 6.-William Fl. Glib