Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-04-06
TERMINAL FIGHT.
A LIVELY TIME AT THE MEETING OF
THE DIRECTORS.
Mr.. sully Resigns-Hs sympathizss with
the stockholders-Ths Action
Of the Directors.
Especial telegram to the Dispatch.l


afternoon held protracted session,
during which President Alfred Sully
rendered his resignation, to take effect
April 18th, and the directors passed
resolutions which make a direct issue
between them and the stockholders
who are endeavorjng to oust the present
management 1t is the initial step in
the fight, which promises to be long and
bitter. In the letter addressed TO Mr..
Sully Tuesday, Isaac l.. Rice, Viii
liam Libbey and j.. n. Clark,
claiming to represent $4,000 shares
of the Terminal Company, said they de-
sired change in the management OF the
property and asked him TO request the
directors to call stockholders meeting
for May 14th and to have the transfer
books OF the company closed. so that the
stock might be properly registered for
voting purposes. Sully replied that he
was in sympathy with the movement Of
the stockholders and promised to ac-
cede TO their request This he tried
to do to-day but failed, and
the stockholders committee got no.
thing but cold comfort from the
directors. The meeting was presided
over by Mr.. Sully, but he left the room
before the meeting adjourned and his
place was taken by Vice President I. N.
Logan. Mr.. Sully made an address to
the directors, in which he said that owing
to the lack OF harmony between himself
and the members of the board and their
disagreement over the policy to be- pur-
sued in the management OF tho property,
he deemed it best to sever his connection
with the company, and he therefore ten
dered his resignation.
This resignation Was accepted and Mr..
Sully il eliminated rs factor in the
management OF the company. Mr.. Sully
then attempted to bring before the meet
ing for the action of the directors letter
which he had received from the BriCe-
Libbey committee, but they would have
none of it, Calvin S. Brice raising the
point that the letter had been addressed
to Mr.. Sully personally and not as presi-
dent of the company, and that therefore
the directors had nothing to do with 1t.
Mr.. Sul!y argued the point, hut it was
no use, and he then said that as his SYM
pathies were with the stockholders COM
mittee, and as the board was opposed TO
him III this, he thought it would be III
good taste for him TO retire pending a
discussion of what was best TO be done,
and he thereupon withdrew and General
Logan took the chair. The meeting did
not last long after this, and when an ad-
iournment was taken the directors an
nounced that they were unanimous in
the position they had taken, and gave
out the following solution rs the result
Of their conference
Whereas this board and its policy is
attacked by advertisements in the news
papers Of this city
ReSOiued, That this board will resist
in every proper manner any attempt to
transfer the Richmond and West Point
Terminal Railway and Warehouse Com
pany to the control of rival company.
This resolution was voted for by I. NJ.
Logan, John II. Inman, James Is. Pace,
John A. Rutherford, George +. Stone,
Emanuel Lehman, J. O. Moss, Charles
NJ. McGhee, Simon Wormser, John G..
Moore, Edward Lauterbach, George S.
Scott, Samuel Thomas, Calvin $. Brice,
and John Ii. Hall.
Thus was the gauntlet thrown down to
the stockholders committee, whose next
step will be watched with interest. The
candidate Of these stockholders for the
presidency is General Alexander, presi-
dent of the Georgia Central Company,
whose election would mean at least close
affiliation between the two systems, which
would thus be under one management,
and this is doubtless what is meant by
the expression "control of a rival COM
pany."
As matter of law it is stated that the
holders of 10 per cent. OF the stock
of the Terminal Company can,
upon thirty days public notice, call a
special meeting of the stockholders, but
at such meeting no stock can be voted
except it be properly registered upon
the transfer-books. Power to close the
trans.er-books rests solely with the di-
rectors, and if they see fit not to close
them there is no recourse for the stock
holders except TO go to court, and 1t IS
probable this fight will end III a legal
tribunal.
Alfred Sully, when asked what course
he intended to pursue, said 81 shall not
do anything. Ihave resignedandam out
of the matter, and do not propose to take
any part in the contest for control Ii
is already known that my sympathies are
with the stockholders, but l shall not
mix up in the matter at all. | am going
to Europe next month, and shall devote
all my energies to getting my private
business in such shape as to allow mo to
enjoy vacation.
Calvin 5. Brice said that as soon as
possible the directors would prepare a
statement Of the affairs of the company,
which would be submitted to the stock
holders.
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