Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-03-21
THE WEST POssT TERMINAL.
Party os stockholders wish 40
Bring the OGice Here.

The New York COmmercidl- Buiietin,
in a recent issue discussing the West
Point Terminal, said;
Wall street IL again flooded with stories about
discotd in the Board Of Directors OF the Rich
mond and Wo.t Point Terminal railroad. which
ia thought 10 be the result OF determined
movement on the part Of the faction Of the Sc
curity holders, headed 10y the II. Il. Hollins b
Co. party. 10 oust the present management
President Alfred Suny ia now In Florida, aud
the East Tennessee party uncudihR General
samuel Thomas. Calvin :. Brice, George ;. scott,
and Othcrs,) are making tour Ct inspection Of
their line. They Will probably return IN about
week. 1hey have. however. heard OF the alleged
increased strength OF the Hollius party, and arc
understood 10 have sent Instructions to their re-
personalities in Now York 10 take steps 20 retain
control OF the property. The result Is a cOmbinH-
ton Of the Suliy. Brice, and Thomas interests. IL
may be mentioned that the representatives Of
the ilotlins party say that as far as they have
definite information they have as yet no organ
lied opposition, though the present management
is as Determined TO retain control OF the ermi-
nal Company as they are 10 have IL oustcd. That
there Is bitter feeling on both sides s shown by
the earuestness openly displayed in the mattor
by both parties A representative Of the HOllns
OroppositiOn party says that there il no question
tut that the Sully faction is fully aware Of tho
position In which IL is placed. The report that
the Virginia Legislature had passed bill which
provides that the Terminal board shall servo for
two years has influenced much discussion, but
il IL not generally credited. The impression is
that no such bill could have been passed. and
sent 20 the Governor for his approval without the
knowledge Of ali the parties directly Interested.
The street Is now awaiting definite and reliable
information on this subject One OF the IOllins
party SAYS that he has made inquiry in regard 70
the report of the clerk Of one branch Of the Vir-
ginia Legislature. who informs him that the bill
mentioned has passed only the lower house. and
is not, therefore, In the hands OF the Governor.
The opposition state their position tO be as
follows: The present dispute is in reality the
outcome Of the trouble whi;h began few weeks
ago In movement TO determine whether the
Terminal preferred stock or its collateral trust
bonds are entitled 10 fret lien upon the earnings
Of roads IN the Terminal system. Since the
above question was raised tho opposition say
that they have examined carefully into Termi-
nal finances, and have discovered that 1t was
necessary TO borrow money 10 pay the last in
terest on the trusts ond the dividend on the pre-
ferred, though reports OF an exactly opposite ma
ture have recently been circulated. They
are also not satisfied with what they un-
derstand 20 be the managmeErs policy with
regard 10 East Tennessee dividends They
claim that 10 install "A management tn at would
act wholly IN the interest Of tho security holders.
and entirely independent OF Wall-street specu-
lators, would he 10 guarantee 10 security holders
that stipulated interest on their investments
would be earned and paid. The opposition party,
now soliciting proxies, aud which proposes TO
call meeting and elect n new board OF direc-
tors includes some who, from past intimate con-
nccti0n with the Terminal Company. know con-
siderable about its interior workings. One Of
the committee Of security holders says: at
will briefly outline our policy 20 say that wo de-
sire TO remove the headquarters Of the Terminal
Company from No. Wall street 10 Richmond,
Nan
1t is claimed that the relations Of the ndiyi-
dual members Of the Terminal board are not
now more friendly than last fell. when the pub
lie was given something Of an Insight into the
then existing feeling through the endeayor 10
remove Mr.. Sully from the presidency The
latter gentleman. according 10 the opposition, is
in peculiar position. lie would be glad TO re-
sign If Influenced only by personal considera-
tOns, but is likely 10 hold on TO the last II there
is any open opposition to his administration.
A bill allowing internal improvement
companies to classify their directors did
pass both houses and was approved by
the Governor, and it was published in
full in this paper yesterday. This is
evidently the bill referred to, but as to
its effect, why that is a different matter.
The bill was introduced in the Senate
by Mr. Heaton and in the House was
taken up on motion of Mr.. Ryan.