The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-04-04
WILLIAM LIBBY,
Il. W. CLARKE,
IsAAn i. RICE.
MR.. sULLY's REPLY,
To this letter Mr.. Sully replied as follows


To this letter Mr.. Sully replied as follows,
NEW YORK, April 8, 1888.
Messrs. William Libby, e. w. Clarke and Isaac
L. Rice.
GENTLEMEN-Your letter Of yesterday received
and in accordance with your request [ will call
a meeting of the Board of Directors Of the
Terminal company Immediately to take action
thereon. II is proper that | should say that
your movement has my hearty Endorsement.
Several times during the past year | was
tempted TO call meeting Of the stockholders,
with view 10 deciding as between a majority
or the directors and myself as TO certain meas
ures which deemed clearly agasnst the best
interests of the Terminal stockholders, but
which were adopted against my earnest opposi-
ton The position of the President of the
Terminal Company is not desirable one.
Although elected directly by the stock
holders, the President has no actual
power and is merely an executive
agent OF the directors; yet naturally he Is held
responsible for the entire management how
ever unpopular It may be, and as the stock Of
the Terminal company is largely held In Wall
street as speculative security, he is TO some
extent hold responsible for its market fuctua-
tions For these reasons and because the
duties OF this position oblige me to neglect to
some extent my personal business, did not de-
sire reelection in December and was forced into
the attitude of becoming a candidate for re-
election against my wishes / hope, however
that with Aiessrs. Flower, Rockefeller and VII.
son In the new board matters would move mora
to my satisfaction. At the last moment, how
the loss Of Messrs. Rice and DOVE Of the former
board, left the policy of the company com.
pletely in the control Of gentlemen whose policy
and views were almost entirely opposed to mine.
When this difference of opinion eliminated in
forcing me to borrow the money necessary to
pay the January dividend on the preferred
stock and the July interest on the collateral
trust bonds, il became my firm intention to call
a general meeting OF the shareholders on my
own motion, In order to have them decide upon
the policy which should be pursued as to many
NnnRAFpfnO A xvnf lob 4 aa1
not discuss at this time, and TO make such
changes In the officers and board Of directors as
they might desire; and was glad TO learn on
my return from the South that the stockholders
themselves had taken the Initiative The Ter
minal properties are of great value If managed
in a proper manner by an efficient,
dsinterested d and and harmonious board.
1t will result In very great reduction Ia the
operating expenses, especially ir the expendi-
lures for betterments; in the preservation Of
rates by properly protecting the territory of
each road, and If all personal ends aud interests
are kept apart from its counsels the value OF
the stock OF the Terminal Company can be very
greatly enhanced. Yours respectfully,
ALFRED SULLx
CLAIMS OF THE RICE PARTY.
The Rice Libbey party claim to have
scored an invaluable point in the Terminal
contest, and to have demonstrated anew
that the penis mightier than the sword. Wall
street construes the correspondence as a
practical coalition between him and them,
although it involves his resignation and in
sures wholesale changes in the directory. In
connection with this new turn in the situa-
ton, Mr.. Sully sold his Is, 900 shares OF Geor-
gia company stock to the Rice-Libbey
party to-day at S22 so per share,
and thereby closed out his interest,"
in the Georgia Central syndicate
at net profit Of $3.50, 900. This resignation
as President of the Terminal Company will
be rendered at the meeting of stockholders
provided for in the correspondence given
above. This coup d'etat was not known in
Wall street until after O'Clock, and came
like clap of thunder out of clear sky.