The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-10
A MOVE TO GUST SULLY.
THE CLOUDS BREAKING FROM
THE RECENT MYSTERY.

Holders Of 10 per Cent. of the Stock
Can, Under the Virginia Law, Call a
Meeting and Elect New officers
What R. P. Flower Has to Say.
New York, March 9.-Considerable
mystery has hung over the Richmond and
West Point Terminal stock for several days.
1t has been generally believed that some
thing important was being concocted, but
no announcement of any definite pro-
gramme was made until to-day. When the
denouement came it made quite sensation
in Wall street. The Terminal Company
was chartered by the Legislature of Vir-
ginia and increased under the general law
of that State
POWER OF STOCKHOLDERS.
Stockholders of any corporation repre-
senting 10 per cent. OF the stock can at any
time, by giving thirty days notice, require
that a stockholders meeting be called, and
If at that meeting a majority of the stock is
represented an election of officers can be
had and the result of such election will be
binding; that is to say, the officers chosen
at regular annual meeting, though
elected to serve for a year, may by the
above process be ousted at any time.
STRONG OPPOSITION.
There has come to be a strong opposition
to several of the present board of managers
of the Terminal Company, and that opposi-
tion is determined upon availing itself
of the privilege under the Vir-
gnia law The opposition party
is said to have been organized
by j. l.. Rice He is certainly very promi-
nent in it. Among others mentioned as
being identified with the movement are r.
b. Hollins q Co, William Libbey, E. w.
Clark of Philadelphia, August Belmont, Jr.,
Wormser Bros, and also several clients Of
p. j. Goo1hast & Co.
WHAT THEY CLAIM.
They say tonight that they have $4,000
shares of stock committed to the support of
their plan. The entire capital stock, in
Guiding both the common and preferred, is
$1,000 shares. There is no secret now
made of the intention to smake many
radical changes if a majority of the stock is
secured. 1t is said in some quarters that if
the new party wins the fight, r. P. Flower
and William Rockefeller may be induced
to 60 in the directory, as was expected they
would do at the last annual election.
RICE TO BE REINsTATED.
l. L. Rice will no doubt be reinstated on
the Board He was left Off at the last cleo
tion The war does not seem to be directed
specially against President Sully, but
bue eleCUlOn OF SOnle man conspicuous
for his ability as practical
railroad manager is advocated by the oppo-
sition. They insist on having a man abso-
lutely separated from Wall street and
wholly devoted to the national welfare of
the property. The affair promises lively
time, and surface indications point TO tho
probability Of vigorous and uncompro-
m.sing campaign.
WHAT MR.. FLOWER SAID.
r. p. Flower said to-day that he had no
ambition for the honors of a terminal di-
rector. He was inclined to think that
the present move was clever Wall street
device TO make a boom in terminal stock.
He added that he was very much more in
terested in what would be done at Wash
ington with reference to the surplus. Said
he: "If the Senate passes the bill
authorizing the purchase of bonds, and the
government buys 500, ,000, 600, there will be
a vast Improvement in the stock market,
but without some such action have no
great faith in any material advance in
values or an increase in Wall street busi-
ness" d" The opposition leaders decline to say
who they propose 10 oust provided
they get control, but they do say equivo-
cally that they will strongly urge George
S. Scott and John II. Inman, of the present
management TO remain. These two gen.
tlemen seem to be entirely satisfactory to
all concerned.