New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-31
MIR. FISH ANSWERS MIR. JESUP.
THE DUBUQUE AND SIOUX CITY RAILROAD
IT'S RELATIONS WITH THE ILLINOIS CENTRAL--CoN-
TRoI. OLE Tile STOCK.

IT'S RELATIONS WITH THE ILLINOIS CENTRALr-CON-
troll OF THE STOCK
In reply to an inquiry by reporter OF THE TRIBUNE
respecng the statement made in yesterdays paper by
NJ X Jesup as the relation Of the Dubuque and Sioux
City Railroad Company the Illinois Ger trail stuyvesant
Fish, the icepresdent of the Illinois Central sad yes
terday:
1.-THE opening statement of Mr. Jesup that the Dubuque
and Sioux City property leased nearly twenty years
ago to the Illinois Central Railroad for ninety nine years
or during the charter existence OF the company ls
ahsurdy inaccurate The lease was made september To-
1867 for twenty years from October l. 1867 for 80 per
cent of the gross earnings during the first ten years and
36 per cent during the remainder the term. with the
right of the lessee to option during the TERM
take the Dubuque property In perpetuity paying %
per of the gross earnings The corporate existence
of the Dubuque Company VIII terminate on August l.
1910 and only be revived by permission OF the state
OF Iowa on an application by three fonrths OF the snare
owners and undertaking by them TO buy the shares OF
n protesting minority at their fair market value Thus
the Dubuaue and Sioux City Board did not make lease
for ninety-nne years Within short time ater the
execution of lease Its terms seem to have been I'M
satisfactory and the Dubuque Company made frequent
propositions for its amendment These propositions In
one form or another continued down to WITHIN
three or four years In the early part of 1888 Mr. Jesup
suggested 10 committee of the Illinois Central Company
that that company buy the shares of the Dubuque Com
pany and thus control its organization from which
infer that Mr. Jesup did not consider such plan I'M
lawful immoral, or unjust to The Dubuque shareo%n
ers II the Illinois Central could he induced to entertain
IT, The Illinois Central made repeated ana geneT1us
gan and another members OF tho present Dubuque ana
Sioux City Board were members OF the Illinois Centia
Board"
What of plan of the Illinois Central to build line
of IFS own alongside of the Dubuque and Sioux City road
which had it been attempted. Mr. Jesup says he would
have enjoned by process of law !" was asked . -
future will reveal what is 10 be-. replied MT FISH,
Mr. JeSup complains that the Illinois Central has per.
mitted other roads build into territory which 1t should
have controlled If Mr. Jesup has the secret OF power
to prevent the building of new railways the exlstlng
railways should be glad be possessed of it, Certainly
the Illinois Central has ii not But why did not MI esp
exercise that power prevent the building OF railway
by Mr. Stickney from Mona to Dubuque. with a branch
Oelwen to Waterloo thereby paraleling ooth the
Dubuque and Sioux City and the only feeder which II
controls The fact that of Mr.. Jesups
associates in the direction OF the Dubuque road SOLD 70
may account for the fact that we nave never heau
n protest from MIR Jesup against Mt stlckneys dOnSs
Ifrlmor is correct the Dubuque and Dakota on wheh
$3.50 900 of the OF the Dubuque ara SIOUX
sold to this stickney whose system of roads in
Iowa and Minnesota will, when in working order greatly
nure the Dubuque and Sioux City unless there Is new
blood into that organization IL certainly Is new TO
up that lessee of railway Is bound to use It's own
influence. the money OF its shaeowners 10 prevent the
and the state"
committee Dubuque and Sioux City directors that
the Illinois Central has not yet declared its wishes or in
tentiOns the lease the DuOuqIIe Company"
'The lease declares that if the illinois Central wishes TO
% ye ns Or Ssprs TSpe ay OF neI p
such noce shall he given the lease will remain as now
stands. Again and again has the illinois Central en-
deavoed vain to come ~ reasonable ana falr under
standing with the Dubuque Board by which both conf
pales would be protected, the Dubuque grades he
reduced s line straightforward its wooden bridges replaced
with iron its taonhouses improved AS to prevent or
defy injurious competition The Illinois Central was Will
employ its capital credit and energy III putting enc
Dubuque Railroad on its feet to the great benet OF
the property, and of Dubuque, ana every town
on its line Mr. Jesnp wonld not consent Within the
year MI. Jesnp has once or twice written 10
ask a committee of conference. but In memory OF
previous futile conferences with him. many IN number,
replied that If the Dubuque people had definite and
workable pro position to make would receive IL and
that properly acted He has made no PROPOSE
ton excepting that t0 THE TRIBUNE of to-day
What do you say was further asked. " or MT Jes-
ups assertion that either Mr. Hartman or you and Mr.
Hartman united have contracts to secure control OF the
stock OF the Dubuque Road for the Illinois Central before
the time liked for ending the lease ."
IL is false in form. in substance and IN lmpcaton
Mr. Jesup endeav0rs 10 create the impression that the
Illinois Central seeks elect part1sans majority or
the Dubuque Board February. but Mr. Jesup ought
probably does know. that such an eforeyen
ifhe Illinois Central would make IL and were successful
and lease made palpably UNJUST to the minority
sharcOWners OF the Dubuque Company, such lease
would inevitably encounter the judicial power ana De
seek in that way control the Dubuque and SIOUX Cly
any railway Mr. Jesup says, in effect that ne Is
continued president the Dubuque minority snarS I
have little to hope for Pernaps tne courts WI"
protect them. even If the Illinois Central will not
what have you 10 say Mr.. Fish, of the recent sudden
declaration of dividend of per cent by the Dubuque
weeks before the shareowners' mecungf
1.-The officers OF the Dubuque Company and rs regis
rars Metropolitan Trust Company, have THIS Week
In violation of the laws of Iowa and New YORK ana us
bylaws, perenptoriy refused to permit
nave been hastily closed for dividend declared at an
unusual season. in contraventon of the policy which tie
directors Of the Dubuque and sioux CITY company an
Dounced September 1855. by circular TO each st0c
holder paying any dividend for two years That
such should dep,ess the stock Is nat
sold the rise, don't know exactly"