The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-03-14
WAR ATARAILWAY MEETING
Eastern Stockholders of the Illinois Cen.
trail Disposed to Make Trouble
By Insinuating that Certain Directors Ran the
Road in Their Own Interest-Their Shares
insufficient to Make Change.


indeed, at the annual meeting of the stock
holders of the Illinois Central railroad,
held to-day at the general offices of the
company in this city. The iveliness was
due to the presence of +. b. Cooley, of Hart
ford, Conn.,, who was on hand to represent
certain Eastern stockholders dissatisfied
with the present management of the road.
Mr. Cooley and Daniel b. Howe came West
TO find out why certain Western roads. in
Guiding the Illinois Central and the Chi
cago, Burlington IL Quincy, have been al
lowed to fall so far behind In their earn
ings, and to prevent, if possible,
the reelection of the officers who
are held responsible for the depre-
citation of the value of the property.
When the meeting convened to-day these
gentlemen were on hand. accompanied by
+. g. Mason. a Chicago lawyer, and pre-
pared to propose various reforms in the in
terest of the parties they represented.
President Stuyvesant Fish was present,
but, contrary to expectations. Vice-presi-
dent Z. w. Hartman, against whom the
recent attacks of the dissatisfied share
holders have been particularly directed,
did not appear. There were 263, 900 shares
of stock represented, the majority by proxy.
The annual report of the directors, the
salient features of which have already been
published, was submitted. Mr.. Thompson
offered resolution approving the report,
which was adopted against the negative
votes of Mr.. Cooley and his friends.
Mr.. Cooley then said that some of the
transactions of the Illinois Central COM
pany were not clearly understood by many
of the shareholders. and suspicious were
entertained that certain contracts en-
tered into by the company involved
exorbitant and unnecessary expenses.
He desired to make no charges, he said,
but these were things that were talked
about by persons who had right to know
what was going oil, and who did not feel
absolutely certain that some of the di-
rectors were not receiving personal benefits
In the way of commissions from some of the
contracts that had been made.
Mr.. Cooley was suavely answered by
President Fish. The president. was glad
fcient interest to inquire about these
things, and he proceeded to explain. in de-
tail, all the deals of recent date, such as the
building or leasing of new lines, the adding
the company was contemplating the extern
sion of the Madison line to the Lake Su-
perior region was without foundation, as
was also the rumOr which, a short time
ago, was extensively circulated, to the eff
feet that the Illinois Central was behind
the project to build road from Sioux City
to Ogden.
Mr.. Cooley offered resolution requiring
that hereafter the directors of the company
shall Immediately, upon the closing of the
transfer books, prepare a statement of the
business transactions and propositions that
are to be submitted for the approval of such
meeting, and forward a copy of the same to
each stakeholder on record, together with
the names of candidates for directors whom
the management propose to elect.
President Fish thought such a resolution
We
lost, only about 10, 600 votes being cast in
the affirmative, of which about 1000 were
cast by Mr.. Cooley and his associates.
Mr.. Mason then introduced a resolution
TO the effect that no extensions, branch
lines or feeders should be built or leased by
the company during the year 1882
President Fish seemed more irritated at
Mr.. Mason's resolution than at ANYTHING
that had preceded it, and he apparently
gave up all attempts to conceal his annoy
ance. He called attention to the closing
sentence of the report of the directors,
which reads: Your directors did not I'M
dertake any new extensions during the
past year, nor have they any in view" Mr.
Fish said that statement was all-sufficient
and made the introduction of the resolu-
ton not only unnecessary but ridiculous
He further stated that the extensions and
branches already acquired had proved
profitable ventures, and that without them
the earnings of the road would have been
less than they were.
Mr.. Cooley insisted on the adoption of the
resolution. He said the statement i'm the
report was all well enough. but it would be
good, he thought to pass the resolution and
make a sure thing of it.
Mr.. Fish's eyes flashed, and he demanded
TO- know if his veracity was questioned.
Mr.. Cooley replied that such was not the
put Mr.. Fish on record. The officers, said
Dir. Cooley, were not the owners of the
property, and the stockholders certainly
had right to take action on their own ac-
count. The directors had simply said they
had no extensions in view, but what was to
prevent them from changing their mind be-
fore three months had gone by? He saw no
reason why the directors should object to
the resolution If they were really in earn
est In saying that no new lines would be
built.
At the suggestion of General Manager
Jeherey, the resolution was amended by ex-
ceptlng the lines on which construction
has already been commenced, or for
which leases have already been ne
gotiated. With this amendment it was
submitted to the meeting, and it received
President Fish. When the result was an
nounced, President Fish rose with the ex-
PLANTATION that he was not opposed to the
purpose of the resolution, but that he had
voted as he had because he considered that
his integrity was impugned: Saying this,
he changed his vote and made the adoption
of the resolution unanimous.
Mr.. Mason introduced another resolution
provision of the State of Illinois, the minor
ity stockholders should be allowed to cast
cumulative vote. but it was defeated.
In the election of directors which now
followed, there were five persons to be
chosen. b. +. Aver, Walter Luttgren. and
John w. Auchincloss were reelected. leav-
ing two vacancies caused by the with
drawal of John Elliott and Levi p. Morton,
to be filled; Messrs Cooley and Mason had
proposed three names to take the places of
the lncumbents, namely George Bliss, Mar
shall Field and Byron l.. Smith, but their
100 votes only were recorded against the
election of the outgoing directors. George
Bliss, however, was unanimously elected to
succeed John Elliott. The name of C.. M.
Dacosta was proposed to fill the other va
cancy, but it was found that his stock was
not registered, and as it was growing late.
en- adjournment was taken till tomorrow,
when the election will be completed.
l., n. A. & G. Stockholders.
NEW YORK, March 13.-The annual meet
ing of the stockholders of the Louisville,
New Albany g. Chicago Railroad Company
was held here to-day. The report of Presi-
dent VIM. Dowd, shows gross earning, ST.
292. 7s2; operating expenses. s., AZ, $40; fixed
charges, SS64. 1888. The following directors
were elected to serve for the ensuing year
John j. Astor Samuel Sloan, X. G. RaIston
James Roosevelt, w. Dowd, Z: Root. II. III