New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-14
RAILRoAD MEN Avn ODDS.
DISSATISFIED SHAREHOLDERS AT ILL.
KoIs cENTRAL's ANNUAL MEETING.
PREsIDENr HsH ANSWERS DIRECTIONS
AGAINST THE MANAGEMESr OF THE
no,n--v,rcr,ov or n,prcrops ,


RoAp--ELECTIoN OF DIRECTORS,
Chicago March 13.-The annual meeting OF the
stockholders of the Illinois Central Railroad, held to-
day at the general Offices Of the company I'm this CITY
was lively one. The Ilvcliness was duo 20 the
presence Of i. D. Cooley and Daniel B. Howe on hatt
ford, Conn, who came West 10 ind ont why certain
western roads, including tho Illinois Central aud the
Chicago Burlington and Quincy, have been allowed 70
fall far behind In their earnings and TO prevent,
II possible tho reelection OF the officers who are held
responsible for the depreciation OF the value OF the
property. These gentlemen we're accompanied ny
Il. @. Mason, OF Chicago lawyer, and were prepared
to propose various reforms In the Interest Of the
parties noy represented.
President Fish was present but the vice-presldent,
T. W. Hartman, did not appear There were 263, 900
shares Of stock represented, the majority By proxy
Tho annual report OF the directors the salient features
Of which have already been published was submitted
Mr. Thompson offered q resolution approving tho TO
port, which was adopted
Mr. Cooley then said that suspicious wers enter
tanned that certain contracts entered into by the
psny involved exorbitant and unnecessary expenses
He desired 20 make charges he said, but these were
things that talked about by persons who did not
feel absolutely certain that Of the directors
not receiving personal benefits in the way Of commits
slons from OF the contracts that had been made
MI Cooley was answered by President Fish, Ssho
proceeded 10 explain all the deals of date The
tension of the Madison line to the Lake Superior region
was without foundation as was also the recent rumOr
that the Illinois Central was behind the project to
build a road from Sioux City TO Ogden.
Ar. Cooley offered q resolution requiring that
hereafter the directors Of the CON-
pany shall upon the closing of the
transfer books for tho annual election prepare state
mcnt Of the business transactions and propositions
that TO be submitted for the consideration OF such
at
stockholder on record, together with the names of
candidates for directors whom tho management pro-
posed TO elect.
President Fish thought such a resolution
necessary. Mr. Cooley warmly insisted that the
resolution be considered, on the ground that the
stockholders wanted to know what the officers Of
the road were doing. "And,' he added, you may
be assured that they intend to know about your
actions in the future than they have in the past"
Tho resolution, however, was lost
Mr. Mason then introduced q resolution 10 the
effect that no extensions, branch lines feeders
should be built or leased BY the company during the
year 1880.
President Fish seemed rntated at Mr. Mason's
resolution He called attention TO tho closing sentence
Of the report Of the directors, which reads; ~Your
directors did not undertake any new extensions
during the past year, nor have they any in View
Mr. Fish said that statement allsificient
Mr.. Cooley insisted on the adoption Of tho resolu
ton, and Mr. Fish demanded 10 know II his yeracty
was questioned. Mr.. Cooley replied that such was
not the purport of the resolution, but he desired to
put Mr.. Fish on record The directors, no said, had
simply said they had extensions in view, but what
was 10 prevent them from changing their minds be-
fore tho three months had gone byi
At the suggestion Of the General Manager, Mr.
Jesery, the resolution was amended BY excepting
the lines on which construction has already been be-
gun. With this amendment II received Affirmative
votes from all present except President Fish. Pres
dent Fsh said that he had voted he had because no
considered that his integrity impumed, although
be was not opposed 20 t purpose OF the resolution
He changed rs vote and made the adoption Of the
resolution unanimous.
In the election Of directors which now followed
there wero five persons 10 DO chosen. Il, T. Aycr,
Walter Lnttgren and John W. Auchincoss 70
elected, leaving two vacancies, caused by tho with
dTaval Of John Elliott and Levi T. Morton b be filed
Messrs- Cooley aud Mason had proposed three names
take the places OF the incumbents, namely George
bliss, Marshall Field and Byron l. smith, but their
1000 votes only recorded against the recollection
0f thc outeeings directors George Riss, however,
was unanimously elected 20 succeed John Elliott. Tho
name Of G. ~ pa Costa proposed 10 MI the other
vacancy, but it was found that his stock was not
registered, and II growing late an adjourn
ment was taken until tomorrow, when the election
will DO completed.