The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-09-25
CENTRAL
DIRECTORS HIT
BACK At FISH
Harahan Says Roads Accounts
We're Not Padded.
MAGNATE TOOK GRAFT LOANS
Directors Say the Ex.presldent Loaned
Himself $500 900 Of the Rail.
roads Funds.

CHICAGO. Sept RI. 4. Harahan.
president OF the Illinois Central rail-
road, addressed 10 the stockholders u
statement Ia part as follows:
The statement Ia the circular letter
issued by Mr.. Fish 10 the stockholders
and published that the Illinois Central
accounts have been padded OF In any
way manipulated Is absolutely untrue.
lie knows that there has been no
change Whatever In the relations OF
the Illinois Central with the Union
Pacific and Southern Pacific The res.
olutions presented boy him some weeks
ago 10 the board Of directors making
these charges were referred To the ac-
counting. traffic aud operating officers.
and their reports show that the charges
were utterly groundless aud that the
accounts have been kept precisely NJ
they were under Mr.. flsh's admins
tratlon and that the relations with all
connecting lines are the same as b.
fore his retirement.
Ellis reference 90 alleged domination
by Union Pacific l. mergly an effort TO
play upon what be- suppOses 90 be cur
rent prejudice 30 further his own inter
est aud should not deceive any one"
A letter signed by John W. Auchln.
Gloss. ]. j. Astor. Robert W. Goelet.
T.. II. Hartman. J. r. Hamhan. W.
Luttgen. Charles 4. Peabody and Cor.
nellus Vanderbilt says.
The attack made by Mr.. Fish upon
his fellow directors aud upon officers
~ the company warrants n full state
ment Of the reasons why Mr. Fish was
not lntrustsd with the continued man.
agcmcnt Of the property Z mclusc
herewith n copy 81 u letter addressed
by eight directors ~ the company Ia
Mr.. Fish Nov. Z. inHi. settling forth
specifically some % the reasons why
they would not vote for his reelection
a. president There were other ma
sons Of a controlling character which
were referred a. Ia general terms. but
out " consideration Tor Mr.. Fish werr
not specifically mentioned In that bet
ter.
The most conspicuous 81 these Il
that while Mr.. Fish was president ~
your company aud NJ such the virtual
custodian of H. treasury be- loaned %
himself NJ an individual about 81 .hnO..
~ from the treasury 0f the company
upon security ~ his own selection
which proved 10 h. inadequate aud un.
marketable. After Il was dcinonstrat
cd that Mr.. Fish was unable a. REIN.
bursc the company q director ndiyld.
unIly loaned him the money necessary
10 nepay a.. company. In oui.r 10 ~
cunr this loan Me-. Fish pledged not
only the unmarketable collateral above
mentioned. bat also conveyed bis resi-
dcncc In New York aud bis undivided
Interest In the estate ~ the late Ham
lltuu Fish. out ~ consideration Tor
Mr. Fish such conveyanccs were not
placed on recoui.
The director making the loan car.
rled II Tor several years until Mr.. Fish
was able o. liquidnte II. Furthermore,
Mr. Fish. who was member ~ the
executive committee ~ the Trust Com.
pany ~ the Republic aud was very nc
tive IN IT, Affairs. deposited n large
amount of money II the Illinois Cen.
tmi Railroad compapy In that company
after IT, credit was seriously impair
81. aud although this WAS ultimately
collected. the PROCESS required several
months. aud during that time the risk
was a cause ~ grave anxiety 10 the
directors Moreover. be- loaned 90 the
pre- idcut of the Trust Company of the
Ilcpuhlic individually money ~ the Illl
uols Central Railroad company upon
inadequate security. with the result
that the railroad company was unable
10 collect the entire amount and sur.
fercd n loss. II Il due 60 the officers
and directors whose motives and con.
duct have becn lmpugncd aud 10 the
stockholders 10 whom Mr.. Fish has
addressed an appeal based upon his
charges that these facts should b.
known"