Waterbury evening Democrat., 1907-09-25
HOT SHOT fOR FISH.
Took $1,5OO,OOO Illinois Central
 Funds, Harahan Says.
ON UNMARKETABLE SECURITY
Friend Loaned Him Enough to Take Up Loan In Return For Which Fish Put Up His New York Mansion-Roa Lost on Another Deal.

!
 Chicago, Sept. 25.-The expected re l ply to Stuyvesant Fish's Illinois Cen tral charges came in hot statement sent by President J. T. Harahan to the stockholders of the road. In this state ment Fish is charged with having talk. en $1,500,0O0 from the treasury of the Illinois Central on securities that were practically worthless. It is further charged that when the directorate realized its plight it de. manded the return of the $1,500,00O | which Fish was unable to make good and then to save him from disgrace and possible prosecution one director, who was personal friend, loaned him enough to take up the loan, in return for which Fish made over to this di rector all of the questionable securities and had to go to the amazing extent | of conveying to him his magnificent home at 9 East Seventy eighth street and his entire interest in the Hamilton Fish estate to protect the friendly di- rector. MT. Harahan's letter says in part: H | Loaned Himself $1,5o0000.
 "The attack made by Mir Fish upon his fellow directors and upon officers of the company warrants a full state. ment of the reasons why MT. Fish was not intrusted with the continued man. agement of the property. inclose herewith a copy of letter addressed by eight directors of the company to MT. Fish Nov. ', 1906, setting forth specifically some of the reasons why they would not vote for his reelection as president. There were other req. sons of a controlling character which were referred to in general terms, but out of consideration for Mir. Fish were not specifically mentioned in that let ter.
 "The most conspicuous of these is that while MT. Fish was president of your company and as such the virtual custodian of its treasury he loaned to himself as an individual about $1,50O,. GOO from the treasury of the company upon security of his own selection which proved to be inadequate and un. marketable After it was demonstrat. ed that MT. Fish was unable to reim. purse the company director individ. ually loaned him the money necessary to repay the company. In order to SC, cure this loan Mir. Fish pledged not only the unmarketable collateral above mentioned, but also conveyed his resi-. dence in New York and his undivided interest in the estate of the late Ham. ilton Fish. Out of consideration for Mir Fish such conveyances were not placed on record r' :.
 Took Inadequate Security.
 ''The director carrying the loan car ried it for several years until Mir. Fish was able to liquidate it. Furthermore, Mir Fish, who was a member of the executive committee of the Trust Com. pany of the Republic and was very ac. tive in its affairs, deposited large amount of money of the Illinois Cen. tral Railroad company in that company after its credit was seriously impaired and, although this was ultimately col. lected. the process required several months. and during that time the risk was a cause of grave anxiety to the directors.
 Moreover, he loaned to the president of the Trust Company of the Republic individually money of the Illinois Cen. tral Railroad company upon ina6e, quate security. with the result that the railroad company was unable to col. lect the entire amount and suffered @ loss. It is due to the officers and di. rectors whose motives and conduct have been impugned and to tho stock. holders to whom Mir. Fish has ad. dressed an appeal based upon his charges that these facts should be known"