Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-25
ATTACKS FISH
IN REPLY IN
CIRCULAR
ILLINOIS CENTRAL FIGHT
GROWS TRlFLE WARM
Former President Accused of
Borrowing Company'S Mon
ey Without Security Saved
From Disgrace by Directors

Chicago. Sept. IA Startling alle-
cations are made in letter given out
tonight by j. r. Harahan president OF
the Illinois Central Railroad company,
and addressed to the stockholders o.
that company. The letter ~ speedy
retort to the letter of StuyVesant Fish.
which was published today criticising
the administration of Harahan, vino
succeeded to the presidency of the IL
linois Central when Fish was ousted
by the directors. Harahan's letter
says;
"The statement i'm circular letter
issued by Mr. Fish to the stockholders
and published today that the ILLINOIS
Central accounts have been padded or
in any way manipulated are absolutely
untrue. He knows that there mas
been no change whatever i'm the rcla-
tions of the Illinois Central with the
Union Pacific and southern Pacinc.
The resolutions presented by nm
some weeks ago to the board of direc-
tors making these charges, were re-
ferred to the accounting, traihc ana
operating officers and their reports
which we're transmitted by me to the
board of directors show that the
charges are utterly groundless and
that the accounts have been kept pre-
cisesly as they We're under Mr.. Fish s
administration, and that the relations
with all competing lines are the same
as before his retirement. His refer
ence to the alleged domination by the
Union Pacific is merely an effort TO
play upon what he supposes TO be cur
rent prejudice and TO further his in
terests, and should not deceive any
one
"The attack made by Mr.. Fish upon
the character of his fellow directors
and upon the operating, accounting
and traffic officers of the company.
warrants a full statement to the stock
holders of the reasons why Mr.. Fish
was not entrusted with the continued
management Of the property. l en-
close herewith copy of letter ad-
dressed by eight directors OF the com
pany to Mr. Fish under date of Mo-
vem Der z. 1906, setang forth specih
cally some Of the reasons why they
would not vote for his reelection as
president. There wee other reasons o,
controlling character which were re-
ferred to in general terms, but out Of
consideration. for Mr. Fish they were
not specially mentioned in that let
ter.
"The most conspicuous of these rs
that while Mr.. Fish was president or
your company and as such virtually
custodian of It's treasury he loaned
himself as an individual about Sl,50O o.
900 from the treasury Of the company
upon security of his own selection,
which proved To be Inadequate and
unmarketable Mr.. Fish being unable
to repay the loan or to satisfactorily
secure It, after various consultations
among his friends on the board OF di-
rectors and negotiations designed for
the payment Of the Indebtedness and
the protection of the credit of the
company. as well as Mr.. Fish's repu-
tation After II vas demonstrated
that Mr. Fish was unable TO reim-
burse the company. a director indi-
vidually loaned him the money neces-
sary to repay the company. In order
to secure this loan, Mr.. Fish pledged
not only the unmarkctable collateral
above mentioned. but also 'conveycd
his residence in the city Of New York.
and his undivided interest in the es-
tate of the late HamiltOus Fish. out
Of consideration for MT, *lsish such
conVeyances we're nOtrplactd on rer-
ord The director mis- be'sthe loan
carried IL for several stAf<f tnul Mr.,
Fish was able to l4dUf"@ ~ Fur
thermore. Mr.. Fish. ~ sa-'a mem
ber Of the executing ~tnmit9e OF the
Trust Company OF fr fertflic. ana
very active ln its hffpirz tfiosited
large amount Of MoufWIf M illtnois
Central Railroad ,es NV 9th that
institution after itsl -e(rious-
ly impaired, and. a, " was
ultimately collecteda- SO re-
quired several md1 -tdnring
that time the risk ~ zpsc OF
grave anxiety To ~ NE More
over. he loaned To u IHI ~ OF the
Trust Company .9f MM q Pc indl-
vidually. money EtgWtN 4 Aentral
railroad upon inaNfaNNNN y Nrities
with the result tha fAANNS, - com-
many was unable ffiA 40 Nfasgf tul
whose motives ant ta6Hf<EDs been
impugned, and 10 &zhckholders 70
whom Mr.. Fish has addressed the APP
......t h.goa ,.po,, his eharuea fhHf