The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-09-24

O6nlfdI Railroad company IN which he
asks for proxies to be used at the annual
stockholders meeting to be held in Chi
cagO on "Wednesday. Oct. 16. next At this
meeting four directors are to be chosen.
three of them to succeed Messrs. John
Jacob Aston, StuyVesant Fish and E II.
Hartman, and one to fill a vacancy for
term of one year.
Historic Meeting Recounted.
Coming down to recent history, Mr.. Fish
THE methods pursued by those of your
board OF directors who act in the interest
- the Union Pacific have been so high
handed as to become the subject of wide
spread commend. Al a recent meeting of
the board ! offered a resolution of inquiry
into subject matters which should prop
erly be disclosed to every shareholder.
While in the act of reading my resolution,
Mr.. Peabody, representing Union Pacific
interests, moved to adjourn and ]. T.
HaTahan. who was presiding. summariiy
closed the session. Later, through the
power given by the bylaws the minority
who truly represent the interests of the
Illinois Central shareholders, called a spe-
clal meeting, whereat l offered a resolu-
ton of inquiry into the evident padding of
the accounts. Such inquiry was neces-
sary. The all-impOrtant duties so ably
discharged by the late j. c. yelling, who
Tor fifteen years, as vice president and
director. had exercised a close supervis-
been on his death in November last dele
gated by J. 4. Harahan TO his own i'm
mediate assistant, to be performed as in
cidental to his other work.
Fictitious Receipts.
1t appears from the annual report of
the Illinois Central company for the year
ending June 30. 1907, that there was an
the corporation during the last four
months. which increase is wholly mex
plicable and obviously inconsistent with
the facts upon any proper accounting and
ing a favorable but fictitious showing
The first third of the year showed an in
crease IN net receipts of $685. go. Then
came the change in the presidency and in
the next thtRd of the year the net re-
ceipts decreased by 1872 5S6 Finally in the
last four months they were suddenly in
creased by 81, 203,S $50, of which increase
S6G4, I51 is reported as made in the single
month Of June. This palpable mls-state-
ment, which is further emphasized by the
fact that although neither the mileage
nor the operating conditions had changed
in the slightest degree. the succeeding
month OF July showed a falling off of
$55,O9o in net revenue, as against the re-
ported gain of $6l4 III in June. Yet nv
resolution of inquiry was referred for re-
port to the president, the very officer who
had brought the accounting directly IN
der his own control. and, Of course, its
whole purpose was defeated.
Question for Stockholders.
up to this time have not asked for a
single proxy, nor would l do so now were
II not for the extraordinary efforts the
present management are putting forth
with the evident intention of electing E.
II. Hartman and such persons as he may
select, backed by the holdings of the
Union Pacific company, which constitute
a practical balance of power. 1t is for
you to determine whether their holdings
of about 80 per cent OF the stock is to
name the directors of the Illinois Central
Railroad company without the consent
and TO the detriment of the remaining 20
per cent. Do you wish your property to
be managed, as heretofore, in the interest
OF the whole body of the stockholders. or
to be dominated by the Union PaCific
which, If thus put in control for four
manent traffic contracts and engagements
to be made as viii deprive the Illinois
Central of the proper enlargement of its
advantages and prevent it securing its le-
climate revenue for all time to come?
The repeated requests of large num-
bers Of stockholders that I not only rep
resent their holdings at the meeting hut
also address the stockholders at large in
advance thereof. is a sufficient excuse
for this letter, as well as for the enclosure
herewith of form of proxy running to
two of my colleagues in the board.
Charles NJ. Beach and James d. Cutting.
and myself.
Very respectfully.
tSignedD 'STUYVESANT FISH