The Cairo bulletin., 1907-12-10
ISSUES LONG CIRCULAR IN RE.
PLY TO HART MANS LATEST
CHARGES.
AUTONOMY FOR |. c. R. R.
He Contends For, N,ic Hartman
Would Make II &c cnd,ncy of
Union observation-disclosures
Comparison.

has issued & circular to stOcl 'olders
Irf the Illinois Central railreal, in
which he answers charges made
against him in the latest Har imam
: circular and publications, Il the
course Of which he says;
AS have said over and again the
company's lean to me was on ample
and sufficient collateral, irrespective
of my personal fortune and credit.
When in the panic OF 1908 some quas-
tion was raised as to that loan.
promptly paid it off. The Illinois
Central Railroad Company never for
a moment stood tho slightest risk of
a dollars loss II had been for 4
generation the custom OF the company
ito loan &c its officers and disctors.
Mr.. Peabody. Mr.. Hartman and 9TH
Iers among them. That such is nSs the
Icustom now, is duo to bylaw
/ thereafter introduced and caused to
be adopted. My loan was properly
entered on the books, known to the
directors, and with others reported as
satisfactory by the regular auditing
/ StAiuiitNNt- iuuNtu ST. tltklU WAS
thought Of IL that | was in 1909 and
twice thereafter elected president by
the unanimous vote of these same d.
rectors, and my salary was In 1905
materially increased by them
Mr. Hartman and his confeder-
ates are now able to point to only
one loss made during the twenty-five
1
years in which | served as treasurer.
vice president and president, In so
doing they oyerstate that loss. which
as shown by the claim fled on behalf
Y the Illinois Central Railroad com
pany against the estate of the debtor.
was $4,000 and not $4,000. True,
the company bought In and still holds
| the collateral, which may have fur.
Their deprecated but there is a posi-.
bility that in final settlement there
may be no loss at all. When the loan
was made the collateral was market.
able and ample although afterwards
affected by the ensuing financial
crisis.
The during. all those years the
stockholders OF tho Illinois Central
were not called on to suffer any other
loss through loans made by me is
credit which am glad to
accept from the signers Of the circu.
lar OF November 9th even though
certain Of them cannot show as well
In regard to the trusts reposed in
them.
Il freely challenge a comparison
Of my administration of your affairs
With that of any other person charged
with any other trust.
AS to deposits in the Trust Com
pany of the Republic, now the Com.
monwealth Trust Company, need
My repeat that at no time has il
been in circumstances of failure.
much less bankruptcy That trust
company was. however. involved i'm
serious litigation growing out of the
United States Shipbuilding venture.
which had been foisted on II by one
OF the companies affiliated with the
Equitable Life Assurance Society:
Mr. Hartman then being a director
In each of the last two companies.
All deposits made in the trust com
pany were fully paid with interest,
and it was perfectly solvent II any
Of the directors of the Illinois Central
had cause to criticise those deposits
they should have done so at the time,
Tor II they believed what they now
say they should not thereafter have
reelected me president and increased
my salary.
My entire life has been spent i'm
up your property and con-
serving its independence for the
'qual profit OF all the shareholders
md the development of the communi-
les served by your railroad.
The books of the company form
IN open record of my every act, and
fter years time for critical and
Iostile examination. Mr. Hartman
nd his followers have been able to
md or invent only the charges set
orth in their circular of November
Z. which 7 have now answered for
be last time; and with II all they
an point to but one error of judg-
ient as to a loan through which the
nmpany suffered a loss. in all the
lillions. ! might say hundreds of
billions, which loaned for the COM
any. Nor did in all those years, to
ny question put by stockholders, d.
,ctors railroad commissions or
-urts. ever decline 10 answer on the
Twice Of council
so much for the caiumnies and
Representations by which Mr. Har-
man and bis co-conspirators seek to
vert your attention from the one
al Issue that confr0nts YOU in the
rthcnmi1s election Of directors
bat Issue is whether or not by re-
ecting Mr. Z. H. Hartman As
rector You win endorse their
hcme to make the Illinois Central
pendency Of the Union Pacific