The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-02


Company of the Republic, Mr. Fish, with
out the consent of the directors, about
Jan T. 1908. deposited $4,000 in addition
of the Illinois Central's money with the
Trust company when IL was practically
In falling condition. His kinsnan was
president and he was director and mem-
Der of the executive committee. and ac-
tive in its management. The directors of
the Illinois Central, who learned of this
deposit. desired to withdraw the money
NJ once. but IL developed that " this were
attempted, the Trust company would be
forced 10 suspend. AS we are informed
and believe. about one-third OF the total
deposits OF the Trust company at that
time consisted or money OF the Illinois
Central deposited by Mr. Fish. 1t was
only by gradual Withdrawals, during a
period OF many months, that this money
was finally recovered.
HELPED pad" REPORTS.
8. Mr.. Fish assisted in padding the
reports of the Trust Company OF the Re-
public to the banking department by de-
posting money of tho Illinois Central on
the eve of such reports. which was with
drawn Immediately afterward At the
end Of the half year, June 80, 1903, he de-
posted 100000. which was withdrawn the
next day July l. On June 30. 1904 (the
name of the Trust company having been
changed TO Commonwealth Trust Com
pany'), he deposited $4,000 which was
withdrawn the next day. July /. On Dec.
81 1904, he deposited 100000 which was
withdrawn Jan. 3. the first business day
thereafter. These deposits occurred, too.
after the difficulty in recovering. as above
stated the 100000 deposited early In 1908,
and were all made without consulting the
board.
"a. Mr. Fish loaned to the president of
the Trust Company of the Republic, in
dividually. $4,000 OF money OF the Illinois
Central, taking bonds OF the United States
Shipbuilding company and stock of the
Trust Company OF the Republic as col
lateral, and as a result the Illinois Cen
tral lost over $4,000 OF the amount loaned.
'5. When the election of 1906 was ap-
preaching and Mr. Fish, without consult
ing his fellow directors, had sent out
much earlier than usual a request for
proxies on his own behalf. steps were
taken by the directors TO issue a new re-
quest for proxies on behalf of a commit.
tee representing the board. An agree
ment was thereupon signed by Mr.. Fish
by which he agreed to vote all proxies
for the outgoing directors and to fill the
vacancy then existing by voting for a
person TO be selected by a majority of the
directors. In direct violation of this
agreement, in his own interest solely, he
refused TO vote for the person selected by
majority of the directors and voted for
his individual nominee proxies given him
upon the faith of the agreement This
was the climax OF bad faith which con-
vinced his fellow directors that further
forbearance would be inconsistent with
their duties TO the company. II Is proper
10 add that some of the specific acts thus
enumerated were not made known to sew
eral members OF the board until after the
last election OF Mr.. Fish as president.
KEPT UP DISSENSIONS.
Since the board declined TO re-elect
Mr. Fish as president last year, and while
serving his unexpired term as director.
he has kept up dissensions in the board
and has sought I'm many ways to embar-
ass the administration OF the property
under his successor as president More
over. while charging his fellow directors
with subscrviency TO the Union Pacific
(Which Is n connecting and not competing
line) he has allied himself with a rival
system, competing throughout almost the
entire territory from Chicago TO New or
leans, by becoming director ana MEMBER
of the executive committee of the MIS-
souri, Pacific. which. through its relations
with the Texas and Pacific Iron Noun
tain. Wabash and other companies. Is ono
OF the strongest competitors OF the llli-
nois Central.
iessness I'm serving his own. interest at
the expense OF the stoclhofders, for
Whom he affects so much concerIp was the
recent commencement and present prose
cution OF n suit in the courts at Chicago
TO establish the proposition that no cor
poration has the right TO own stock in
any Illinois corporation-a proposition
which, II finally established, will neces-
sarily work great injury TO the stock
holders OF the Illinois Central Railroad
company. as well a. other large systems
| incorporated under the laws OF the state
and may jeopardize the integrity OF the
! Illinois Central system itself which was
formed So largely through the acauisi-.
tion and ownership OF stocks In other
' companies"