Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-09-26

Fish, former president of the Illinois
Central, made public yesterday a cir
cular to the stockholders of the Hi
nois Central. 1t calls attention to
the annual meeting to be held i'll
Chicago October 16, when four direc-
tors are to be chosen, three OF them
TO succeed John Jacob Astor, Stuy-
Vesant Fish and e. II. Hartman and
one TO I'LL a vacancy. He then
charges that for some time past
there has been a persistent effort To
place the control OF the corporation III
the hands OF those dominating The
Union and Southern Paclncs' and
considers it his duty to oppose this
enorr iii order to Loyalty discharge
MS Obligations OF trusteeship to the
Illinois Central. He says the policy
OF the company has been to deal
with each of its connections to the
best advantage without making any
exclusive traffic alliances" He de-
clares that IF the illinois Central is
to serve its best purpose and secure
the largest revenue to its sharehold-
ers, it's independence should be main
tanned to the end trat it shall re-
ceiye the largest measure of tonnage
in return for the great volume pro-
duced along It's lines"
Practical Merger Attempted.
Fish then declares that in spite OF
this fact there has been a systematic
and persistent effort to secure con-
troll OF your board by men identified
with the Union Pacific" He con-
tinues:
"Of your directors, Z. II. Hartman
is president of the Union and South
ern Pacific companies, and Charles
A. Peabody and Robert Walton Goe-
let members of the Union Pacific
stockholders of the Illinois Central
there was determined effort to
elect as members of the Illinois Cen,
trail board one of the directors OF
the Southern Pacific company, ana
this was only defeated by my use OF
your proxies. 1t was repeatedly and
persistently stated by Hartman and
Peabody, and at the stockholders
meeting by William Nelson Cromwell
their attorney, that the Union Pacific
shares, and it was denied that there
was any purpose to control the Hi
nOis Central in the interest of the
Union Pacific, or make it subservient
thereto. Yet later, when testimony
! taken before the interstate commerce
commission was disclosed, it was
found in the face of these state
ments, that the Union Pacific haC
! brought before your stockholders
meeting 281,231 shares or -J.oJ pei
cent. of the entire capital stock Of
your company.
Came From Europe to Vote.
How important the control of the
Illinois Central by the Union Pacific
understood when l say that at theil
next directors meeting, Coelet, UnioI
Pacific director, and also director o.
your company, came expressly from
Europe to New York at Hartman:
| behest to join with others in unseat
ing me as president of the Illinoi:
Central, which done, he returned tc
Europe the following day.
"The Union Pacific, although own
ing but 80 per cent. of the capita
stock of the Illinois Central, was able
to accomplish this purpose by inf1u
encing certain directors, which il
view of the tremendous speculation
going on in New York last year, was
not difficult. Ny protest as owner
! of 12,450 shares and as one who had
| been charged for 20 years with the
responsibilities attaching to YOU
| presidency. is and has been through
out solely against this attempt tc
| control your company in the interest
of the Union Pacific.
The methods pursued by those OF
your board of directors who act in
the interest of the Union Pacific have
been so high handed as to become
the subject of widespread comment
At a recent meeting of the board,
offered a resolution of inquiry int
subject matters which should proper
ly be disclosed to every shareholder
While in the act of reading my reso.
luton. Peabody, representing the Union
Pacific interests, moved to adjourn, anf
j. T. Harahan, who was presiding,
summarily elosed the session. Later
through the power given by the by
laws, the minority who truly repre-
sent the interests of the Illinois Cen
trail shareholders, called gpeciat
meeting, where I offered my resolu-
ton Of inquiry into the evident pad.
ding of the accounts. Such an in.
quiry was necessary" says Fish.
Shows Padding of Accounts.
He then goes into figures to sus-
tain his contention that the financial
affairs of the company have been
mismanaged. He says that for a
third of the year preceding the
change of presidency the net receipts
had increased 1865, 07O. The follow
ing third of year showed that the
net receipts decreased s572,7S6, but
that "in the last four months they