The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-02
RAILROAD news.
Harahan and Friends on Trail
of Fish.
Claim Former President Helped
Pad Statements.
LOANED TO HIMSELF.
Funds Deposited With Trust
Co. and Then Withdrawn.
Other Items cf Interest i'm
Railway Circles.

New York, Dec. 2-What is regarded
as a broadside aginst Stuyvesant Fish
was issued today by eight of the direc-
tors of the Illinois Central The history
OF Mr.. F1sh's transactions with Illinois
Central money is set forth, and the
statement is signed by J. T. Harahan.
Charles A. Peabody, Robert Walton
Goelet, John w. Auchincloss, Cornelius
Vanderbilt, j. J. Aston, E. H. Hartman
and A. G. Hackstaff. The circular, in
part, is as follows:
In letter dated November T. 1906,
addressed by us to Mr.. Fish, informing
him of our intention not to re-elect him
president, we charged him with the
breach of an agreement to vote the
proxies at the election of 1906, in filling
the then existing vacancy in the board
of directors, and added: This incident
is the climax of a series of events dur
ing the past few years, showing an in
ability on your part to distinguish be-
tween the powers and duties Of the
president and those of the directors of
q corporation
"In view of his present efforts to Gre
ate a false issue in the pending cleo
ton, we deem it proper to state the adj
ditional reasons for our differences with
Mr.. Fish, which at the time our letter
of November z, 1906, was written, we
hoped it would not be necessary to
make public.
''Mr. Fish, from time to time. loaned
large amounts of money of the Illinois
Central to himself individually While
the earlier transactions were made on
proper security and with knowledge of
some of the directors, the amount of
such loans was increased by Mr.. Fish,
without the knowledge of the board, un-
til in 1908, such advances finally reach
ed a total of over 81, SOC, 900, and the
collateral originally securing them was
changed, and other collateral was sub
stituted therefor by Mr.. Fish, without
the knowledge or consent of the board.
1.-The auditing committee having as
certained the extent of this indebted
ness in 1903, an investigation was made
of the collateral then held, and it was
found to be in large part unmarketable
and was inadequate. Some of the direc-
tors were of the opinion that it was
their duty to remove him at once, but
others interviewed, and to protect his
name and the credit of the company a
member of the board individually loan
ed him the money to repay the COM
pany the balance then due, taking as
security the unmarketable collateral
and a deed of his New York city resi-
dence and of his interest in his faith
ers' estate, Withholding the deed, how
ever, from record. We are informed the
loan was carried over two years before
it was finally hquidated.
with 100000 already in the Trust
company of the Republic, Mr.. Fish,
without the consent of the directors,
about January Z, 1903 deposited $500, 900
money with the trust company when
it was practically in a failing condi-
ton His NkinSman was president and
he was a director and member of the
executive committee and active in its
eniont.
THE directors of the Illinois Central
who learned of this deposit, desired to
withdraw the money at once, but it de-
yeioped that If this were attempted thu
trust company would be forced to suS-
pend.
LAS we are informed and believe,