Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-25
ATTACKS FISH
IN REPLY IN
CIRCULAR
ILLINOIS CENTRAL FIGHT
GROWS TRIFLE WARM
Former President Accused of
Borrowing Company'S Mon
ey Without Security Saved
From Disgrace by Directors

Chicago, Sept. 24.--Startling allie
cations are made in a letter given out
tonight by ]. T. Harahan president of
the Illinois Central Railroad company,
and addressed to the stockholders OF
that company. The letter Is a speedy
retort to the letter of StuyVesant Fish.
which was published today criticising
the administration of Harahan, who
succeeded to the presidency of the IL
linois Central when Fish was ousted
by the directors. Harahans letter
says:
1.-The statement in circular letter
issued by Mr.. Fish to the stockholders
and published today that the Illinois
Central accounts have been padded or
in any way manipulated are absolutely
untrue. He knows that there has
been no change whatever in the rela-
tions of the Illinois Central with the
Union Pacific and Southern Pacific.
The resolutions presented by him
some weeks ago to the board of direc-
tors making these charges, were re-
ferred to the accounting, traffic and
operating officers and their reports
which were transmitted by me to the
board of directors show that the
charges are utterly groundless and
cisesly as they were under Mr.. Fish's
administration, and that the relations
with all competing lines are the same
as before his retirement. His refer
ence to the alleged domination by the
Union Pacific is merely an effort to
play upon what he supposes to be cur
rent prejudice and to further his in
terests, and should not deceive any
one
"The attack made by Mr.. Fish upon
the character of his fellow directors
and upon the operating, accounting
and traffic officers Of the company,
warrants full statement to the stock =
holders of the reasons why Mr., Fish
was not entrusted with the continued
management Of the property. | en-
close herewith a copy of a letter ad-
dressed by eight directors of the conf
pany to Mr.. Fish under date of Mo-
vember z, 1906, setting forth speeif-
eally some of the reAg0ns Why they
would not vote for his recollection as
president There wee other reasons or
controlling character which We're re-
ferred to in general terms, but out of
consideration for Mr.. Fish they were
not Specially mentioned in that let
ter.
THE most conspicuous of these is
that while Mr.. Fish was president of
your company, and as such virtually
custodian Of its treasury, he loaned
himself as an individual about 1880 :
600 from the treasury of the company
upon security of his own selection,
which proved to be inadequate and
unmarketable. Mr., Fish being unable
to repay the loan or to satisfactorily
secure II, after various consultations
among his friends on the board of di-
rectors and negotiations designed for
the payment of the Indebtedness and
the protection of the credit of the
| company, as well as Mr.. Fishs repu-
tation. After II was demonstrated
that Mr.. Fish was unable to relm-
burse the company, a director indi-
vidually loaned him the money neees-
| sary to repay the company In order
to secure this loan, Mr.. Fish pledged
not only the unmarketable collateral
above mentioned. but also conveyed
his residence In the city of New York,
and his undivided interest In the es-
tate of the late Hamilton Fish. out
of consideration for Mr.. Fish such
| conveyances we're not placed on rec
ord. The director making the loan
carried 1t for several years, until Mr.
Fish was able to liquidate 1t. Fur
thermore. MIR. Fish, who was mem
ber of the executive committee of the
Trust Company of the Republic, and
very active in its affairs, deposited a
large amount of money of the Illinois
Central Railroad company with that
institution after its credit was serious
ly impaired and, although this was
ultimately collected, the process re-
quired several months, and during
that time thp risk was n cauee of
grave anxiety to the directors. More
over, he loaned TO the president of the
Trust Company of the Republic indl-
vldually. money OF the Illinois Central
railroad upon inadequate securities.
with the result that the railroad COM
pany was unable to collect the full
amount and suffered a serious loss It
Is due to the officers and directors
whose motives and conduct have been
impugned, and to the stockholders to
whom Mr.. Fish has addressed the APP
peal based upon his charges, that
these facts should be known"