Waterbury evening Democrat., 1907-09-24

those dominating the union Pacific and Southern Pacific companies I have felt it my duty to oppose this effort in order to Loyalty discharge my ob- ligations of trusteeship to the Illinois Central. The policy of your company operating as it does a north and south system, running athwart the general trend of traffic (which is on east and west lines), has been to deal with each i of its connections to the best advan- tage without making any exclusive traffic alliances.
 Control Attempt Persistent.
 Your railroad serves a territory of great productiveness and has more tonnage to deliver to it's connections than they can return to it. This, as I explained at length to the stockholders at their meeting last year, would make its control of exceptional value to any transcontinental line such as the Un- ion Pacific or Southern Pacific, which the Illinois Central can be made to | feed at Omaha as well as at New Or leans.
 Notwithstanding this view, which 1t seems to me must be admitted to be correct by every shareholder of the corporation who is loyal to its best in- terest. there has been a systematic and persistent effort to secure control of your board by men identified with the Union Pacific. Of your directors E. H. IIo or,.in, fo af ha Tnto Pacific and Southern Pacific compa- nies and Charles A. Peabody and Rob ert Walton Goelet are members of the Union Pacific board At the last meet ing of the stockholders of the Illinois Central Railroad company there was determined effort to elect as a member of the Illinois Central board one of the directors of the Southern Pacific con- pany, and this was only defeated by my use of your proxies.
 Important to Union Pacific.
 "It was repeatedly and persistently stated by Mir. Hartman and Mir Pea body and at the stockholders meeting by William Nelson Cromwell. their at AlihA Ant udu UO interest in the Illinois Central shares, and 1t was denied that there was any purpose to control the Illinois Central in the interest of the Union Pacific or to make it subservient thereto. Yet later when the testimony was taken before the interstate commerce com mission was disclosed it was found in the face of these statements that the Union Pacific had bought before your stockholders meeting 2s1.231 shares. or 29.59 per cent of the entire capital stock of your company. How important the control of the Illinois Central by the Union Pacific seemed to those interested may he un- derstoOd when say that Robert Wal 1 ton GOelet. a Union Pacific director and also director of your company, came expressly from Europe tO New York at Mir Harriman's behest to join with others fin unseating me as president of the Illinois Central. which i done he returned 10 Europe the follow l ing day.
 iHHucnceo Dtrectore. ''The Union Pacific. although owning | but 3O per cent Of the capital stock of l the Illinois Central. were able to &C., 1 eomplish their purpose by influencing certain of your directors. whIch in ! view of the tremendous speculation go- !. ing on in New York last year was not 1 difficult. My protest as the owner of | 124J2 shares and as one who had been l charged for twenty years with the re- responsibilities attSching to your QTesi- j. dency Is and has been throughout sole { Y against this attempt to thus control 4 your company in the interest of the i Union Pacific. The methods pursued by these of your board of directors who act fn the I interest of the Union Pacisc have been 1. so high handed as to become the sub !ect of widespread comment. At a re cent meeting Of the board I offered c resolution of inquiry into subsect Est ters which should pr0Eeriy be dEscius- cd to every shareholder. whIIe Ia the act of reading uy resolution Mir Pea body. rsprese1ffnx Uuioa PacfHc inter
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