Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-20
FISH LOSES FIGHT
AGAINST HARTMAN
Injunction Dissolved in Illinois
Central Case.
DECISION BY JUDGE BALL
Stock May Be Voted at the Coming
Meeting
REVIEW OF NOTED CONTEST
Court Says the Complaints Are Based
on Unproven Fears of Fu-
ture Injury.
REVIEW OF NOTED CONTEST

F. II. Hartman won today the
court battle with Stuyvesant Fish
involving the voting of Illinois
Central stock held by the Union
Pacific railroad, the voting OF
which Mr.. Fish sought to restrain
BY Injunction. Judge Farlin 9.
Rail- rendered the decision in favor
OF Hartman in the superior court
OF Cook county. this morning. In
his decision Judge Ball says:
Il am of the opinion that the
Securities Company and the
Union Pacific have full ownership
of the shares OF stock they sever
ally claim to own and hold in the
Illinois Central. including the
right to vote that stock at the
committee OF stockholders meet
ing of the latter company. and that
such right to vote is not forbidden
BY the statutes OF this state. nor
by the decision OF the supreme
court, nor by the public policy of
Illinois. Therefore. the motion to
dissolve the injunction is al
lowed"
CHICAGO. February @.-E. H. Har-
riman today gained complete vic
tory in. the Illinois Central litioa-
tion. which has been in the superior court
ssince last October. Judge Ball TODAY rem
dered a decision dissolving the temporary
Injunction granted to Stuyvesant Fish. by
which $50 23l shares of stock were en-
Joined from being voted at the annual
meeting of the Illinois Central Railroad
Company. This stock. which was held
by the Union Pacific Railroad Company
and the Railroad Securities Company of
New Jersey can now be voted at the an
nual meeting. which will be held in this
city March 2.
The decision of Judge Ball was quite
extended. amounting to about 10000
words. After citing the history of the
case and going at considerable length
into the various claims and assertions
made by both sides the court went on to
say:
No Injury Shown.
No act prejudicial to the Illinois Cen
trail or to its stockholders is shown to
have been done unless the mere fact that
the Union Pacific and the Railroad Sc
curities Company own 30 per cent of the
stock of the Illinois Central be considered
to be so Since the retirement of Mr.. Fish
from the presidency the policy of the
company has been the same. and its ex-
ecutive officers. with one exception caused
by death. have remained the same from
that day to this.
The relations between the Union Pa
CHIC and the Illinois Central are now
what they were when Mr. Fish was in
power and assisted in shaping and con-
sented TO such relations Nor is any
change intended If the affidavits of we'll
known and reputa BILE men be considered
as true. The bill. however charges MANY
things which may happen to the detri-
ment of the Illinois Central and its stock
holders If the Union Pacific and the Sc
curities Company be permitted to vote al
such meeting. but no facts are alleged
or proved which even tend to bring about
such results. Courts of equity act on
facts alleged and proved and not on fears
or supposed prophecies. II il were not
Tor the fact that the name of Hartman
is name TO conjure with these ailega-
fions would not be taken seriously
Intentions Not Acts.
There are many things stated in the
bill as to the intention of the defendants
which. If put in force or even attempted
to be put in force. would call upon the
court TO intervene. but a diligent search
of this record fails to show that such
things exist in any concrete form The
complanants say that If the Union Pa
ciic and the Securities Company are per-
mitted 10 vote at the coming election. the
hold OF Mr.. Hartman upon and his
domination over the Illinois Central will
be strengthened and that finally the ILL.,
nois Central will be reduced to a servient
position. and will be given the lean end
of the carrying trade. But they fail to
allege and prove facts supporting these
allegations.
There is bu; one ground upon which
this bill can be maintained If the Union
Pacific had no right 10 buy. hold own.
stock in the Illinois Central or the Sc
curities company either of them Is in
truding on this election wholly without
right then | think bona fide stockholders
without alleging irreparable injury may
ask the court TO throw them or it out.
. Law on Voting Stock.
''--'his brings To the question. is there
in the public policy of this state a profi-
hilton against the voting by foreign
corporation OF stock in a domestic corpo-
ration. which stock IL purchased and paid
for. and holds under an express power
granted to il by the state or its creation -
The court declared that the corporations
per sc are not debarred from buying and
holding the stock of other corporations
and said that the fact that the purchaser
might be a foreign corporation and the
stock that of domestic corporation could
not change the rule of law.
II am of the opinion that the securi-
ties company and the Union Pacific have
full ownership of the shares OF stock
they hold i'm the Illinois Central. includ-
ing the right to vote that stock at the
coming meeting Of stockholders. and that
such right TO vote is not forbidden by
The statutes of this state nor by decisions
of our supreme court, nor by the public
policy of Illinois.
The motion to dissolve the injunction
is allowed
Nature Of the Case.
Mr. FISH who was formerly president Of
the Illinois Central, filed q bill october