The Washington herald., 1908-02-24

New York, Feb 2S.-Stuyyesant Fish
gave out a statement tonight. in which
he announced that the suit in Judge Balls
court in Chicago. to prevent the voting OF
the Illinois Central stock held by Harri-
man corporations. is to be dismissed
forthwith
Mr. Fish said. in part:
'on February 90 1905. the Hon. EarlIn
Q. Ball. judge OF the Superior Court OF
Cook County, Illinois. dissolved the in
junction granted by him October IA. 1907.
restraining the Unicn Pacific Railroad
Company from voting 25l000 shares OF
Illinois Central stock, which constitutes
nearly three-tenths OF the total capital OF
So, 20 shares.
The terms OF the directors now TO b.
elected viii expire before an appointment
can be prosecuted to the court Of last re-
sort. In the meanwhile. the Union Pacific
Will have filled the whole Illinois Central
board With creatures OF its own selec-
ton. As three Illinois Central directors
are elected annually for terms OF four
years each, 1t would thereafter take TIRES
years more TO put an end 10 the Union
Pacific domination.
Means Endless Litigation.
Under any circumstances z final deci-
sion IN our favor would be circumvented
by the transfer Of the stock heretofore
enjOlned 10 friends OF the Union Pacific.
all OF which transfers would have to be
attacked By additional litigation. in which
the proof OF their simulated character
would depend upon the elasticity Of the
.eonsciences OF the transferees-
Under the advice Of counsel. based on
these reasons, my complainants and !. in
Judge Balls court. have decided to dis
miss the suit brought 10 test the right OF
the Union Pacific TO vote the stock owned
by it IN the Illinois Central.
The Union Pacific has announced its
intention OF electing as directors the fol-
lowing citizens and residents Of the State
OF New York; John Jacob Astor. who
owns 200 shares; A. G. HackstaG. Us
shares, and z. r. Hartman. I'D shares,
together with a fourth person. as yet IN
named.
Owned by Union Pacific.
1T was judicially determined in Judge
Balls court that the 1900 shares which
were transferred into Mr. Harriman's
name in September. 1901. for the obvious
purpose Of supporting his false state
ments as to his being the largest stock
holder IN the company, belong and have
all along belonged. 10 the Union Pacific
Indeed. Mr.. Hartman has not owned
more than 80 shares since IN the sum
mer OF 1896 he sold his large holdings 70
the Union Pacific with such secrecy that
neither he. nor Charles a. Peabody, Hor
Robert ". Goelet, who are also directors
OF the Illinois Central and OF the Union
Pacific, allowed an inkllng Of the fact 10
come 20 The knowledge OF any Of their
colleagues in the Illinois Central until the
record thereof in the minutes OF the
Union Pacific board was feTreted out BY
the Interstate Commerce Commission and
made public in January 1907
Fish Owns Much stock.
Il went into the contest to protect the
Illinois Central and my own large hold
ings there Of 12.4s3 shares from exploita-
ton by men whose acts in other CORPORA
tions have been denounced, after full in
vestisations by officers Of the Federal
government. When Mr. Hartman and his
associates shall at length be forced 10
answer the questions which they have
been evsding for a year past. my con-
tention that the destiny of the Illinois
Central and the interest Of the State Of
Illinois therein should not be intrusted
TO him and those selected by him. viii be
justified.
1t remains for the people OF Illinois to
say whether they are satisfied with the
doctrine laid down BY Judge Bali The
history Of many Of the great corporations
Of the country shows that the minority
stockholders have thus far permitted the
wizards OF high finance 20 rob them with
impunity ard with ease. 20 suppress COM
petition. and 10 establish a monopoly by
- ,-s-r- r,,as-e T-rIoa p