Ogden Daily Standard | 1890-09-10 | Page 9 | A Secret Petition

A secret petition NEW sept 6 5 an ats evening paper published a secret petition which it states la Is being circulated among the stockholders stockholder of the illinois central urging them to rise ia rebellion against the present management tho the petition states that the oom company pany are practically on the verge 0 of f roin rain through mismanagement 1 1 the petition ia Is especially directed against president fish and vice president harriman who are not practical railroad men and who have 0 mn been unable to secure the friendship ot of the people along its line who look on it as an alien corporation contrast is made between the proa berous state of the company in iam and in 1888 1898 alter after five fire leara years of offish fish harriman management it ia to shown that with an increase in the debt and the stock of there haa has been a decrease of 21 51 in net I 1 earnings from the operations of the tho road when the results from 1883 1893 ar are 0 COT compared pared with those ot of the fiscal year ending june 30 1890 the latter a year ol 01 heavy traffic to the pr ifie yield of 0 grain in 1888 and 1889 the thi dividend dividends have fallen from 8 per cent in ia 1893 to 6 per cent in 1689 1889 and the market value oi 0 holdings in the th asme period las has fallen from rom to lie the petition further states that it is believed aluce the report of 1833 1883 was published the debt of the company has bas been increased ln ceased by several millions mil llona ol 01 dollars and that debt and 0 stock are aro approximately and lind there are strong reasons for believing I 1 that at this time the company also bag has a floating debt of from to 10 I 1 it must be in apparent appa that after r paying annual charges the margin for 0 6 per cent diar div ilenda Is now tory very narrow and ft a further issue of tl 15 ol 01 stock as recently proposed by the present management or any ROY considerable r able increase in the debt and interest account will force a redaction of tha the dividends and a serious decline in the market value of 0 chares shares neither mr harriman nor mr fish were ia in I 1 the city today to day