Show ATTORNEY GENERAL AfTER HARRIMAN Legal Adviser of Illinois Delivers Delvers Delv- Delv ers els His Opinion on 01 Alton ARon Alon M Milking liking OPPOSES j REVOCATION PLAN Says ays Withdrawal of Charter Would Hit HR Hi Sha Share Share- rc- rc holders I Springfield 1 ilL April l I 7 T.-o T. Gu gave fi ti the time pull public tonight an aim UI jul Opinion by hij- Attorney General Stead SIn on un Jiu Lite lu rights alit and ant power o of itt tIme the OJ stat i f of oft If t linol I o u o bring mon actions I nat i l. l I II II I. I a and ald others on 11 ucc account lit of IC heir manipulation ha ii his a and bond honl issues J jf r the Chicago Alton Time The Tie nut O cr UI makes no nu communion nit thi ho the recommendations I hums ti an and iid conch Jr JC f Mr ti- ti Stead hut but It I Is understood that II JI wRIt with wih the legal Ithal depart menu 1 Ir Sleat ba bases cs his opinion on un a it s stull sloth sloth- tudy of f the time before the time I Interstate Comit nici-ce nici I In 11 ii Nev tw YUJI C Cli ily recently I V hil lie hI dues docs nut not lut now u hele that thai hie hc lu slate stute h. h has bets power to lu stilts uHs last I i-h i an ii Mr i II i Stead fa maya haya hemi ho lie holay iIma mi lay change chanc Ii h hi ii iii mind i iiii on un itt further a and HII lore mure thorough investigation A At 1 I this jute me li lie 11 disapproved l I the lie action 1 Li to v IC 10 toke oke I th the 0 charter of I the lie h C company That t JH ht iv stockholders ma imia may recover he lie has mis Iut ot th the the la least t doubt douht Th iii opinion IC if of the the- a attorney general ivers- ivers a low 1 of If Iho hl hie manipulations hit Jr JC f the lie Chicago A Alton 01 since Ince ham i lan Hanl- Hanl JInn J- J milan Inn lan control the hue effect of 11 e w o fiLm hi hal lluIS upon the h c prop prop- ell ly and aini hi hl his is recommendations for tue fol the lie il relief g. g lief of the he Html man linane- linane j Stead M tat tal ft positively that thai he lie had hadt hal timit t I the lit least that there Is ls civil tiit Iw men mCI who hio have hav 1 f Id l too lime Alton to Lii lint limit of Ir lol I ai illS ill'S s with wih WJ to tim tuP enrich c e ic e hits has tUC questions hu thi ll state a tt of if J Illinois Is u able lII lo tt ii on- on CI- CI orce Much a 11 t I mal Holders r Iv niI Il V pi il L Y rJ I 1 U p H I h l I iLM nul t I an 01 al ln tt titis The rhe r h ho Ito l JM with the tho- itself vt wih company IY uI or u orn 1 n I tin tin- event of ur his Jt ul HI to tl ii act acl some SUI me lime IJ or am- I n more attire of or the shareholders 1110 may nitty maylo lo itt 0 MO HO ij This opinion however I ls Is nol lol Ill a as Inal I I If C. C on nm UI further Investigation In I gation Ion h ho her linds n ii way J. J by which he lie olio os ell s the thc can cun act and ami i t 1 Ii he c will wIl Il I undertake he I Iho lii Ih so 1 stilt It Itutti ind utti v wi toiL not ll hesitate to tu begin pio- pio ru- ru a 1 Mr Stead declines to lo express opinion whether time thc l members of ur Iho thio tw Han Inn i- i titan 1 which h bought and liLa iii JIU Itt ted Li me Alton ii are aro liable habit under time Iho statutes of Illinois I The 11 lead opinion Is hs the result of the iii study tuly o of the the testimony given In Iii Inthe the recent i 1 t l I I el Commerce hearing hear heal ing nig In II Ne York Voik when the thc story tul of If time the milking ui of tint llio Allon Alln i h by liv t the ii m han i Hari Hari- man ll wm wu ts made madl known In lii 11 de de- tail laih lal Stead Jn linda s that thal liar George eol orge e J J. J Jum Jumes Janies an and ind Mortimer L L. made mate a total pi nut for fur of ur Th rime effect of their sleIght of C h hand 11 I method oils on out 01 thi the tl road mail rual Im has hitis been to 10 in increase Iii In- crease ll Its 11 Inde Indebtedness h by Of this lila amount only 2 was on iii 01 Improvements II hl dIng dIngIt nH testimony Stead lu It to I own concludes conclude Over Oer U er of this lila Indebted ness I or 01 mule more titan than 70 71 per ct cent celt of I he entire indebtedness created by this thil syndicate upon llon the thc properties of or the time several CIal companies was a not lut created In iii II furtherance of Ot all any an legitimate purposes lot for which a railroad i IM Is 11 or 01 can un he bo organized or 01 0 under We thO statutes o of the time state of- of Illinois Is I 1 S. S After a u detailed review of oC time the op- op rl by hy which the lie Indebtedness of th hit property was was- increased I by over 1 0 only was used In Improvements al and amid all l purchases of ur the tic lullI property i thi the lle e it to get general I 1 finds that ha t the total Iota I obligations u of the lie property prop erty eity arc ale now 1 1 tiP I 21 8 or tie 1 per iet milo of oC Its Il OS miles of road The hl the time general Indebtedness attorney tl says s amounts Ii to per lieu 11 mile tor tur or bonds S S 8 1 11 per mile mil on I omit ace of ur stuck sLick and alt over U for UI equipment bo bonds a Stead says jays layt thin Iho That Chicago company can carlY carry carty such a t G bonded In Indebtedness Iii In- UK OK this keep keei up Ul the road and amul pay imaY llY dividends upon ullon its Is stock a m considerable thin portion of which I 1 understand under stand ant has haK been unloaded by ty y the ll syn syn- 11 at Is h persons who will wi ultimately suffer ICI will wi willbe be he bl the tite I bondholders time the innocent stockholders l or 01 time the hC other of If hc he hie IOU roud That thieve there Is civil civI remedy against n a syndicate whose manipulations charitably char r- r called produced the condit lOll Ions which now exist I have havo not nol time thu least l doubt l. l nut But that the lie stole state of IC Illinois Is thu tho proper parly to lo enforce such a it r remedy mcd I havn ha some question Even If Ir time Iho charter charier o of till the company should he ht r re revoked te- te yoked upon proceedings I 1 Instituted Ito ted by hy bythe bythe the state stale Iho tiit Innocent stockholders would suffer SUI time the must The howls bonds of the lie company Ure 10 In III till the hands o of or Iii rio rio- I lri for fUI a n valuable consideration consid and under the lie decisions of out coui t timid and time the supreme court couil of the Limit United States Stales In my own opinion ion cannot be attacked I I am ama Inclined to tu till the opinion that limit limitI I w I hi remedy lie with th the thie co company I Ian it- it or 01 in iii the e of I Its t to net V. V Ith some one or oi moro of uC the stockholders Should I J become sails sails- held field however eI upon thor further Investigation Lion tion hl thai L an effective remedy can cun be I enforced by the thc state I will institute proceedings Whether or 01 not the lie members mem mcm- bers ben of qi this syndicate are criminally I liable under the statutes t of or Illinois I express no opinion at this time |