The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1873-11-27
ROBBED.
From Chicago.
DECISION RENDERED,

DECISION RENDERED.
CHICAGO, November 2G-Judgo TIL =
ton, of tho Mclean county circuit court,
rendered decision yesterday in the case
brought against tho directors Of tho Cir
man, Clinton and Springfield railroad,
charging them with gross misman agomont
Of the company's affairs, and praying for
the Appointment of receivers. 1t appears
from the evidence as sumod up by tho
Judge that the actual cos. Of constructing
and equipping the road wa, about mil
lion and "A hslf, while the
MORGAN IMrnovEMEsT COMPANY
received for rendering this service abou.
four millions. The Morgan Improve
mont company was incorporated in Penn
sylvania, May q, 1870 and so far US tho
evidence in this case disclo.cs, it was or
ganizsd for the solo purpose of construc
ting this road. 1t had capital Of halt
million divided in ten shares Of 80, 00O
enoh. Fourteen days after its incorpora.
ton 1t entered into . contract with tie
GILMAN, CLINTON y sPRISGFIELD RR.
The directors and tho president of the
road, who had been principally concerned
IN letting tho contract 10 the improvement
company, are shown to have been let into
cn,s;Jo,,,;on I, l. a. .liaaaJ 1910,
Tho rood o0ic.rs ,ha, ,bov "a r.;an".
oar,rna, s,r ~ - Iii ,ba '''''"'
'0' Wv"
HAh'hAf OoAL coNrASf,
oil which they owned three'qurter intor-
est; that they made an unlawful lease Of
the road so the Pennsylvanis company,
and that in other respects they were guilty
OF breach 81 trust of the court recspit-
ulaiions OF the grievances and discusses
al length tho English and American law
concerning the circumstances under which
the trust property will be taken out OF the
hands Of the trustees Who are mistnsnaring
and iraudulently applying the ,rus, funds.
| The modern doctrine and theory ~ Hin.
oi. Isw l. tha, ,.iIroad, a,n r1hIio Nh
w.vs c,aa,ad hr ,ho . o 49, ns y,
tho s,.,a "nd 20, -. ~ s., 80 ~
,ho,;,,I - -. a;.a,. ~" w.
cons,,no, a,,,,I , 81. 80 ',
| lono q. 49, - han $50
10 The tru., con,o,.oi 40" ,hom hv law.
,battbev are 40 far hubble corpor.,ions
and that at the time of tho con.
struction Of th. road. and n, tho odon,ion
OF tho present constitution of Illinois
in Nav. the propertv could by n vote OF
the county. town or CITY not onIv bo con-
verted into tho cspit,l stock of IN. rail.
road, agsins. nv will, but bya like vote I
could be- compelled to donate nv property
to tho capital stock of a railroad com.
pany and that tn, proportv Of the corpo.
ration ia n trust fund In m, b.rd, ~ Tho
hoard OF diricto,s irnwn.h,ns ,b., have
becor,o n.,,;os ,n ,,'s ,raoa,'i,n "A ro,
donate th.ir bonds yo,ad % ,hn somnsny
but on tba contrary subscrihod N IL can,
ital stock for which they i,sued their
bondi,dollsr for dollar and no moro reason
is shown by this proof why the capital
s'oos OF this railroad company !. "o.
worth par value OF the cost OF
constructing ana elulpplns the 1ohu u'u
no. Sos' 20 e, &C." S,,nooooS nna 'ne
;,.o,as, az 60 non ooo s;nnn ~. aon,nIo,;nn
With tho bonds voted along the line and
q loan Of 81 900 600 upon that road, W 1ich
ought to and would have cor structed and
equipped tho road if tho stock should be
worth par to-day. ! assume this fact upon
vi I,,a;a 49,, oarfy 80, s"o ,n
interes. ON tho AZ 600 600 nrst MORTGAGE
bonds and tho current exnensos OF the
road. and leave surplus TO apply in the
81 OOO. 600 income bonds intended to be
issued in lieu Of the 81 900, 900 second
mortgage bonds, now in the hands of
Thomas A. Scott. If his true that the
stock OF the railroad company ought
TO 90 worth uolisr lor uolIar, we
are ieo 70 ihqu,re w.e'ncr 10 proper .c
so mn aso suen s .'u't onPuny properly
snHs tno 100 u nsoJo ';, 'uo,'a'''a't'
wor.n'ess aan , MI VII" 'hfee iiii''
lions oi ueo'' Ahe
coArASYs HOOKS
do not show the cost OF equipment nor Dc
the defonden,s deny tho proof OF the com