The daily morning journal and courier., 1907-04-08
PROFITS OF HARTMAN
 AND HIS ASSOCIATES
MADE $24, ,64S,OOO OUT OF THE "SO-CALLED "ALTON
 BURGLARY.u

Attorney General Stead, of Illinois,
 Hands His Opinion to Governor
 Dineen--NO Doubt That Civil Rem
 edy Exists Against the "Financiers
 Who Have Wrecked This Prosperous
 Railroad Company and, at the Ex-
 .pense of Innocent Stockholders and
 BOndhoIders, Have Gathered to
 Themselves Harvest of Millions"
 Springfield, H., April 7.-Attorney General Stead to-day handed Governor Deneen an opinion on the manipula- tions of the Chicago and Alton railroad properties within the last few years by D. H. Hartman and some of his finan- cial associates, including G. J. Gould, James Stillnan and Mortimer l.. Schiff. The opinion is given in response to request communicated from Governor Deneen on March 22 (soon after the re- turn of Governor Deneen and Attorney General Stead from conference with Presiden tRoosevelt at Washington, in which the attorney general was asked to advise what his conclusions are in the matter and what action, if any, is contemplated by the legal department of the state.
 After setting out at some length the various manipulations to which the railroad corporations and properties forming the Alton system were sub 1ected. Attorney General Steam con cludes there Is not the least doubt that civil remedy exists against the 'ti- nanciers, who have wrecked this pros porous railroad company and at the expense of innocent stockholders and bondholders, have gathered to them l selves a harvest of millions of dollars MT. Stead is doubtful, however, whether it is the province of the state of Illinois to enforce the remedy. The revocation of the company's charter which, apparently would be the nat ural procedure on the part of the state, would bring most of the suffering upon innocent stockholders Hartman and his friends having already unloaded a | large portion of their holdings.
 Mir Stead inclines to the belief that the remedy lies with the company it. self, or in the event of its refusal to act with some one or more of it's stockholders. This conclusion, however, is not final, for the attorney general specifically states that If he should be- come satisfied upon further investiga- tion that an effective remedy can be enforced by the state, he shall not hes itate to institute proceedings No opin- ion is expressed as to whether the memr bers of the Hartman syndicate are crimnally labIe under the statutes of Illinois.
 According to the figures set out in MT Stead's opinion Hartman and his associates made a total profit of $20,64s,- GOO out of their operations involving the Alton properties. As a result of their enormous profit to themselves, the railroad companies of the Alton system are thrown into hopeless bankruptcy.
 The immediate indebtedness of the companies as shown by the figures in MT. Stead's opinion, has been increased to a total of 21S since they fell into Harrman's hands, Of this amount only 22,5OO,OOO according to Hartman own testimony, says the attorney gen eral was incurred for improvements; betterments or extension of the roads Says the attorney general:
 lover $57OOO,O0O of this indebtedness or more than 70 per cent of the entire Indebtedness, created by this syndicate upon the properties of these several companies were not created in further ance of any legitimate purpose for which a railroad company IS, or can be- organized under the statutes of the state of Illinois,