The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-06-02
PEORIA & ROCK ISLAND RAIL-
Road.
Re Proposes To Sell His Road g
the New &Ompany and take 1t all
m stock and Bonds.
lie also Proposes to Sell it without
any Reservation.

EDITORS OF THE UNION: --Being ADVISED
that the position of the Coal Valley Mining
Company, as the owner of the, railroad ex,
tending from Rock Island to Coal alley, IN
not generally understood so far as it relates
to the Peoria and Rock Isiand Railroad and
being urged to define that position so that
the public may act nnderstandingly in mat
tiers now under consideration, have to ask
you to publish the following statement:
In 1866, in behalf of the Coal Valley
Mining Company, attended the meeting at
Galva called to consider the propriety OF
reviving the project Of building railroad
from Rock Island to Peoria. AT that meet
ing it was proposed simply 10 have the char.
ter of the Rock Island j. Peoria railroad
company renewed, and under 1t to attempt
the completion of the road. L ooJected 10
this on the ground that the company had be-
come SO embarrassed In its hrst attempts to
build the road that it could not command
public confidence, and insisted that new
charter should be obtained under the name
of the Peoria & Rock Island railroad com,
pany, with power to build road between
the two points. 1t was finally determined
thar new charter should be obtained and
the old Rock Island n Peoria railroad char
ter amended by the next session of the leg
islature so that either charter might be used
as circumstances should indicate, all of
which was carried into effect the following
winter.
At that meeting proposed that the Coal
Valley Mining Company should extend its
road to the Henry county line at its own ex.
pense, whereupon the Peoria & Rock Island
Railroad Company, and the Mining Com.
pany, should each select competent man
who should agree upon an umpire, and they,
or a majority of them, should appralse the
road aud determine what amount IN the
stock ana bonds of the railroad company the
Mining Company should accept for its road
and how much it should pay per ton tor the
use of the track 10 Rock Island county for
the transportation of coal with its own mo-
tive power and rolling stock, on sucn reas-
enable time table as should from nme "
time he established BY the railroad com
many. but leaving the railroad company per
fectiy free to make the same or any other
arrangement with other parties, and free TO
transport coal on any terms it might see fit.
In other words, / proposed that the Mi
ming Company should complete one-sixth
part of the entire line ct its own expense
and then consolidate il with the other Ave-
sixths on such terms as competent and dis
and fair, provided the same men should also
fix the terms on which the Mining Company
| might use the track in Rock Island county
| for the transportation Of coal, which use
should not materially conflict with the gen
eral use of the track BY the railroad com
pany for the transportation of coal or any
| thing else.
| The above proposition has never beer
| formally made in writing, for the reason
| that the railroad company never called fol
| it, but it has been verbally repeated to the
| President and most of the Directors of the
| company on various occasions; once within
| the last month. They must all understand
| it, and must also understand that the Mi
ming Company is ready to execute forma
| contract on that basis and TO that effect
whenever shey are ready to join therein.
In conclusion / win say that the Mining
Company would sell its road and rolling
| stock, without any reservation or condition
| whatever, at such price as should be fixed By
| competent men, chosen as above indicated
| But in that event it would require paymen
| in money instead Of in stock and bonds, a
it would not be disposed 70 sell the key TO il
business without any equivalent except sucl
as it might happen to get out Of the success
Of the enterprise.
The Coal Valley Mining Company is dis
posed to do everything that can reasonabl,
be done to secure an early completion of tn,
road, as it is well satisfied that the profit
derived from furnishing competing trans
portation to the public would be much NOR,
than an equivalent for any injury which
could arise from increased competition il
the coal trade. The public is anxious fo
competition in transportation and competi
ton in coal, and the company would gladl,
welcome the one for the privilege of using
its property and means in securing th'
other. Very respectfully,
p. L. CABLE.
Rock Island. May ID, 1868.