The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-05-14
PEORIA 4 ROCK ISLAND RAIL
ROAD.
4 Communication from MIR. Cable.
He Proposes to Sell His Road to
the New Company and take
it all in Stock.
He also Proposes to Sell it without
any Reservation.

EDITORS OF THE UNIoS:-Being advised
that the position of the Coal Valley Mining
Company, as the owner of the railroad ex-
tending from Rock Island to Coal Valley, is
not generally understood SO far as 1t relates
to the Peoria and Rock Island Railroad, and
being urged to define that position so tina,
the public may act understandingly 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
Gaiva 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 to have the char
Ter of the Rock Island Il Peoria railroad
company renewed, and under 1t to attempt
the completion of the road. | objected TO
this on the ground that the company had be-
come so embarrassed 10 its first attempts to
build the road that it could not command
public confidence, and insisted that a 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
that a new charter should be obtained aud
the old Rock Island & Peoria railroad char
ter amended by the next session of the leg
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
| load to the Henry county line at its own ex-
,, pense, whereupon the Peoria b Rock Island
Railroad Company, and the Mining Com
pany, should each select a competent man
| who should agree upon an umpire, and they.
| or a majority of them, should appraise the
| road and determine what amount IN the
| stock and 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 in Rock Island county for
| the transportation of coal with its own mo-
tive power and rolling stock, on such reas-
| enable time table as should from time to
| time be established by the railroad COM
| pany, but leaving the railroad company per-
| fectly free to make the same or any other
arrangement with other parties and free to
| transport coal on any terms 1t might see tit.
In other words, proposed that the Mi
| ming Company should complete one-sixth
| part of the entire line at its own expense,
snd then consolidate it with the other five
sixths on such terms as competent and dis
| interested men should say were reasonable
and fair provided the same men should also
! FIX the terms on whichthe 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
| psny for the transportation of coal or any
thing else.
The above proposition has never been
| 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 Nj
ming Company is ready to execute forma
contract on that basis and to that effect
whenever they 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 hxedby
competent men, chosen as above indicated
But in that event it would require payment
in money instead of in stock and bonds, a!
it would not be disposed to sell the key to it:
business without any equivalent except such
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 reasonably
be done to secure an early completion of tbs
road, as it is well satisfied that the profits
derived from furnishing competing trans
portation to the public would be much mort
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 eompeti
tiou IN coal and the compsny would pladl,
welcome the one for the privilege Of using
| its property and means in securing thu
other. Very respectfully,
P. L. CABLE.
Rock Isla nd, May Is, 1868.