The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-05-20
PEORIA & ROCK ISLAND RAIL.
ROAD.
A Communication from MIR. Cable.
He Proposes to Sell Ills Road 20
the New Company and take 1t al
i'm stock and Bonds.
He also Proposes to Sell 1t without
any Reservation.

| EDrroRs or THE UNION Being advised
that the nosition of the Coal Valley Mining
| ComnanT. as the owner of the railroad ex.
| tending from Rock Island TO Coal Valley, is
| not generally understood so far as II relates
70 the Peoria and Rock Island Railroad, and
| being urged to define that position so that
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 al
Galva called to consider the propriety OF
reviving the project of building a railroad
from Rock Island to Peoria. At that meet.
ing it was proposed simply to have the char
ter of the Rock Island & Peoria railroad
company renewed, and under it to attempt
the completion of the road. / objected to
this on the ground that the company had be-
come so embarrassed in its first 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 10 build a road between
the two points. 1t was finally determined
that new charter should be obtained and
the old Rock Island 4 Peoria railroad char
ter amended by the next session of the leg
islatare 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 a competent man
who should agree upon an umpire, and they,
or majority of them, should sppraise 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 for 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 it might see fit.
In other words, I proposed that the Mi.
ming Company should complete one-sixth
part of the entire line at its own expense,
and 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
pany 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 for
1t, 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 formal
contract on that basis and to that effect,
whenever they are ready TO join therein.
In conclusion l viii say that the Mining
Company would sell its road and rolling
STOCK without any reservation or condition
IN money instead of in stock and bonds a.
1t would not be disposed to sell the ken 10 il.
business without any equivalent exceDt snch
as II might happen to get out of the success
of the enterprise. '"0'0SS
Ine Coal Valley Mining Company is dis.
posed to do everything that can reasonably
DE gone to secure al early completion of the |
ROAD, as 1t is well satisfied that the nro6ts |
derived from furnishing competing trans. |
poftatlon to the public would be much more
than an equivalent for any injury which
could arse from increased competition in
ne coal trade. The public is anxious for
competition IN transportation and competi.
aon IN Goa and the company would gladly
~ the one for the privilege of us;rc
- property and means in securing the
''i0'' very respectfully,
Rock Island, May l3, 1868.