The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-06-10
PEORIA & ROCK ISLAND RAIL-
ROAD.
A Accommodation from MIR. Cable.
Re 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 Valley, 10
not generally understood so far as it relates
| 10 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, l have to ask
you 20 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 to have the char.
ter of the Rock Island Il Peoria railroad
company renewed, and under IL 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 TO build road between
the two points. 1t was finally determined
that new charter should be obtained and
the old Rock Island a Peoria railroad char
ter amended by the next session of the leg
islature &c, that either charter might be used
a. 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 Il 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 for the
use of the track in Rock Island scounty 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, bat leaving the railroad company per
fectly free 10 make the same or any other
arrangement with other parties, and free to
transport coal en- any terms it might see int.
In other words, proposed that the Mi
ming Company should complete onesixth
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 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
pauy 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
it, but il has been verbally repeated 10 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 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
co mpetent men, chosen as above indicated.
But in that event 1t would require payment
in money instead of in stock and bonds, as
it would not be disposed to sell the key to its
business without any equivalent except such
as it might happen to get out of the success
Of the enterprise. NE#
Inc Solt faAAeV hllhinE SoulpAuy Is uis-
posed to dc everything that can reasonably
be done to secure an early completion of the
road, as it is we'll satisfied that the profits
derived from furnishing competing trans
portation TO the public would be much more
than an equivalent for any injury which
could arise from increased competition in
the coal trade. The public is anxious for
competition in transportation and eompeti-
ton in coal, and the company would gladly
welcome the one for the privilege of using
its property and means in securing the
other. Very respectfully,
p. L. CABLE.
Rock Island, May l3, 1868.