Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-05-14

A ~nmunicnaion from Mr..
Gable.

A Csmmunicasien from Mr.
Cable.
EprroHs DsnocaAr Being advised that
the position Of the Coal Valley Mining Com.
psny. % the owner Of the railroad extsnd-
log from Rock Island 70 Ceal Valley 10 not
generally understood 90 far - IL relates to
the Peoria { Rock leland Railroad, and be-
ins urged TO define that positiea - that the
public may act undsrstandinely in matters
now under consideration, have to ask you
to publish the following statements:
In 1865, in behalf of the Coal Valley Min
ing Company, l attended the meeting at
Gslva called to consider the propriety Of
reyiving the project Of building railroad
from Rock Island to Peoria At that meet
ing il Was proposed simply TO have the
charter Of the Rock Island 1 Peoria Rail.
road Company renewed, and under il to st-
tempt the completion Of the road. ob-
jectsd to this on the ground that the com
pany had become 90 embarrassed in ito hrst
attempts to build the road that il could not
command public confidence, and insisted
that new charter should Be- obtained un-
der the name Of the Peoria b Rock Island
Railroad Company With power to build .
road between the two points. II wAs final
" determined that new charter should DO
obtained and the old Rock Island 4 Peoria
Railroad charter amended ct the next ses-
sion OF the Legislature % that either char.
ter might bs used ~ circumstanees sheuld
indicate, all Of which Was carried into effect
the following winter. :,
Al that meeting proposed that the Coal
Valley Mining Company should extend it,
read to the Henry county line at its own
expense, whersupon the Peoria 1 Rock L.
land Railroad Company, and the Mining
Company, should each select competent
| man who should agree upsn IN umpire. and
they, Or majority Of them, should sppraiss
tho road and determine what amount in the
stock and bends Of the railroad company il
should accept for its road, and how much
the Mining Company should pay per ten for
| the use Of the track In Rock Island county
for the transportation Of coal with it, own
motive power and rolling stock, on such rsa-
sonabls time table ~ shsuld from time 70
time be established BY the railroad eompa-
ny, but leaving the railroad company per-
fectly free to make The same Or any other
arrangement with other parties, and free v
transport coal on any terms it might see ht.
In otssr words, proposed that the Min
ing Company should cemplsts sns-si1th
part Of The entire line ct it, own expense.
and then consolidate ID with the ether
five-sixths on such terms - competent and
disintsrsstsd men should say were reason
enable and fair, provided the same men
should also AZ the terms on which the min
Ing company might use the track In Rock
Island county for the transportation Of oeal
which use should not materially conflict
with the general use Of the track BY the
railroad company for the transportation Of
coal or anything else.
The above proposition has ne yer been
formally made in writing, for the reason
it, but it has been verbally repeated to the
President and most Of the Directors Of the
company on various occasions once with
in the last month. They must oil under
stand it, and must also understand that
the mining company 10 ready to execute .
formal contract on that basis and to that
effect whenever they are ready to Join there.
in
In conclusion will Say that the mining
company would sell its road and rolling
stock, without any reservation or condi-
tion whatever, ct such price - should b
fixed by compstent men, chosen % above
indicated. But in that event il would re-
quirs payment in money instsad Of in stock
and bonds, a. it would not bs disposed to
sell the key to its business without any
equivalent except such - il might happen
to get out Of tho success of the enterprise.
The Coal Valley Mining Company il dis
posed to do every thing that can reasonably
be dene TO secure On early completion Of the
road, as il 10 we'll satisfied that the profits
derived from furnishing competent trans
por tation to the public would be much
more than an equivalent for any injury
which could arise from increased competi-
tion in the coal trade. The public is anx-
ious for competition in transportation and
competition in coal, and the company
would gladly welcome the one for the priv
ilsxe Of using its property and means in
sscurng...he other. Very respectfully,
P. L. CABLB.
Rock Island, May 10. 1868.