The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1869-10-02
RAILROAD UONaoLxDA-
TION.


1t is generally known that about year
ago, =. l.. Gable, Esq, Of this city, as tSe
owner Of the Rock Island & Peoria Railroad
made contract with the Peoria & Rock Is
land Railway company, to iron it's road bed
from Coal Valley to Peoria, and to operate
the road in perpetuity under lease. IN
August last, we understand, that company
proposed to Mr.. Cable au abandonment OF
the contract, and consolidation Of the TWO
roads on certain terms then indicated by
the directors of that company, subject how
ever to the approval Of it's stockboiders.-
Mr.. Cable accepted the proposition, and ar
ticles OF consolidation were accordingly pre-
pared and submitted to the stockholders Of
the Peoria & Rock Island company, and by
them approved without dissenting voice,
but we understand the Davenport stock
holders, who propose to pay their subscrip'
tons by merely giving the company their
"sympathy and moral support were not
consulted, as the directors are now commu'
nicatng with them only through the courts,
where the question is being tested whether
subscriptions can be paid in that way.
On Thursday last Goth the directors of
the Rock Island 4 Peoria Railway company
met at Peoria, and the directors Of Mr.. Ca.
ble's road met at Rock Island, and each
Board ratified, approved, and executed the
articles of consolidation, communicating
with each other by telegraph.
We are not fully advised as to the terms
Of the consolidation of these companies,
but as they are entirely satisfactory to each
of the contracting parties, we presume they
arc based on principles of equity. We
learn, however, that Mr.. Gable disposed Of
his road for considerably less than one.hslf
of it's value, retaining the privilege of using
its track for coal purposes.
The consolidated com pany takes the name
Of the Peoria & Rock Island Railway. Its
directors, consisting of the former Board OF
that com pany and p. L. Gable, met at Peo-
ria on the lst Yesterday and among other
things resolved, as we are advised, to imme.
diately issue one million five hundred thou
sand dollars of bonds, secured by mortgage
on the property of the company, principal
and interest payable in gold, and through
Messrs. j. Edgar Thomson, and Charles h.
Frost, who are made trustees for the bond
holders, to sell the same, and with the pro
ceeds to buy the iron, and get ready to lay
tho track, so soon as the condition OF the
ground will permit in the spring.
We also learn that at the instance Of the
r. Il. |. & ST. l., Company, committee
was appointed to meet the officers Of tha
company at Chicago on Tuesday next, tc
arrange for division Of depot grounds IL
Rock Island, and right of way from Rocl
Island to Camden. As the companies vii
5 not be rivals to any extent, we doubt no
satisfactory arrangements will be made.
The company has already made arrange
ments with the T. p. e W. road for tn
/ transaction Of oil eastern business on term
I. which are very favorable to the company
and il has assurances that similar arrange
y ments will be made with the Pennsy
d vsnia Central Rnilroad. The gradn
= Of the road bed, it is understood wi
j. be finished within the next thirty days. Th
t Company has also on hand at Rock Islam
n, and Peoria, all the ties necessary for its col
structon, and if the courts Of Iowa do n
in hold that stock subscriptions to railroad
n can be paid ain sympathy and moral su
port" the Company will have fifty thousar
~ dollars on hand after completing the gradin
tie ing and building Of the road.
: We also understand that u prominel
=, German banking house has indicated |
- readiness to take the entire issue Of bond
- on such terms as will provide suffcel
means for completing and stocking II
road even if the courts of Iowa shall no
"sympathy and moral support" to be
lcgaI tender in that state for the payment {
railroad subscriptions.
i We can but congratulate the commun
rs on the prospects of the early completion
y this road, which will not only give US a cor
Of peting line to Chicago via the c. B. \ O. |
al II. from GnlvA, direct road to st. Lou
over the Chicago, Alton, & St. Louis, b
es which will also, with its allies, give US a co
.. tnuous line of railroad to the eastern citI
without u change ofcars, and virtually mai
this city one of the termni of the Pennsy
y vania Central Railroad.
Coon HoUsE.-The Peak Family drew