Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1869-01-30
Davenport Sub.s rlpsions 10 the
l-eersu 4 Rock aslmad 1sati.
~

keOrau ~ ROCK oeiMoO d all
road.
EDlloKs DsxocRAT ~ have been asked
many times since re urning home, and since
the surrender Of the Peoria / Rock Island
Railroad, without an effort on the part ol
the Pres dent to take measures 70 build any
ether ~ay-ts the Coal Valley or Mr.. Cabls,
what was going to do, or what ought to
be done sbou, paying further inssallmen,s
on said cub ,cripsisns, now that the read
would bs used sgainst, instead Of for us.snd
answer thus publicly to save time aud talk
have unshAksn confidence in the hon.
s.ty Of purpose sfa large majority sf the
Directors 81 the company. Though they
have SLOWED . President to sway their
actinn against their judgement. or to cut
maneuver, and bstray tnsm - ne has Us,
- tar as lie can do 80 for TO thuse Who
know how he has managed aifsirs, It hs.
bsen appar. nt for months, that he had but
,us object in view to uee his pOsltion -
run the company into the hands Of Mr..
Cable.
Our stock Was taken With the condition
annexed that it Vas blnd,ng, only IN case
mean. shou d be raised to secure the
ou' ding Of the Peoria L Rock I,lsud Rail-
road-thst 10 . road connecting the t~o
ciiies-not . road between Peoria & Cosi
Valley. was MT present when the cot.
daions were made and . committee ap-
p inted, but think . comlnitis 90 Was sslcct-
I'd with Instructions that whom n msjority
were satisfied there vas sufficient means
raised, with eur subscriptisn., Il wss ~ b,
turned ever to the Company. What action
AS taken in this matter | know not, but II
80 turned over, il must have been On the
50 nsnt Of come authorized rspressata.
tive oi the Company, tia. the building Of
the road "a. assured We are now "a BY
the Directors that the President sanctioned
The Cable contract.
Weare now told As q reason for locating
via Coal Valley, that the whole means
and in ,hs our subscription is probably
counted -wss only $l5 900 more thsn ths
cost to Coal Valey. The Pre.idsnt having
assumed all the time, tia. it must coms 70
Coal Valley.
If this statement 10 true, the company
mover had CLAIM on the DAven Iort sub
sc, iptio, sand have not nov, while ws have
paid 10 per CT thereof, towards pay ing the
expenses Of the road where W did not want
II 10 60.
The Directors, by formal resolution, re.
leased ali subscriptions from points which
l,st the loc,tlon, and in view OF The fact
that We have effsctually lost that and 10
per cent Of our subs :.iptions beside, aud
that the President. Messrs. Bryan and
Baldwin. in the presence Of the treasurer.
Mr.. Dewsin-wh ho is also . Direetor-snl-
emf " pr"mis,d US that they would not
build at al! unless they were able to
have whole road, nor spend
money in grading till they knew
where the iron was to come from, ner III
any event mako any arrangements With Mr.
Cable short Of uncenditisnsl owner ship oi
his road, with - full control a. Of anv o,her
mile. have no doubt they will promptly,
On psti,ion Of the Davenport subscribers,
release them from any obligation whstsver,
for ~ honorable men they could not in
equity q k our aid, even if they had = valid
legal claim; and bsl'sve large majority
Of the Board will vote for euch full discharge
Of al our liability.
II thev do not, each subscriber. or =
union o all. must determine on what 10 On
b honorable and proper course. For inysslf,
~ithout acknowledging any equity in tn.
claim. | will, II called On, pay every Install \
ment, for reasons satisfactory to myself and
not applicable TO all, one Of which 10 ths,
stock noldsrs have some rights which even
railroad managers are bound to respect,
and which il nay be important to the com
nunitv to exercise. In view Of . remark
made by tho Peoria Transcript IN defence
OF the Hamilton Cable treaty. and com
msnting on our subscription being
mainly made before the pledges
referred to were given. will state
that thoae pledges were given before such
subscription wss placed in the hands Of
he Company. and before any instailment
sas asked for. Or not . member Of tie
committee would have surrendered the list,
and not dollar have been paid on call.
So that without our reliance on the
pledges Of the Poor managers. we would
nave had no money at risk. Let the sub
.cr bsrs meet, compare views. snd act - .
unit. W. II. HoLNss.