Rock Island Argus. (Rock Island, Ill.) 1871-1872, 1871-09-12
ROCKFORD, ROCK ISLAND & ST. LOU

We have had the plsasurse of q friendly
visit from a prominent stakeholder and g
Director of the newly organized Co., from
whom we gather q few details respecting the
present status and management of this r.
We are assured that every possible effort is
being made by the new directory of the Co,
20 extrioate it from the endorsements in
which they found it upon its reorganization
and the assumption of their duties in MAY
last, and to raise it TO its msrited standing
in our Western railway system.
The new Directory found the Co. hamper
ed by a Floating debt (unsecured) o
about $500, 600, (~lnstead of $50, 600. as We
stated In our last edition, and as We haC
been credibly informedl. OF this, since
May 9th, they have already paid off more
than 800, 600. The monthly earnings o
the Road, when the new Directory assumed
its management, had been about $4,000
per month. In August the earnings were
stated in round numbers and rs nearly a
they can now be given-spwsrds of $50,
600, This result Is owing, IN q great de
gree, 20 the fact OF the present friendly re
~lstions of the Rockford Co., not only Will
the O., R. !. Il P. R. r. Co. as stated in on
last, bat also with the Chicago & \. WI
r. Co., both Of which companies give thi
Road a helping hand.
Monthly statements are made to the trust
ees of the Rockford Co.-the Farmers Loal
fl Trust Co. of New York oity-from whom
full and accurate information may be at AM
time had by parties IN interest who will taxi
the trouble TO inquire of them.
Pressing ~dsbts-tGxes, and the llke-haFt
been paid out of the current revenues Of
the Co.; but that there has been any mis-
appropriation Of funds or misuse of the
property of the Co. as against creditors Of
bondhoIders, is emphatlcAlly den!ed,-anc
that too, upon authority which We canno'
question.
The superstructure upon about FIVE milei
Of side track-to a dlsused coal mlne-hAl
been taken up and removed to other point
of the road where it was ImperAtively neces
aAry; but this, We are crsdibly informed, wal
done openly and publicly without any Attemp
at conoeAlnsnt or disguise.
With regard to the unpaid interest coupon.
We are informed that accredited agents o
the Company are busily engaged in procur
ing an extension of time. With this aid, /
procured, the Company hopes and confident
ly ex poets soon TO extricAte itself from al
It's financial troubles, without it, the task ii
q lsborious one, if not utterly hopeless. /
the sale of the Road upon g foreclosure o.
its mortgage be demanded and enforced, bu'
little benefit can result to the creditors.
OF one fact we feel fully assured; and tina
is, that the present Directors Of the Compa-
ny are using all means in their power to put
it on q par with other Western Companies
And We believe thai if they are unmolested
and are allowed TO manage their affairs &C.
cording TO the policy and upon the plan al
ready marked out by them, all will yet be
well, the bondholdsrs and other creditors
will, st the very least, be saved harmless
and will perhaps realize q profit upon thei'
investments as . slight r~eparAtlon for theil
troubles and tribulatioDs.
The new Directors have found it inexpe
dient-improper, considering the best inter
est of the Company and its creditors-tC
make public any details and particular
which other older, and better established
Companies can with great propriety revea
and publish. But in due time these detailI
will all appear.
Knowing. personally, the gentlemen com
posing the Directory Of this Company, vi
feel q comfortable assurance that our conf
denoe in them ia not misplaced, and that on
happy representations will all be verified
always provided, nevertheless, that they arr
not interfered with in the discharge of thei
duties. There are hundreds of reasons VII,
they should, and will, carefully conduct tn
matters put in their charge. to a dozen rea
sons au co~ntraire,- Chicago Railway Re
vieU, Sept. 7.