The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-03-20
RAIL ROAD TRANSPORTATION.
HOW FRAUDS ARE PERPE-
TRATED.

HOW EhA ODo AMI EANA IL !
TRATED. ]
PROPOSITION OF THE PEORIA & ROCK ,
ISLAND RAILWAY co, TO ADD
MILLION TO ITS NDEBT-
EDNEss.
In our issue Of last Saturday we pub
lished a statement, from the Peoria Trans
crjpt that the Peoria 4 Rock Island Rail
way Company was about to issue one mil
lion dollars of second mortgage bonds, to
pay its floating debt and to purchase addi-
tional rolling stock for the road In these
times, when the whole farming community
is in high state Of excitement, on account
of the graspiug policy Of the railroads,
and is grooming under the unjust discrim- |
nations Of many Of them, and while the /
railroads claim that they are not realizing
more than fair return on their stock,
after paying the interest ON their bonded
Indebtedness, we deem it worth while to
call public attention to the history Of that
and another company in our vicinity. ana .
to show that the proposed issue OF bonaS
would be fraud upon the public and upon
the purchasers also. if they are really to be
sold and not simply divided among the
ring which controls its policy
The Peoria 4 Rock Island Railway
Company was incorporated by the lcgisla-
ure, in 1867. to build a railroad between
the two points indicated by its name, with
the right 10 charge such rates for trans
portatiou as IL might see fit and the Su-
prcmc Court Of the State has just held
that that means only such reasonable rates
u- would give it fair return upon the cost
of building and running the road. The
avowcd purpose IN building this road Wa,
10 secure cheap transportation, and the
counties townships and cities along its
line were authorized by the legislature to
subscribe % its capital stock About
Sb5U.Uhu were thus subscribed. and Iudi
vidual> subscribed about 100000 more
with which fund the right Of way was pro
cured from Peoria o. Coal NalIey-aboui
sp mile, the road he'd made ready for the
iron and the necessary ties obtained The
company then bought the Coal Valley road
from '''' ','i'' " ''.' '''''''' -
,or sncy Company for tine ran-porta
''" '' ''''. WIN ''' ,"'' ',.''
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ir. ,'
''.'..'' W. '''''' ''''.'' "'''''' W.
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''ag' "ol l'".. ,, MS.
'"' '''''' '''. '''' .,''
'''' '"0. ..'''' .' "''.'' r' '''.' "
Ie'"I.'1's interest W '"' '.''' ','''' ''''.
S''"' y ''.'' l'' ''". -.'' '',,' .'
ehl'E'a in,' - t'u''",' WIN 'u '''''g'
ring Cd, ''n'.a.'''' "i'',.! ...'. "-''''
+'', 'n,i" .'-',"'', W, '.''" ''' '.', ..'''
@Ai %" tl'''y '''', D. '"'s ",0'" "'
"'' ,''..'.'', ''' ,'.'' .' ..'''' '''' ''. y,
"'.f .' .'''''.'' .''.' '".' anu '''.' 81.
necessary SHOPS g't'',. s.'. '.. J."
A.'N'. .'-" 'A'"' I'd. com it''''- '"' .'
'''i" J g '''a To- '''' ,'''.l' "'' ''', ply 30
WIN tn' Terms '' 'N' CONTRAST. ,'' "
.,r,I.t1r,f b.. < Z III.uNr and n4. .F tho Jr
'''
visions 90 the contract WAS Chat % at al
''l', '''. ,,''.' ...''' ,''' ''''@ ,' '''
"' wv "'''', '''''. '".,, n. ''''''" '''. '''.
WIS MOTTO hc compelled 10 proceed w'
tu. work until they would bring ttnt rat
which -1 cents on the dollar would rr5dn
SlaaNu1"-1r more th"n the actual O..
of the road Besides it was provided
the contract chat the Sl.2'A'"' oi st.
should Ice hanard over To- the ring
fast as the W1rN should progress. S" t1
when thr work should he finished.
ring would have hyc-@shths OF
stock. aud really become me '"'"p"'.a d
thus. IKE the NIeo"t AI'biIeF' IKE ,Dit