, 1875-03-13
Address to tho First Mortgage Bond
holders Of tho Peoria e Rock
Island Road,
Tic Officers Want Tho Rond 10 Remain
In the Hands OF tlIe Receiver.
Other ItOnsts to Go into tho tic.
<}uctiUM of Rates.
Policy Of tho Pennsylvania Company

A short limo ago circular irsuod by a COIN
sn!toc Of tho bolld]iolderB of tho lnoria T. l'ock
island 1lailraad xaa published iu THE TalAuSE,
which retpctel severely OIL tho management ct
Tho road, aud recommended tho iorccionure and
sate Of tho road. In reply to tllut crru!ar tho
I'renilent and tie Goncial Solicitors OF tlio ruad
have now published an nddrcss TO tho nrst-1nort~
gago bondlsoldcra Of tic road defending their
management, and recaritnlating tho lending
facts connected witt, the faiuso Of the Peoria L
Rock 1slsnl Aailtoad to pay 1s interoHt. md the
appointment by te Unitol Sta,cs Court Ut
Isocoiyor.
Tho managers after raviowing all tho moaa-
tires .IIus fur tasou by tho yartous committees
appointed By tho stockholders and bondaolIcrs
to c1atnno the nf}air5 Of tho Company+ 20 On 10
btato tl!at III tito early paFt of 1aat October suit
was commenced by feeder u. Thomas OF al.
agallst The poorla & Eork Island 1:aiiroau COnl-
pauy ct n!t for tie ru1pOso Ut furec}osing tho
,nn,tRsEo. Afterwards other bnii,llioldern were
induced to join as cumrlainanss In snll sut.
Every eiturt waR mao by the ntllcors Of Tho Com.
phuy to delay A.lh te}oat this EMIT in Chicago.
All tLe oicc,H Of tho Company wore exceedingly
Anxl0uh to carry out MI agreement recommended
ny tho bopdhoIdtrA. which was considered ox-
trcmoly tair and llbcral toward tho Company.
III suite. however, Of NIL tho Company could do,
tho sui. At Chicago was fFessoa, aud lln apno'nt-
mcnt Of 4 Recover insist.tl upon. Alter hear
ing the factn, tho Court decided that It Was \
clHo III which
.1il: nl:crtsEn SHOULD nE APPOINTED.
and alowed I'LL parties to u.,ggcat tho names OF
persons thoy mith, desirs for ttst positou. Tho
Company suggested the nnno OF j. u. lIi!Iiard
believing ,tat bs appointment would bo perrect-
" satisfactory to tho bondhotdotr, as tho
Committee had indorkcd atr. ulliiard In
sio mott atoriuE terms. To the appointment
OF str. 1hl!iard lt,o cnmplat,antl t,,adc no OBJ
toction; but, o., tho contrary, fayolei his Holcc-
tion for tLst position. A Recover ~as not a''-
ponted n tho interest Of the conpany. The
agreement, BY which tho bul,'llloldora would re-
ceisa onlY half tho net proceeds Of the soah.
The moment = Rccciynr wasaIpofuted, tue bontl-
hudcrB become crtt,lcsl to all tho ret proceeds.
It WAS bolicrod tllat tEo haujIiotdrrs wcso wilt
lne that Hamilton and 1l,ll1ard. tho prosdcnt
and Superintendent, should bo protected
in thcls inaoracinent maao to raIso money
10 roy interest OH tho flrrs-norteaBo
bouag. The Company, ,n consideration ,!iat
lint all the roI!ing-Btock and personal prorc1tv
belonging to tho Conpanys rl'ou!d be .urucd
over to u Receiver. Ih0io Wis
SERIOUS QUESTION
whether, Under tho laws OF Illinois, tho Nnrk.
EnI,o BceHring tho fist bonds embraced the roll
ng utocs. Under tic old Constitution there wsy
na question, but tue Constitution of 1870 pro-
yl(fca III fol!pwa:
Tie rolling Atoc., and uIl other movable prnrerty
belonging 10 my ratoau company corpofation III
* sale, s!ial 10 considered ctsanal property, Rd
klail ba liable to execution aud sa'o IN hc
ncF as sLo personal property Of Individuals ad tho
General Astmsly shall rasa no law czeApsing any
a"ea pfoieffss from exesurn n. my e.lr;
Under shls section OF tho Constitution it WAS
ea.mtd that tho rolliilG-ssoes OF la'a peor'a &
1socn 10y; -, isu H naMns Maa tIul' ~ Any inatlhcs'
num ~ se ueoa ss ~ 1aass: a. oIoos 20 sot ts
Chicago wore wiling tat nj, order OF tho Court
enoHin 10 maaG 70 protect tue tadorrnmenss Of
ason nan aug llinf;to IN nstons not to exceed
psosaoeu ~! !le lol'!HE1atocI a'la more
aOio hlopelty ot tne ieoI'a lIoeIi Island lsat'-
wag cen'nanS, w n.y. amounting. IN mo afgrcGatc' TO as
.east "ats.uV annu!u be, of tho Company,
Iufneo over 70 tne ConttH Receiver, thuH setl!'ng
tag question aao pulling Il AZ rGst foiovcr.
lug "nhneeIs oeloso' nnaHf tho csrcnm-
stances, t,'as t!o coalsa auoptoa ""a lle very
oest ior ,, ~ ~ i'a3tlaa coneefnoa. .---., j.
Mr. iiliiasd tooK poi9ession Of tho property.
nner tne olaee OF tso Coufs gu tiio lst day Of
repEuais 10 last hnn sho fcsult no tAF, ehowa thas
taa bcHt course Aas been pursued.
Tho gross earnings for first week Iii Fe1,rl-
~. ary T.; a,'a: so'a, w.rs:: .e:;, aEs2no