The Mankato free press., 1902-06-27
Mr.. COLLINS HERE
Cannot Accept COmpany's Last
Proposal.
Willing to Go on if the Company Will
Work TOgether.---0thers Can
Withdraw Subscription.

J. H. Collins and N. D. Pound,
the latter president of the Pound Con-
Co. of Chicago, arrived in
the city Wednesday forenoon.
When seen at the Saulpaugh by a
Free Press reporter, Mr. Collins said
that if the deal with the Mankato &
st. Peter Railway and Lighting Co.
goes through, the Pound Construction
Co. will do the grading and lay the
rails, etc., while the Arbuckle Ryan
Co. will furnish the. electrical equip
ments.
Mr. Pound stated that his company
has done good deal of construction
work for the Baltimore &, Ohio road
and now has contract with the
Pennsylvania railroad, and is work
ing in Missouri. 1t has also done the
work for forty miles of electric line in
Chicago He stated that it was not
too late to construct the Mankato-St,
Peter road this year.
Mr. Collins states that the time al
lowed for Carrying out the new con-
tract is too short. He proposes that a
reasonable time be given, and that
those who want to withdraw their
subscriptions be allowed to do 80, re-
ducing the amount subscribed to
about $40, 900, and the subscribers
harmonious and willing to stick by
the proposition. He proposes that all
that shall be furnished by the sub
scribers shall be right of way, term
inals and power house, etc., which he
estimates at less than $40, 900 all told.
He also proposes that forty seven per
cent of the stock be left with the COM
pany, to use as it sees fit in its busi-
ness. This proposal is much more lib
erai than any that he has yet made,
and indicates that he is willing to
meet the people half way.
Mr.. Collins says that he would
rather have less money and more har-
mony. He does not see the necessity of
his putting up bond when the risk
is all his, but if he is required to, he
desires that the company also put up
bond to guarantee the franchise, the
profits on the lighting. etc.
Mr.. Collins desires that the direc
tors at once issue the stock of the
company. to be placed in trust until
the bonds are issued, which will be
July 10Th. Nothing can be done until
the stock is issued, as the Arbuckle
Ryan Co. and the Pound Construction
Co., who will carry on the work at
their own expense up to a certain
point, want to see something in sight.
The bonds will be placed in trust
company, together with fifty-three
per cent of the stock, and the COM
pany will then furnish the money.
Messrs. Collins and Pound expect to
remain in the city for day or two,
or until they know definitely what is to
be done.
President Hixon expects to have a
meeting of the directors tonight.
What action they will take is prob
lematical, but it is likely that they
will insist on a bond, and also that
the road shall not be bonded for more
than it will actually cost
The papers sent to him by the M. &
st. P Railway and Lighting Co. have
not been accepted by Mr.. Collins, as
they contained new conditions which
his people felt did not properly safe
guard their interests. He has been
informed of the action of some of the
subscribers, representing about So, 900,
in serving notice on the banks not to
pay the money to him, and he does
not care to proceed further without
united support on the part of the
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