The Mankato free press., 1902-06-20
GIVES NO BOND
]. H. Collins Will Not Put Up
One.
He Wants the Certificates for the
$4,000 Put In the Hands
of a Third Party.

of a Third Party.
w. L. Hixon returned Mondao
from Chicago and La Crosse, Wis,
having spent Sunday with his family
at the latter place.
Mr.. Hixon states that J. 81. Collins
is ready to go ahead with his contract
if the Mankato and st. Peter Railway
and Lighting Co. will carry out its
part of the contract, but that he will
put up no bond. He desires that the
certificates for the $50, 900 raised in
Mankato be placed in the hands of a
third party, and not retained by the
company. He states that this is in the
contract and that the company has not
carried out the contract. When the
certificates are placed in the hands of
third party, to be held until the
completion of the road and then turn
ed over to him, he will have ten days
in which 10 commence work. He
says that he will carry out his con-
tract
Mr.. Collins telegraphed to Mr..
Wehrley of the Arbuck1e Ryan Co. to
come from Toledo to Chicago to meet
Mr.. Hixon. The latter was shown a
signed statement that the Arbuckle
Ryan Co. is ready to proceed imme-
diately with the building of the light
ing plant, and the sooner the better.
as there will hardly be time to get i
completed By Dec 1st
Mr.. Collins claimed that the Man
kato company cannot annul the con-
tract until it has itself complied with
it and he fails to do So. He holds that
this has not been done.
President Hixon will call q meeting
of the directors for tonight to consider
the matter. He believes that Mr..
Collins is right, and that the certifi
Gates should be placed in the hands ol
trust company to be held until the
road is completed and then turned
over to Mr.. Collins. Mr.. Collins ant
the Arbuckle Ryan Co. feel that they
would. be- putting big sum of money
into the road, and that unless th'
money is in the hands of third party
something might be done by somebody
to prevent the money being turned
over, either through injunction pro
ceedings or otherwise.
Mr.. Hixon states that the Arbuckl
Ryan Co. will put up the money t.
build the road, taking the bonds. b
saw a deed to the Farmers Loan AM
Trust Co. of New York, ready to b.
executed in case the project goe
through. The Arbuckle Ryan Co
will risk every cent of the cost of tn
plant except the $50, 900 subscribed b.
Mankato citizens, and it does not ge
that unless it builds the plant accord
ing to the specifications.
Mr.. Hixon believes that Mr. Collin
should be given all opportunity con
sistent with good business principle
to 60 on with his deal. If this fall
through, he feels confident that Man
kato will get nobody else to put in
street railway. He learned while i
Chicago that the Falk Co. of Mil
waukee, which has been talking @
, putting in a proposition, has bee
mixed up with Mason, Lewis & Co. c
3 Chicago in railway line in som
, place.
Mr.. Hixon does not believe tina
bond should be insisted upon unie
the circumstances. Mr.. Collins claim
that there is nothing in the contras
that requires a bond TO- be put III
, and he does not expect to put up one
One reason for this is the injunctio
suit started by Mr.. Meagher, and th
:, uncertainty of how it will come ou
Mr.. Hixon learned that everythin
possible is being done by intereste
parties to defeat the Collins deal. M
g Collins has had almost unsurmountab
obstacles thrown in his path. Copi
of the bond paper with the Manka
: "repudiation" article have been sel
: all over, to electrical and bond house
. etc., to raise a prejudice again
Mankato securities. Electrical hous
have also been personally urged
have nothing to do with the deal.