The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-05-09
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| EI0SS T0pOrC0r, Sdlu luat Ao Lou
simply taken the stand that more
bonds should not be issued than would
pay for the COST of The entire plant,
ess the subscriptions raised in Man
kato. If it was necessary to expend
the proceeds of $500, 600 of bonds, ne
was willing that that amount of bonds
be issued, He was not in favor OF
over bonding the road, and thus plac-
ing upon it the burden of increased
interest, that must be paid out OF the
receipts. 1t seemed to be matter OF
'agree to this quick or nothing at
the meeting yesterday afternoon.
Mr.. Willard believes that the bonds
would bring 80 to SO cents on the
dollar. He would like to have the
company employ an engineer to estl-
mate the cost of construction, as one
of the directors had been informed by
an engineer that the entire plant could
be constructed for $3.50, 900 to 1915, 600.
If this was 80, it looked as though
bond issue greater than $500, OOC
would be unnecessary.
Mr.. Willard has written to some
friends of his in the east, on the sub
iect of financing the enterprise, now
that the negotiations with Mr.. Collins
have come to an end. He believes that
home company, with a capital OF
800, OOO could float it's bonds at
higher rate than the present company
can, and that it can put in complete
city system, with Lighting plant. He
would be willing to raise his sub
scription to So, 600 if the present OF
some other company would do this,
and others had told him that they
would raise their subscription
largely. The only difficulty would be
to find men who would take the time
to work up the enterprise.
Messrs. Meyer and Widell expressed
themselves to the reporter last evening
much the same as Mr.. Willard did to
day. They thought that so large
bond issue as $500, 900 would be un
necessary, and that the people of Man
kato, having offered to give liberia
bonus in the lighting contract, shoult
not have the line so heavily overload
ed that it would be drain on it
resources to meet toe interest Boil
expressed their Willingness to go int
new company which should buil'
city system and extend to the quar-
ries, and perhaps to st. Clair an
, Alma City.
The board of directors recent
elected F. K. Meagher and +. ID
E Kneeland directors, in order to b
vacancies. It ALSO authorized MI
Collins to tioat the bonds at mini
, mum of so cents on the dollar if b
q could not do better
3 The disappointment on the part
l the public over the apparent faJlln
through of the street car and lightin
t proposition is great, as everybod
t was yesterday raised to the highel
: pitch of expectancy. Various opinion
were expressed on the street, SON
s people blaming the directors for nj
accepting the proposition as to I'll
bond issue, and others expressing Il
: belief that the proper course had bet
y pursued by the majority of the dire
It tors.
}. .-- Everything is now sin the air
d but matters will probably settle doV
: in a few days. 1t is to be hoped tn
). efforts to finance the enterprise W
20 not be abandoned. 1t may be that N
'r Collins people may yet be induced
Is 90 into the enterprise, as they look
IS upon it very favorably. When tn
left the meeting yesterday afterno
K nothing was said or done on eitf
Id side that could be considered as bres
d. ing roff the negotiations. 1t "
ed necessary for the eastern men to ts
ne the train, and they simply left bef'
OF the matter was settled. Under
ss circumstances, after matters have
o. time to calm down, it would seem &
ot the negotiations could be resumed
written form. If not, then perh
ne other capital can be secured on no
IN unfavorable terms. ---,..,-,-.
ms It is to be regretted that Mr.. Hi:
u concluded to tender his resignati
're and it is to be hoped that he will
LAT consider his action. By all gett
'ne together, it would seem that the n
TO ter can yets..be carriedss.through
IA successful, termination, especially
go, little..is left..to be DONE
II 1.-THE committee-r the.a Mercha
'ne Protective. association is takingHf
on of the matter today and other BUSH
ar men are interesting themselves.
'es- effort will be made to revive the
anu gotiations. There is general fee
10 that the matter ought not to be-all
~ ed to drop.
49, Expressed in nutshell, the 81
~ ton seems to besthis: If the subsc
80 tions are looked up as donation
sou and simple, it makes no ditferenc
80 Mankato people how much the p
" is bonded for; if they are looked
az an investment. then it would
" desirable to keep the bond issue as
-. as possible.