The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-05-23
Mr.. MEAGHERHERE
Tells Why He Commences His
Suit.
Did Ii to Protect the Interests of the
Bondholders of the Old
Company

tee of citizens the trouble of going to
st. Paul, by coming to Mankato. He
infromed the committee Sunday
that it need not go to St. Paul as he
would be in Mankato today and would
meet with it here. He arrived on the
10 As a. m. train.
When seen at the Saulpaugh by a
Free Press reporter. Mr.. Meagher
said that he had been to Washington
and Philadelphia, and Ehis return to
st. Paul Yves delayed several hours
by rain. He had intended to come to
this city Monday on other matters. and
when he got telephone message
from the committee he informed it
that he would see it in Mankato. At
that time ne had not read the Manka-
to papers, but did SO afterwards, in
Guiding the editorials and the accounts
of the mass meeting.
When asked what he intended to do
about his suit, he replied that he had
come to lMankato to push It. de
would meet with the committee at
two O'Clock. He considered that the
committee was composed of excellent
citizens, who we're entirely disinter-
ested and had the good of the city at
heart. He would extend courteous
greetingrto this committee, but before
meeting with it he did not care to say
what reply he would give it. He did
not know what attitude the committee
would take.
When. asked why he had commenced
the suit, Mr.. Meagher replied that he
felt that it was due from him to pro-
tect the interests of the eastern holders
of the Mankato Gas and Electric Light
Co. Is bonds. He had indueed..these people
to put their money into these bonds, and
he felt that he was morally bound to
stand by them, although there was
no legal reason why he should do so. he
had not .anderwriUten Or guaranteed
the bonds when they were sold, and
had made no guarantee whatever to
the buyers. He was under no obliga-
tions to them in any manner or form,
and his act was not due to any other
impulse than to stand by them as 6
friend The bonds amount to $500, OO(
and draw FIVE per cent interest,". They
are scattered among a number o.
small holders throughout the east
Mr.. Meagher said that itwould be {
reason for holding warmer indigna
ton nottingham that of last week /
two companies in Mankato were K
default on the interest on their bond
one 5000, 000 and the other ,$4O0, 600
and 20 into the hands ..of receivers 1
few years hence. He had interests il
Mankato and proposed to stand BY
them. Up to now not cent of divi
dend has been paid on the stock of tn
Mankato Gas and Electric Light Co.
but if the city grows it is to be- hope'
that the stock will eventually be pay
ing, but this could not be hoped TO
with the lighting divided between tw
companies.
Mr.. Meagher said that neither b
nor anyone else in Mankato owns AN
of the bonds of the Mankato Gas an
Electric Light Co. The matter of hi
suit had not been discussed at an
board meeting of the company, al
though he did not SAY that the othe
members of the company did nc
know that he proposed to bring tn
suit. He had intended all along
bring the suit whenever it appesre
that the new enterprise was likely t
be actually started and always sal
this openly. The papers had bee
prepared and lay in the Office of hi
attorneys in this city for long time
but he was not fighting windmills, an
as soon as the new enterprise SCENE
likely to start he had had the actio
commenced. He did not oppose til
street railway feature. as that wouI
in no way interfere with any of b
interests. The people could go ahea
with this if they wanted to, withol
molestation.
His suit would determine the legalit
of the lighting contract, Mr.. Meagh'
said. He did not think that IL
eastern parties would put their none
into the new enterprise in any ever
without their attorney passing upc
the legality of the contract, as the
. would not want to have their none
tied up here and then find littl
later that the lighting contract WI
void.
Mr.. Meagher said that there
been some talk in the heat of the pre-
emit excitement about the lights flu
= nished by the Mankato Gas and Ele'
trio Light Co. not being up to tt
standard. He offered to head a sui
scription list with 800 to hire exper
to make test. The result won
show that the company is furnishir
the light that it agrees to furnis
= The company, he said, ought to
given an opportunity to bid on Il
street lighting. If the other compar
was the lowest bidder, he would 81
nothing. At various times while
Mankato he had heard an undercu