The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-05-09
A HITCH OCCURS.
Delay in Acceptance of the
Contract.
Street Railway People Leave for tbs
East.-.TroubIe was Over the
Bond Issue.

East.-TroubIe was Over the
Bond Issue.
From Thursdays Dolly.
The anticipations of the people of
Mankato in the matter of street rail
way line. that were so bright after
the meeting of stockholders yesterday
forenoon. have been given a decided
black eve as a result of disagreements
at the meeting of the directors yester-
day afternoon. In fact, it looks good
deal as though a street car line was as
far off as ever, although this may not
be a bright enough view to take of
the matter.
The directors were in session yester-
day afternoon when this paper went
to press, and as the meeting was a
private one, nothing was known as to
the result until it had adjourned.
There were present at the meeting
Pesident Hixon, Secretary Clark and
Directors Hoerr Widell, Palmer,
Never, Willard and Kneeland. After
the directors had met alone, Messrs.
Collins and Williams were admitted,
and the contract was gone over, sew
eral concessions being made on the
part of tie eastern men after much
urging.
AS finally agreed upon, so far as the
consideration of the matter extended,
the contract provided that the sub
scribers to stock were to place $50, OOO
in the banks by May goth, and that
the work of construction was to COM
mence within ten days after that.
The balance of the $45, 600 subscrip'
tions were to be paid into the banks
by Jan. 1st, next, and none of this
money was to be turned over to the
company until the entire plant had
been completed and accepted. The
lighting plant was to be installed by
Dec. 1st, and the entire railway sys
, tenn in the city and to st. Peter by
, May 1st next. The purchase price o.
terminals was to be deducted from thu
, $40, 900 subscriptions, and if necessary
{ the company was to use $50, 600 O.
this money to go toward paying TIM
first years interest on the bonds
. The roint where disagreement
3 was had was as to the amount o
/ bonds to be issued. The eastern mel
l asked that $500, 900 of bonds be issued
D saying that their engineer had hgure'
t the cost of the entire plant at figur
/ at which $40O, 600 of bonds could b
sold, less what was used of the loca
= subscriptions.
Mr.. Willard wanted to know wha
the cost of the plant would be, bu
this question was not answered de
fnitely.
Mr.. Williams said that the proceed
of the entire $500, OG0 of bonds woul
be required to build it.
Mr. Willard wished to have the he
ures of an engineer to be employed b
the company but Mr.. Williams though
that this would take too much time
The talk along this line continue
until train time arrived, without a
I irving at any conclusion, and Messr
= Williams and Collins were obliged
leave in order to catch the train Fl
Chicago. Messrs. Wehrly and Perkil
departed with them. Mr.. William
left the meeting in pleasant mood.
During the discussion, Messrs Hi
= on, Clark and Kneeland took the stat
that the bond issue should be conce
ed. Messrs. Meyer and Widell sid
with Mr.. Willard, who took t
ground that the bond issue ought q
to exceed the cost of the road, Il
the subscriptions raised in Manka'
Messrs Palmer and Hoerr did I
"A participate in the discussion.
- Mr.. Kneeland accompanied
y eastern men to the depot, and he ga
cred from their talk that Mr.. Coll
was much put out by the outcome
the affair, and that the others W
disappointed. The latter said t.
MS they had devoted several days to
matter and had made as good p
position as they felt justified in m
ing.
N Mr.. Kneeland believes that
4 Messrs. Williams and Wehrly take
u matter up again they will insist
II their original proposition being {
u ried out, without the minor cone
sions which they had made,
which it took much hard work
secure from them. Mr.. Kneel
states that the people generally b
no idea how much work has been
!. on the negotiations, especially
OS Messrs Hixon and Clark, who b
les neglected their private business
after day in order to bring the n
alter to successful conclusion.
Messrs. Hixon and Clark were gr
ly disappointed at the outcome
Mr.. Hixon this morning placed
ish, resignation as president and dire
90 of the Mankato and st. Peter Rail
and Lighting Co. In the hands of
TACT rotary Clark, and asked that it
.ner effect at once.
Mr.. Clark stated this forenoon