The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-05-23
WILL STAND PAT.
]. B. Meagher Gives His Ans
Wer to the Committee.
Proposes to Stand by the Bondholders
of the Mankato Gas and
E. L. Co.


the Injunction suit to the limit.
The committee met with Mr..
Meagher at p. m. at the Saulpaugh, |
and were in session with him for an
hour and half, going over the entire
ground, including the probable
of patronage from the old
company in case he maintained his
present attitude toward the new COM
pany. The meeting was a pleasant
one, but barren of satisfactory results.
Mr.. Meagher said that it might be
true that the old company would lose
patronage ,he did not know as to that.
He was determined to do what he
considered to be his duty to the bond
holders, and if he went down it would
be with flags flying. He denied that
the Messrs. Patterson had advised his
suit, or were connected with it.
Messrs. Hunt, Wise and Noe of the
committee were present, Gen. Baker
and Col. Widell being out of the city.
DR.. Webster assisted the committee.
A large committee of business men
met Mr.. Meagher in the hotel parlors
later, but with the same result.
1t is particularly urged on everyone
who has not yet paid his subscription
for the street railway company to the
banks, to be held in trust until the
line is satisfactorily completed, to dc
so tomorrow. The $4,000 must be in
the banks tomorrow at 4 p. m. or the
enterprise will be abandoned by the
eastern capitalists. Whether the city
has street railway line or not now
rests with very few people. The
greater part Of the subscribers have
paid up. May goth was the date sci
for the money to be raised, and Their
is reason to believe that the time will
not be extended an hour. Severa
hundred dollars was collected today
We understand that it is the inten
ton of the committee to have the list
of those who have paid and those VIII
have not paid published tomorrow, a
the matter will be closed up tomorrow
at p. m.
i The committee checked up at p
m. today and found that there wa
, but 1874, 900 in the banks. The re
!, possibility for the failure of the stree
, car enterprise will rest with our citi
zens if the remainder of the money
, not in the banks tomorrow at the sam
lhour. Mankato will have the wori
black eye that it ever had if the stree
railway fails through lack of enter
. prise on the part of it's citizens.
l The point on which Mr.. Meagher
. suit depends mainly is that of th
: alleged Indebtedness created on tt
= part of the city by the contract: II
plaintiff attorneys claim that tt
contract creates an Indebtedness
Isis, 900, which theeity cannot legal
L incur, as the five per cent of valu
ton limit is already passed by ii
bonded indebtedness of the city. II
supreme court of Minnesota Las he
that no indebtedness can be create
beyond the limit, and it was in lii
> with this idea that Judge Cray 81
: Joined the city from agreeing to ps
the Barber Asphalt Co. for pavir
Is street intersections and in front
u city property, the city not having ii
money on hand or levied. In 9th
states courts have held otherwise.
I. If Mr.. Meagher's point is we
taken, then the lighting contract wi
:. the Mankato Gas and Electric Lig
Co. is not legal or valid, for tn
created the same kind of an indebte
ness, and the city's agreement to raj
, 81, 900 perpetually for the support
: the library is void for the sal
reason.
A., 1t Is by no mean certain that t
lighting contract with the street ra
way company creates an indebtedness
" however, according to attorneys W
have given the matter thought. 1t
not certain that the company W
furnish the lights in the future
" any length of time ahead. If the g.
=. vice was certain, it would create
indebtedness, but it is not certai
The lights are to be paid for month
and will be taken care of with mon
on hand, without doubt. 1t
=, contract could be construed as Gre
ng an indebtedness, the city wol
"a have no right to light the streets {
"A less it had the money on hand to
= it, or had levied money for the p
:. pose. If it has not money enough
hand now for the purpose, it wol
have to cease doing business W
Q the present company until the tax IL
was made in the fall.
The subscription committee met
A. E. Clark's Office Saturday event
and checked up. 1t found that tn
on was still $1,000 to be placed in
he banks in order for the city to m
H. Mr.. Williams terms. The list
to those who had not YET paid was div
nd ed among the members of the comm
a tee, and today there was hustll
he for funds. A number of subscriptit
re were collected during the foreno'
ce Tomorrow is the last day of gra
by and Messrs. Collins and Williams m
be notified before tomorrow night Il
the entire $50, 900 has been placed
the banks.