The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-03-28
A STEP FORWARD
Street Car Company to Be Or
ganized Tonight.
Letter From ]. H. Collins Read at Last
Nights Meeting. ---Capitalists
Coming Next Week.

The meeting of subscribers to the
stock of the proposed street railway
and lighting plant, and others, held at
the city hall last night was not as
largely attended as was expected, but
the room was we'll filed and great
deal of enthusiasm as shown. The
enterprise as given a distinct push
ahead, and if all now pull together the
uncertainty will soon be over and
Mankato's end of the matter will be
closed.
On motion of G. N. Andrews, Mayor
Petersen was chosen to preside over
the meeting.
The committees were called on for a
statement and W. L. Hixon respond
ed, ard said that he was sorry that
there was not larger attendance. as
the time had come to fish or cut bait.
After much hard work, subscriptions
to cash, lots and work, some with a
string to it. had been secured.
Some people have refused even to
take light, and some people have
not given anything like their fair pro-
portion. The proposition of Mr.. Col
Inns is most liberal, asking the citizens
tostake only fifteen per cent of the
capital stock. The gentlemen who
propose to take the remaining eighty
FIVE per cent were to come to Mankato
next week, but under the cricum-
stances it, is questionable wether
they ought to be encouraged to come.
Mr.. Collins desires that the matter
be closed up as soon as possible.
Mr.. Hixon read letter which he
had received during the day from
Mr.. Collins. Mr. Collins said that he
has the matter in good shape and his
people will swing the deal if the re-
quirements in Mankato are carried
out. The subscriptions, contracts and
franchise should be ready when the
capitalists come to Mankato; a com.
pany must be organized and incorpor-
ated. The capitalists said that they
would take the deal'' if the showing
is made as expected. He estimates
the city lighting at ..sl2, 600, CONNER
cial lighting SO, 600, passenger bust.
ness. S4egper capita, $50, OOO freight
business, Mankato $50, 600, st. Peter
$50, 900, total gross receipts of $40, 900.
Mr.. Collins letter states, further,
that the operating expenses of the
electric light plant are estimated at
70 per cent of the receipts, and those of
the street railway 60 per cent. On
his figures, the net earnings would be
$41, 600. Cutting Mr.. Collins estimate
in two in the middle, it would still
leave seven per cent dividends for the
stock.
The cost of construction and equip
mentz will be considerably more than
he had estimated, continued Mr.. Col
Inns letter, on account of the fact
that prices of material are much
higher that thirty days ago. Rails
will cost $40 per ton delivered in
Mankato, and 10 tons per mile of
track will be required. Copper wire
has gone up five cents pound. The
people of Mankato will know the
actual cost of the system when COM
pIeted, and the road will not be bond
ed for dollar more than the actual
cost Mr.. Collins expects to come to
Mankato next week with the capital
lists who propose to go into, the enter
prise.
The time has come, said Mr.. Hixon,
when the matter -must.be closed up.
1t would be..a disgrace to the city if
it was allowed..to drop. We might as
well. give up thesidea Of being a
city If this fails, but if it is carried
out we..will be city. =. Mr.. Collins is
we'll recommended and lis in touch
with financial men all over the >-coun-
try. We must.get busy at once, and
the sooner the matter is closed up the
better off we will be. The eyes of
neighboring towns are upon us, and
the matter should not be allowed to
fail.
A. E..Clark said that the time had
come: when we must do business ssor
lay down. About two-thirds of the
required amount has been raised after
much work. 1t seems strange that
only small.per cent of the business
men, most of them property owners,
have subscribed to any extent: 1t is
the.experience everywhere that street
railroads build :up cities. If necessary
he and others would. su bscribe more.
but it seems a shame that it should be
necessary to resort to that plan. We
must be in position to carry out our
end of the deal when the capitalists