The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1904-12-30
DISCUSS NORTH AND SOUTH RAILROAD
reeting Held at the Board of Trade Rooms This Az
ternoon---Bad Weather Was Against
Large Attendance.
From Wednesdays Daily.

The weather was against large at
tendance at the meeting called for this
afternoon to consider the proposition
of an eastern construction company to
build the section of the Duluth, ST.
Cloud, Glencoe & Mankato railway COM
pany between Albert Lea and Mankato
the Milwaukee road being suspended, the
delegation chosen to represent the Al
bert Lea commercial club could not
reach Mankato and the representative Of
the construction company was detained
at Austin. The roads were too much
drifted and the weather too cold for
farmers to drive in from any distance.
The attendance was therefore very
small, few Mankato people being present
Fourteen people in all, were present
when the meeting convened, and Others
came in later.
The representatives of the road pres
emit were President \. H. Reed OF Glen
coc, Secretary FELTON, Nolluer ofWinsted,
rier and Hubert Bruels VIM. II. Fisher
of st. Paul was also present.
The meeting was called to order at
2:20 o'clock at the board of trade rooms.
Mr.. Currier was elected chairman, and
Mr. Andrews secretary
Mr.. Andrews stated that several hun
bred invitations had been sent out to
prominent men along the line, and news
paper notices published, but none had
responded, some being detained by the
storm
President Reed was called upon by the
chair to state the conditions of affairs.
He reviewed what had been done in the
past toward getting the road under con
tract. He told what Donald Grant of
Faribault had offered to do several years
ago, and said that the matter had then
drifted along until the present time
VIM. II. Fisher of ST. Paul had pre-
scented the present proposition, and had
secured its amendment on easier terms,
all of which has been published by The
Free Press.
Under the amended proposition, pay
mepts are to be made in satisfactory
manner This seems to be about the
last chance for building the road, and
the company thought it ought to be ac-
cept6d. The company will have TO pay
$l2,j00 when the bond is filed, and the
remainder as the grading and track is
ironing and the building of depots. The
contractor is wiling to take eighty per
cent of his pay in the company's bonds,
and he wants only $4,000 in cash. The
first payment would be when the bond is
filed, and the second not until ten miles
of the road has been graded, which would
be $500 about June lst. The COM
pany will also have to secure right of
way 100 feet wide from Albert Lea to
MankatO, and the terminals. There ought
TO be no trouble about raising the money
in Albert Lea and Mankato Some
money will be subscribed at points be-
tween these two cities and further
north. Captain Reed proposed that the
bonds be issued at 921a cents on the
dollar, to be paid for in installments. 1t
is up to the citizens present to say
whether the road is to be built the
coming season or whether it shall be
dropped.
Mr.. Currier said that the success or
failure of the proposed electric line
might influence the placing of the bonds
of the steam road. He called on the
representatives of the electric line for a
statement as to their prospects.
NJ. G. Willard asked Captain Reed
what the right of way would cost
Captain Reed said that the right of
way has been half secured and this
cost sos an acre, and he thought that
the whole right of way would cost about
S75 an acre.
Mr.. Fisher said that he had been help
ing the company to get the money to
build the road. The cost of the whole
line is estimated at $7,OOOOOO to $S,-
100000. 1t will be impossible to raise
tins unless some one of the large cor
porations is back of the project. 1t was
then proposed to build only a section
and to limit the bonds to $4,000 a mile.
which is less than the bonds of other
roads per mile. The construction COM
pany is willing to take the most of the
bonds if you people are willing to take
small amount of them. If you do
not care to invest in them, then they
don't. Mr.. lobe will give you a bond
for $4,000 that he will build and euuip
the road by Jan. lst, 1906. As soon
as this matter is settled, he will be
ready to consider the building of fifty
miles more. If the road is built, it
will give connection with the Illinois
Central, Rock Island or Burlington roads
and eventually give you independent
T0Cu