Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-03-10

lated today asking the city council to
call special election to vote this
tax.
The company's Statement.
Editors Times Republican: We de-
sire to make brief statement to the
public of the exact conditions which
confront us in our efforts to build an
interurban railway north from Mar
shalltown.
I'VE have secured, or are in posi-
ton to secure, the right of-wsy upon
which to locate our line of railway,
and franchises in the towns ard cities
thru which it passes. When the mat
ter WAS presented TO the constructors
and financiers In the east we were met
with a fiat refusal to undertake the
work unless we could come 10 them
with reasonable equity in the prop
erty held by the people In the towns
and country to be benefited by the OPP
GRAFTON of the railway. These gentle
men stated two reasons why they
would require this equity in the prop
erty. The first reason was that the
population and business surroundings
of the line would not yield an income
sufficient to pay interest on the full
cost of the line during the first years of
ita operation. Most careful estimates
have been made of the income that
may be expected from both passen-
the line. These estimates Indicate a
good business, and it is believed that
the immediate effect of the operation
of the railway will be to increase both
population and business in tie terri
tory thru which 1t operates. The
bankers in the east however. did not
find the proposition sufficiently at
tractive to lead them to invest the
whole amount of money necessary to
construct the proposed railway.
Again, II the line is to be made
profitable in its operation, it must
have the cordial and enthusiastic sup
port of the people affected. If the peo-
pie have direct money interest in
the line they Will give the company
business, and work for it's prosperity
when, perhaps. they would not do so
il. they did not have direct interest in
+
the property.
Believing that the people OF Mar
shalltown and vicinity would support
us in our efforts to construct a line of
interurban railway north from this
city, we entered into contract with
j. G.. White & Co., OF New York City.
for the construction of this line of rail-
way, based upon an equity to be taken
by the people. This contract is now In
force and we are informed by j. G.
White & Co. that they will have their
corps of engineers in the field about
the goth inst, and VIII push the work
With all energy.
In order to carry out our contract
with these eastern men, it became nee
essary for us to secure an equity in
the property. to be held by the people.
Various methods were discussed for
securing this equity, but all things
considered it was deemed best to Sc
cure it by means of taxes voted by the
people.
1--WE are ready to begin this work.
The first step to secure the tax is 10
present to the city council a petition
signed by a majority of the resident
free holders, asking them to hold an
election at which the question can DE-
decided. We have prepared these ue-
titions and they will be presented for
during the next few days. |
The petition is in the following form:
ga Petition.
"To the Honorable City Council of
the City of Marshalltown, Iowa:
eve, the undersigned resident free
hold tax payers of the city of Marshall |
own, Iowa. hereby respectfully ask |
hat your honorable body call a special |
election for the purpose of submitting
% the legal voters Of said city the |
question of aiding the Marshalltown |
electric, Street and Interurban Rail. |
way Company in constructing its line
# road, by voting for and In its behalf |
l. 8 per cent tax.
The question or proposition to be
submitted to the legal voters being
more specifically stated as follows, to-
Wit:
First. The name of the company to
,e aided is the Marshalltown Electric
Street and Interurban Railway Com
,any
Second The part of its line 10 be
lided is the part running from Mar
,halltown to Grundy Center Iowa.
Third. The rate per cent of the
AK to be voted and levied is 3 per cent
Upon the taxable property of Marshall
own. Iowa.
Fourth. One half of said tax to be
lue, payable and eollectible when the
inc of said railway is completed and in
,peration from Marshalltown to
irundy Center, and the other half the
ollowing Year.
Fifth. The said line from Mar
halltown to Grundy Center to be COM
,leted and in operation on or before
he 31st day of December, 1905.
Wherefore, the undersigned pray
hat special election be called, - BY J