The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1904-12-30


9TH.
Representative Me Juliar thought
the time too short for the giving of a
definite answer.
Senator Eberhart said that he was in
no way antagonistic to the building of the
road. He was favorable to ANYTHING
that was for the good of the county and
city. He would support any enterprise
that had the backing of substantial peo-
pile. We should know positively that
lobe & Co. are able to carry out the
proposition before anything is done. 1t
being able to raise the money. Some
of us have had experience along this line.
The road would be a good thing for
NIankato. Mr.. Eberhart stated that
when it is ascertained What the exact
cost of BUILDING the electric line is
then matter-~~ill go forward rapidly and
the read be built. As to the proposed
new steam road, a bond of $4,000 would
be altogether too small for $l,000,000
proposition. a company strong enough
to build the road could put up larger
bond. The local bond holders should al
so be given an equity in the road and
not let all of the stock 90 to the other
bond holders. While the line would cut
into the freight earnings OF the electric
line, | am not opposed to its construc-
tion if undertaken by a strong COM
pany. We have our subscriptions nearly
completed, and will soon know the actual
cost of the road and will then get the
road under contract.
Captain Reed called on Mr.. Fisher, who
had been president of the st. Paul G
Duluth road, and had had large ex-
perience in railroad building to answer
Senator Eberhart
Mr. Fisher said that the money was
not TO be paid over until the grading
was done. Mr.. lobe does not furnish
the money, but gets it from others He
guarantees to build the road, and has not
asked dollar for his preliminary eX-
penses. lobe & Co. have been building
railroads for nine years and their guar.
antec is good with financial men,
Mr.. Fisher said that the engineers
will be in the field in less than four
weeks after the contract has been sign
: led. Mr.. Tobe's $4,000 bond ought to
protect you as long as you are not
called upon to advance any of the
money. He is snow bound at Austin or
he would have been here today. Is not
Senator Eberhart said that the propo-
/, sition is too good to be true.
Mr.. Fisher stated that the stock is
sue is small, and the local people in
| terested are to have thirty per cent of
it, but are not to increase it, The rail-
{ way company is also to have all of the
, donations of money and land and sub
/ scriptions, but are to give $4,000 in
cash, the right of way and terminals
The bonded Indebtedness is limited to
: 81 100000, or about $4,000 to the mile.
Mr.. Willard said that he had had eX-
, perience. with lobe & Co., which had
, made him surprised as to their present
t proposition. They wrote to him about
: | 4
, and laid particular stress on what aid in
the way of bonuses, ETC., could be de-
pended upon. The correspondence drop
+ ped without result
Mr.. Fisher said that different sets of
) men take securities of steam lines. cleo
, trio lines, water works, etc. 1t is not
, Mr.. Tobe's money that will build the
line He is nice man, the soul of honor.
| and has not pulled anybody's leg here.
Mr.. Andrews stated the attitude of
the local directors, who he said. wanted
to share with the business men the re-
sponsibility of the action taken, and it
had called the meeting. This had utterly
failed, for the business men of Man
kato have stayed away and by their ac-
, ton show that they have no interest in
= the building of the line. Most of the To-
: cal men present are representatives of
, the other railroads and the electric line,
who are all presumably hostile to the
building of the new road On the other
/ hand, there are many farmers present
from along the proposed line. If con-
tract can be made that will protect
us and ensure the building of the road
, this ought to be sufficient. The legality
, of bonds, in regard to payment or liti-
, CATION, is increased by having some of
them owned by local parties. The bonds
bring 80 cents on the dollar bringing
, SlS0000. Bonuses and other local aid
/ ought to amount to 100000 The work
: ing of townsite privileges ought to add
: something, say $4,000. This would give
us $230,000 with which to do the things
, required of us-turn over $4,000 in
) cash, the right of way and the terminal
facilities. The right of way, estimated
ire A Cold I'm Or