The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1905-06-02
Rests With People Whether
Road Shall Be Built.
Clean Cut Proposition Is Now
Made to the Public.
Directors Have Exhibited Their
Faith In the Enterprise.
From Saturdays Daily.

From Saturdays Daily.
Backed up by the absolute assurance
that the larger share of the money
necessary to pay the expense of con-
structing an electric railway in Man
kato, through Kasota and on to st.
Peter, will be furnished by.a trust
company in Philadelphia, the officers
and directors of the Mankato and st.
Peter Railway and Power company now
feel justified in making their plans
known to the public and at the same
time place before the citizens the con-
ditions upon which the enterprise can
be made a reality. For several months
the gentlemen who are interested in
this project have been quietly at work
formulating their plans and arranging
the proposition which they have every
reason to believe will prove successful.
Time has been consumed in securing the
franchises. This has been the prelimin-
airy step. Yesterday the company filed
with City Recorder Hodapp the accept
ance of the franchise granted it by the
Mankato council and at the same time
filed bond in the sum of 900 which
is a guarantee of good faith. This bond
is signed by the company and five of
the directors, w. G. Hoerr, Fred Kron,
w. L. Hixon, H. Z. Hance, and c. N.
Andrews. This surety pledges the COM
pany to have five miles of the road
constructed and in operation within six
months from the time of the passage of
the ordinance. This means that the road
must be in operation by Oct. q, 1905.
st. Peter Franchise Granted.
At meeting of the council in St.
Peter on Thursday afternoon, fran
chise was granted the company, giving
it the privilege of using the bridge
across the Minnesota river and the right
of way along the levy. Also the COM
pany is granted site at the south end
of the wagon bridge for depot and
track privileges. The st. Peter
council has been very liberal with the
company, extending it courtesies which
are appreciated by the officers.
A franchise granting the company the
use of certain streets in Kasota has
been passed by the council of that vii
lage. Besides, Blue EARTH county has
awarded the company franchise CIV
ing it the use of the highways, and
North Mankato has extended it the
privilege of streets in that village. The
franchises having been obtained the
company is now in position to take
the next step, which is the securing of
the required amount of money to as
sure the eastern parties who are to in
vest capital, that those on the ground
have faith in the enterprise.
Directors Have That Faith.
ii
cess of their project. They have ex-
hibited this in the substantial amounts
which they nave decided to put into it
The balance of the $4,000 must be sub
scribed by the people of Mankato, North
Mankato, st. Peter and Kasota. North
Mankato has already signifed willing
ness to respond to the extent of &c..
600, and possibly this amount will be
increased to $4,000. Those who sub
scribe to this fund of $4,000 will re.
ceive in return bonds which, after the
road is constructed and in operation
will be exchanged for bonds which will
be known as first mortgage bonds. This
insures those who invest that they are
in a position to receive interest on thei,
money. 1t is purely business PROPOSE
ton and not donation. Under these
conditions it would seem that the
money should be raised without delay
1t is estimated that the cost of the
road will be from $25O,OO0 to 100000
1t is the determination of the directors
that not dollar beyond the actual cost
of the road will be expended. There viii
be no watered stock.
Will Be Well Equipped.
The road will be equipped with thu
most modern cars and appliances
Seventy five or eighty pound steel rails
will be used. II will be both a passen
ger and freight carrying line.
Aside from the $4,000 which must b,
raised in Mankate,, st. Peter, Kasots
and North Mankato, the money which
will be required to build the road il
already arranged for with trust com
pany in Philadelphia.
The gentlemen who are at the heat
of the project are anxious to complet
the subscription list so that the con
struction work can be commenced a
once and the rails and ties laid befor
Front street is paved, thereby lessen