The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1906-09-21
Matter Brought Up Before
Commercial Club.
WHAT Is NOW PROPOSED.
Ten Thousand Dollars More Will Be
Necessary in 0 der to Swing the
E eCtrie Deal.
From Tuesdays Daily.

From Tuesdays Daily.
railway line now depends upon the sub
scribers to the fund of S25 900 that was
recently raised in this city, and the rails
ing of $4,000 more, according to a
statement made before the Commercial
club last night by President HixOn. AS
far as the present subscribers are con
cerned, the only thing asked of them is
to consent to a change in the manne
Of payment, which seemed reasonable 10
the club members present. AS for the
additional $4,000, Mr.. HiXon believes
that he can place that without the as
~sistance of the club, but if he cannot,
he will ask the club to raise it.
Mr.. HiXon brought the matter up dur
ing the meeting by r%emarking that he
had finally succeeded in securing pledges
for funds required to build and equip
the line to within $4,000 of~fhe required
amount, and he had not had to resort
to any promoter to do it. He hoped
within a few days more to get the bal
ance. This statement was vigorously
applauded by the club members present.
Continuing, Mr.. HiXon said that he
did not expect that the Commercial clab
would have to raise any more money,
but the subscription list that was Sc
cured last summer was not satisfactory
to the present investors. The agree
ment provides that the subscriptions
are not to be paid until five miles of
read are completed and in operation, and
that a $4,000 bond shall be put up. The
investors in the present enterprise will
expect the local subscribers to pay as
the work progresses, the same as the
heavier investors will do. This will re
I done on vouchers. 1t is desired that the
subscriptions be paid into a bank or the
hands of a trustee, in escrow, until the
work is done. The present subscription
list runs to Mr.. Janney and w. G.
tHoerr, neither of whom has anything t.
do with the present enterprise. While
they might assign their interest, it will
be better to have a new agreement
signed.
Will Furnish a Bond. q.
President Hixon said that the present
investors would expect to put up a Sc
curity bond for $4,000. 1t was merely
a business proposition to have the
money in the bank, in trust, it being
agreed, for instance, that twenty per
cent of it be paid over when each mile
of road is completed.
w. A.. Funk thought that the secre-
tary was right, and that it vas a mis-
take that so liberal a proposition was
made before. He thought the change
suggested reasonable, and that it would
be all right to comply with it.
President Hixon said that the change
need not be made in case that three,
four OF five gentlemen would give a
bond that the subscriptions would be
paid over, even though it be not until
after the road has been completed. The
new company must have realizable as
sets. If it is thought to be a hardship
for the small investors to pay when the
large ones do theScity may not get the
road. ~
DIR. j. w. Andrefs thought the change
suggested a reasopsble one.
President Hixog}saia that no money
whatever would Pc asked until a mile
of the road had Eeen built.
Prof. c. c. {o3en SUGGESTED that the
subscribers BE saen as TO paying in five
installments. NJ
President Hixon said that he would
rather have the paper in the bank or
the hands of a trustee.
Done Itself Proud.
DIR. T. D. Webster said that he felt
that Mankato had done itself proud IN
the last few weeks, and that the public
should know it. The citizens had raised
1000 to buy the Fourth street park
and had swung the tub factory removal
deal. Now the street railway deal stands
in the same good light as the others.
The citizens had raised $25, 900 to get
a street car line on an unpopular prop
~osition. He felt that the present prop
~osition is very much better. The present
money is better than the intangible
eastern money. Instead of being dis
couraged by repeated failures to get a
car line, the people were more determin-
ed each year to get it. He believed
that the people of the city have $4,000
ready to plank down if Mr.. Hixon has
good money for the balance.
President Hixon said that he knew
where the money was, up to within
$4,000 of enough to build the line, and
he didn't think that anyone would let
this sum stand in the way.
DR.. Andrews thought those who in
tend to pay will not object to putting
their money in escrow.