The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1906-06-22

length of the road would probably be
five miles. The interest on the stock
would be non-cumulative.
W.. d. Willard said that he was much
interested, and thought this proposition
apparently quite business like. 1t would
be necessary to state on the subscrip-
ton paper the minimum mileage and give
an outline of What was to be done. He
thought that the money could be raised
as a car line is needed. Prices of real
estate in the center of the city are so
high as to make it difficult for people
to own their own homes. He asked as
to the stockholders liability connected
with the preferred stock.
Mr.. Janrhy said that he had never
run up against this feature before COM
ing to Minnesota. He was not pre-
pared to say under what charter the
company would be Incorporated but it
was safe to assume that it would be
under home charter.
Mr. Patterson suggested that if it was
Objectionable to organize under the laws
of Minnesota an arrangement might be
made whereby the subscribers might
take second mortgage bonds.
Mr. Janney thought that this could be
done, but the amount of the issue was
so small that he would not feel like
doing anything that would have tend
ency to iniure the entire investment.
He could see no objection to this if the
local people in the company care to
have it done that way. He was willing
to do anything that they wish to sug-
'Sest along the lines that had been ar
ranged.
Mr.. Janney was asked the probable
cost of the line and replied that it would
be $4,000 to $4,000 mile, including
the power plant. If twelve to fourteen
miles was to be built during the next
few years the cost per mile would be re-
duced. The cost would depend little
upon what could be done as to rails.
Chicago shipments have all been sold
up to November, but he did not know
about the eastern market, and it might
be necessary to pay a bonus. One of
the plans considered includes an inter-
urban in conjunction with the city line,
another comprises the mileage required
for the present needs of the city, and
another considerably larger mileage,
such as the city would grow up to in
the next two or three years. He eX-
pected that an investment of 100000
would be made within the next eighteen
months, Including equipment, mileage
and power plant.
Mr.. Andrews said that if the COM
pany was organized under Minnesota
charter second mortgage bonds would be
satisfactory to avoid all liability. He
expected that there would be no stock
liability. Mr.. Janney had spoken very
conservatively as to the milage, for the
impulse of the people interested was to
give the largest and most complete SER
vice of any ever figured on by any pre-
vious company for Mankato. A Man
kato system was to be carried through
on it's own merits, one step being taken
at time. In case the line should be
extended to other places, as was prob
able, the people of Mankato would not
be called upon for any additional help
in making the extensions. They might
have the opportunity to buy bonds as
an investment, but that would be all.
Judge Plymat asked when the condi-
lions were to be fulfilled under the
bond.
Mr.. Andrews said that within fifteen
days after the acceptance of the fran
chise the bond would be filed, condition
ed upon starting work within thirty
days and prosecuting it with all reason
able diligence compatible with the abil-
ity to get material and labor, and COM
pIeting the system as soon as possible.
1t was the purpose to begin Immediately
and if possible get in the system this
season. The possibility of doing this
is not what it was six weeks ago, owing
to strikes, but enough rails might be
gotten here and there to build the line
i'm the fall. The overhead work would
90 Oh anyway. Five miles could be in
serted as the minimum to constitute
completion.
Mr.. Funk asked whether that was not
small minimum when three and a
half miles were to be constructed on
Front street alone
Mr.. Andrews said that it was, but
was the amount named in other fran
chises granted. If there was pressure
the minimum might be raised, but a
satisfactory service would be installed
whatever was named as the minimum.
Judge Plymat asked what the maxi
mum time for completion was, and Mr..
Andrews said that no such time had
been named. Judge Plymat asked
whether it would be three years, but Mr..
Andrews answered that the line would