The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1907-06-21
How MankatO Can Build an
Electric Railway.
PROPOSAL BY Mr.. HIx0N.
Syndicate Is Formed and Local Capital
Will Be Induced to Invest i'm the
Enterprise.
From Tuesdays Daily.

That well-attended meeting of the
subscribers to the electric street railway
company held last evening at the close
of the Commercial club meeting proved
to be one of the most enthusiastic
street railway meetings that has yet
been held in this city.
w. l.. HiXon reported that the Chi
cago parties, with whom they had the
contract building the road, had made
them price of $3.50 for a complete
installation of the system, including
power house, five miles of track and
necessary rolling stock. This seemed to
be at least $4,000 more than it should
be, and more than the estimate for him
by competent railroad men. He said
that he could not cOnscientiOusly recon-
mend to the subscribers that this prop.
osition be accepted.
Local Capital Interested.
As an alternative, he had made up his
mind to undertake a plan which had
been suggested several times before,
which was to make the street railway
a strictly local proposition, and begin in
a modest way, instead of undertaking to
do too much on the start. Instead OF
building a power house to see if an ar
rangement could not be made, by which
the power could be rented at a reason
able figure. Following up this idea he
had been able to make an arrangement,
by which power could be obtained at
very reasonable figure, and had obtain
ed estimates on the cost of the track
and equipment complete, excepting the
power house, of $4,000. These figures
had been confirmed by estimates obtain
ed by Mr.. w. d. Willard on PROPOSE
ton along teh same line. .1
Mr.. HiXOn said that he had gone to a
number of the prominent business men
of the community, and had succeeded in
organizing a syndicate, who would nm
dertake to furnish the balance of the
money necessary to build the line, pro-
.viding the city would furnish $4,000 in
! bankable subscriptions to the preferred
stock of the company, one-half to be
paid when two and half miles of the
line was bull. and ono hall when the
eJltire five miles should be- completed,i
these beng practically the same eopdi-
ZION" As those under which the stock
subscriptions had been previously taken
biit, under this plan they would ask but
$4,000 Instead Of $4,000 fasIbeforers:I
32si soE!S Small Sum Asked For ri
10 Iheq subscriptions heretofore made had
1jeen gone over by the officials of the
,vaff6us Banks. at which notes had been
DEPOSITED and the notes had been pass
ed upon to the extent of approximately
$4,000, which would call for additional
subscriptions to the amount of $4,000
of the quality that would be accepted
by the banks. This amount ought, under
the present plan, to be raised in two or
three days without any great difficulty,
and as soon as raised the syndicate is
ready to 90 on with the work. The
money must be provided for within a
few days, as the franchise calls for
work to begin July I or it will be for
feited. .
The; syndicate agrees . to furnish the
balance necessary to build the road,
taking the bonds of the company at a
price not less than 50 cents on the dol
lar, which is the customary price at
which bonds are foated. sar ~
Tire Soliciting committee appointed at
the meeting of the stockholders last
night is as follows: Adolph Veigel, Dr.
Schmauss, +. L. Heermance, Martin
Walser, Albert SLIDER.
The committee commenced its labOrs
and up to noon had added more than
$1,000 to the stock subscription.
More was secured this afternoon.