The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1913-01-24
MANKATO Street CAR
| PLANT HAS Been SOLD
From THURSDAYS Daily.

company's plant has changed hands
again, the control and man
agement having been acquired
by the Mississippi Valley Elec-
trio company, which is a hold
ing company recently organized
under the laws of Iowa, and having
| it's headquarters at Iowa City, Iowa.
The company is capitalized at $1,450,-
900, and has acquired control of the
street car line at Iowa City and has
secured options on the street car
systems in two other cities in the
northwest J. J. Cummings of Chi
cago is not connected with this cor
poration.
J. o. Schulze of Iowa City, presi-
! dent of the Mississippi Valley Elec-
trio company, arrived in Mankato
yesterday and will remain a few
days. and it is possible that he may
conclude to locate here. He was
elected president of the Mankato
| Electric Traction Co. at special
meeting of this CORPORATION, held in
Chicago this week. The other offices
were all filled with new men from
Chicago and Iowa City.
Looked Over the Proposition.
! Mr.. Schulze was in Mankato last
fall and looked the city and the
street car property over, and was
so well pleased with the business
conditions and prospects for the
future in Mankato that his report
was favorable, and the deal for the
transfer of the controlling interest
to the holding company was closed,
and the consummating act was per-
formed this week at Chicago.
! Mr.. Schulze informed Free Press
reported today that the change in
control gave much better prospects
for future extensions of the system
than the local car line has yet had.
He stated that Mankato is about the
same size as Iowa City, and he is
familiar with street car properties
of this size and with their success
full management. He said that only
one thing he could not understand
in regard to the Mankato company,
and that was the large amount of
money paid out for damages, because
of accidents. The Iowa City line
had practically no accidents, and
had paid out but $3.50 for this, while
the Mankato company had paid out
thousands of dollars. He wondered
whether this was due to carelessness
here, or the attitude of the people
toward the street car line.
Nothing Definite at Present.
Speaking of any proposed changes
: in the management of the company
. here Mr.. Schulze stated that an
nouncements of this would be made
in due time, if decided upon. Mr.
Schulze also said that at present he
could not say anything about what
extensions are proposed, but from
his guarded talk it was gathered
+. that he felt that street car lines of
themselves do not pay very large
dividends i'm cities of this size, but
5 can be made to be more remunera.
E tive if connected up with interurban
lines. 1t was gathered that it might
: be the purpose of the holding COM
pany to build interurban lines as
well as extend the local systems that
it acquires. Mr.. Schulze declined to
answer some of the questions asked,
including one as to where the stock
of the holding company is held, and
one as to what street car lines the
company has secured options on. Mr..
Schulze said that it might upset the
negotiations if it was known now
For Good of Mankato.
=. Mr.. Schulze said that he could say
!. that the taking over of the local
street car line would be for the good
of Mankato. He said that small in
7 dependent car lines cannot be financ-
2 ed as they could if held by a strong
company like the Mississippi Valley
, Electric Co. is. Now, there would
l be no trouble about financing any
proposed improvements, as the new
, company is strong one, he said.
: Mr. Schulze said that Mankato would
be interested in this, as he under
: stood that there are about $50 local
, stockholders of the Mankato Electric
Traction Co., and that the stock held
: by these men would become more
valuable if the property is made to
pay better, as it was hoped would be
the case after the new plans are
fully worked out
Mr.. Schulze stated that his COM
! pany had no connections with the
: Dan Patch line.
!, Has Had Experience.
Mr. Schulze has had twelve years
: experience in the railroad business,
the last few in the management of
electric lines. He was at one time
secretary Of the Iowa City CONNER
cial club, and during that time the
city enjoyed one of it's greatest peri
DDS of growth. He expects to keep
in touch with the Mankato CONNER
cial club, and was noticed in con.
sultation with the secretary of this
club today.
H. e. Hance will continue for the
e present, at least, to manage the
local line, which has prospered under
\ his guidance.
] Mankato people will certainly be
: pleased If the street railway has
a fallen in hands that are strong
enough and willing to make the ex
. tensions that would be vital factor
{ in upbuilding the outskirts, where
. some of the best residence districts
, lay, ready to be developed. Inter
, urban lines would also mean the
: more rapid growth of the city in
r every way. President Schulze will
, he welcomed to Mankato. He is a
very pleasant gentleman to meet,
, and would be a. valuable addition
RI o,,r h,,cipocc Orioles