The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1916-03-17
BANQUET IS EMO !
REPORTS OF OFF l::RS
Annual Meeting of Concern Was
Held Last Evening
GROWTH OF BUSINESS
Officers and Directors Are Re-
Elected; Addresses Made
BY Members

Citizens Telephone company whose
terms expire this year, were re-elect
ed with practical unanimity at the
annual stockholders meeting, fol-
lowing a banquet, at the Knights Of
Columbus hall last evening. These
directors are II. E. Hance, ]. r.
Snow, H. c.. Hotaling, S. b. Wilson
and William Just. .....
After the stockholders meeting,
the board of directors held a brief
meeting and reelected all of the
company's officers: President, H. A.
Patterson; vice president, Mic Pet
ersen; secretary and treasurer, w.
D. Willard; attorney, S. B. Wilson,
and manager, P. NJ. Ferguson.
1t was love feast of mutual con-
graduation over the phenomenal sue
cess of the company. 1t was shown
that the company commenced busi-
ness in March, 1899, with $50 tele-
phones, in in March, 1916, had 1861.
1t appeared to be the consensus OF
opinion that the stockholders of this
company and the people of Mankato
in general should lend their moral
support to the fight that was being
made by the Independent company at
Austin to have the state railroad and
warehouse commission and other
state authorities enforce strictly the
law forbidding certain kinds of COM
petition. Several prominent stock
holders made speeches in regard to
the practice of one telephone COM
pany employing rates that were IL
legally discriminatory, in order to
drive competing company out of a
certain field -..,z
Two Hundred Were Present.
Approximately two hundred stock
holders were present in the hall,
when the meeting was at its height,
though the Mapleton delegation of
about forty was late, and did not get
a chance to participate in the election
owing to a delayed train. However, it
would have made no difference in the
result, as the votes that scattered
away from the five that were elected
were exceedingly few.
A splendid repast was served by
the Women's Relief corps The tables
were decorated with beautiful bou-
quets of red carnations. From time
to time the gathering was delight
fully entertained with vocal solos by
Miss Florence McQuiggan Of Maple
ton, her sister, Miss Mary McGuiggan,
playing the accomplishments.
Fl. A. Patterson, president of the
company. conducted the meeting.
Mr.. Patterson called attention to the
report of the Secretary and treasur-
er, w. d. Willard, and gave some
points TO which Mr.. Willard wished
attention to be called. He showed
that the assets of the company
showed an increase of $10,2S3 for the
year. The depreciation reserve, which
was the fund placed on deposit to
cover wear and tear of the plant and
to be ready for any emergency was
$4,000 more than it was year ago.
Approximately the same increase was
shown by the profit and loss account,
so that it was evident that after pay
ing the dividend the company had
saved approximately $4,000. The
exchange rentals showed an increase
of $4,341 for the year. The total
of 5000. The total expenses for the
year were less by 1888 than the year
before, though there was an increase
of business. $6,227 was the increase
in the net operating income. The
amount of the total expense was ST.
$50 more than it was the year before.
The amount of the dividends paid
was $10,846, showing an increase Of
those of the year before.
Good Financial Condition.
Mr.. Patterson remarked that he
had had talks with telephone men 'iIi
other cities in regard to the financial
condition of the Mankato Citizens
Telephone company, and he had
decided that it would be hard to find
another telephone company with as
sets of over quarter of million
dollars and so small an Indebtedness,
this amounting at the present time to
only $500, and that was a floating
indebtedness
Mr.. Patterson went on to say that
the company started out with Cap
ital stock of $4,000 and this had
been increased to $145,0O0, without
ioouih6 any uoHuo anu WiuOuI UOT-
rowing money except on notes with
out security.
Report BY The Manager.
P. NJ. Ferguson, the manager, was
now called upon. Mr.. Ferguson re-
marked, as he looked over the gath
ering. that the annual banquets and
stockholders meetings were getting
larger every year, and ii might some
day be question what to do with so
many people. He had never before