Arizona republican., 1904-08-10
ROOSEVELT ROAD BONDS
Money Received and Banks Donate
 Interest on Funds Advanced.

Yesterday morning the National Bank of Arizona was telegraphed by its New York correspondent, the National Park. Bank of New York, the sum of 69,799.25. de- posted there by R. H. Rollins & Sons, in full payment for bonds voted and sold by the people of Phoenix to aid in the construction of the Roosevelt road, better known perhaps as the Tonto road bonds. The full amount is therefore on hand and available to the order of the officials of the reclama- ton service for road construction.
 A brief resume of the bond story will be pertinent as explanatory of the action taken yesterday by the Phoenix banks It will be remembered by those interested and is hereby an- nornced to those who have not follow ed the enterprise, that about three months ago, or immediately after the bonds were sold to Rollins & Sons, 1t became apparent that about three months time would be consumed in the lithographing of the bonds, the perfec- tion of the transcript of records, etc, necessary before the sale could be con- summated and the money turned over. Time was an important consideration as it was not only very desirable thIt the road work should be rushed to fa- cilitate reservoir building but the sooner the road was built the sooner would the people of this valley begin to reap a benefit from the investment.
 President B. A. Fowler therefore par tially perfected a plan with the Phoe- nix banks. to advance approximately S20,00O for road construction, on th. guarantee of private citizens who would deposit their personal notes as security. The board of trade took up the matter and appointed a committee of which MT. Fowler was chairman, to obtain the guarantee notes. That committee secured as a guaranty fund 145 notes of $500 each, one note for $500, one note for $1,000 and four checks for $500 each. The represent atives Of the Phoenix banks then held meeting and selected s. Oberfelder as trustee to represent the banks in the transaction and take charge of the securities. The notes and checks were turned over to him and the banks in fulfillmsnt of their agreement at once began honoring the time checks drawn against the city. It was understood that the banks would honor any reasonable amount of time checks up to the limit of their security and receive for their advances six per cent interest on what ever the amount might aggregate, the securities of course to be returned as soon as the money arrived from Rol- lins & Sons.
 The amount of money the bank ad- Nrl n nad in Af checks was approximately $2O,OOO. On receipt of the telegram yesterday morning, MT. Oberfelde-. cashier of the National Bank of Arizona and trustee for all the banks, called upon the heads of the various financial institutions and told them that he thought they could all afford to do something in support of the road project and sug- Scsted therefore that the banks return the securities held at once, together with the information that no interes. would be charged for the use of tho S20,O00, or thereabout, advanced. The banks adopted the suggestion at once and MT. Oberfelder, in the course of the day, mailed back to each of the 151 Guarantors his note or check which was held as security.
 Ihls acton on the part of the banks will surely be appreciated by the peo- pie generally as illustrating that it has only been their purpose at all times to help along the enterprise which all recognized as of so much iin- portance to the valley and at no time have they been desirous of proftinG by the enterprise, other than by the general prosperity that is bound to en- sue.