Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1908-08-22
PittsburgerS Who Are Backing
Albuquerque Eastern
Have Already
Sold Bonds.
BRILLIANT FUTURE
FOR THE PROJECT
Work Is to be Rushed With All
Possible Haste In Order That
Coal May be Placed on the
Market From Mines at
Hdgan Without Delay.

1t has been known for some time
that work on the Albuquerque East
ern railroad, recently merged with
the Santa Fe Central. would be un-
dertaken at once and finished with
out delay, and the following from the
Pittsburg Dispatch of recent date
shows what eastern capitalists VINO
are backing the road think of the
project:
Negotiations have been closed for
the sale of s1,600,000 first mortgage
bonds of the Albuquerque & Eastern
railroad to a syndicate of western
bankers and A. l.. Richmond, Jr., OF
Pittsburg. They will build 65 miles
of railroad from Moriarty, on the
New Mexico Central railroad, 10
Frost, and from that point west 10
Albuquerque and north to Hagan. The
significance of the enterprise is that
ii will open a new country and will
return $3,500,000 to Pittsburg invest
ors who in their faith planted their
| money in that section four years ago.
The new line will consist of 20
| miles from Moriarty to Frost, 20
miles from Frost to Hagan, and 25
miles from Frost to Albuquerque.
| When the line has been completed it
will be turned over to the New Mex
| leo Central and 'ts Indebtedness add
( ed to that OF the principal line. The
entire enterprise will then be reorgan-
lied. with the lowest bonded indebted
ness of any line in the southwest, ap-
| proximately S14,400 a mile.
| Lines Strategic Position.
! The move has been in contempla-
| ton for some time because of the
! strategic position held by the New
Mexico Central in the future develop
ment of the territory. Mr.. Richmond.
acquainted with all the details of the
movement, visited the property In
company with representatives of the
banking interests which knew some
thing of the possibilities of the coun-
try. The report was favorable, being
backed by a report of the government
and the opinions of expert engineers.
These, with the opinion of Mr.. Rich
mond, were accepted by the finan-
ciers and the deal was closed. Work
on the line will be commenced as soon
as the necessary surveys can be COM
pleted and the contracts let.
Work is to be rushed with all pos
! sible speed, for at Hagan there are
coal mines with a capacity of 500 tons
a day at this time, and which can be
increased to 1000 tons with very lit
tie expense, while the demand for
fuel is such that the company can
sell $500 tons a day as soon as the
railroad is ready. and coal Is selling
for 81 a ton at Albuquerque.
Conceived by Pltt,Durgers.
While the plan was conceived by
PIttsourg capitalists a substantial
railroad was built from a connection
with the Denver & Rio Grande on
the north to a connection with the
Rock Island system on the south.
This line passed through a wonder
FULLY productive valley and the build
ers spared no money in making the
road one that need never be rebuilt.
The topography of the country wa!
such that the line the engineers Sc
lected would make rapid progress.
and before the rest of the world
knew what was going on ia miles
had been completed. fine terminals
had been secured at Santa Fe and
Torrance, and in anticipation of what
was to come equally important ter
minals had been acquired at Albu-
querque on the Atchison, Topeka =
Santa Fe. This gave the road the po-
sition it desired.
Conditions. however, were such thai
the Albuquerque & Eastern could moi
be built at that time. and the COM
pany was shut off from the develop
ment of its coal and timber proper
ties. However, development was car
ried on in a small way, and so care
fully that all is in readiness for the
: construction of the line that vii
make the system, small though 1t ma,
be, one OF the most important in the
q southwest
Big Coal Deposit.
n While the timber properties of th'
e company amount to 10000 acres o
e white pine. of which there is littl
4 left in the country. the coal deposit
Il are much more valuable. One min'
Z opened at Hagan shows a little NOR
e than four feet of coal. between tw'
j solid sandstone beds, and without |
t particle OF slate. More than three
!, fourths of a mile of entry has bee
0 driven and tipples built, while in 9th
er lines the development Is not d
d pronounced.
e The coal mines In a basin simila