Bisbee daily review., 1910-07-10
CSpec.al to Review


 TUCSON, July 9.-There was lodg- ed with the county recorder here yes terday shortly after tn noon hour eas- fly the largest mortgage ever record ed in Pima county. it being one to back up bond issue up to forty million ooiiars by the Arizona Eastern rail road. The issue means. great things for Tucson and the entire territory.
 The style of the document filed is rom the Arizona. Eastern Railroad company, the Gila Valley. Globe ans. Northern Railroad company. the Mari copa and Photnix Railroad company. the Arizona and Colorado railroad company and the Arizona Eastern Railroad compay in New Mexico to the Farmers Loan and Trust company. trustee, of New York City. The bonds are to be due May l, 1850, and are to draw no more than five Der cent per annum. They are to be redeemabFe at any time at $1O5.
 According to the provisions of the document lodged here the Arizona Eastern Railroad company. which offic iaily includes all the other roads men toned above. is to have available for immediate issue bonds to tht extent of $IOOO,OOO. There is also to be held ready for issue from time to time bonds sufficient to retire an indebted ness of the Gila Valley, Globe and Northern railroad to the Metropolitan Trust company of New York. in the sum of s1.499, 900.
 The remaining $3I. I.5O1. .OOO is to be issued from time to time to reimburse the railroad only for extending it's lines n the territory already covered. taking over roads in the same ter rltory or contiguous to it, the purchase and improvement of real estate to be used in constructing. operating and maintaining the roads. for double tracking, for reconstructing present lines at an expenditure not to exceed $i,5OO,O00, and for purchasing and constructing engines. cars and other rolling stock.
 The mortgage for the bond issue. was signed in New York City On. June 24 and 2S, respectively, by Judge R. s. Lovett, successor, to Hartman as the head of the Hartman roads. and by Alex Miller. assistant secretary. Copies reached here yesterday and. were at once filed with the recorder.
 At the Randolph offices there was no hesitancy in admitting that the ac- quirement Of this great resource means the rapid improvement and steady en- largement Of the Randolph lines. IL was officially admitted that con struction work win begin on the Gila canyon extension as soon as possi- ble, the only hitch being the securing of the governments permission to cross eighteen miles of the White Mountain Indian reservation. As soon as this permission is obtained the Arizona Eastern line will be extended from San Carlos to Winkelman, dis. tance Of thirty-five miles. and the Ar izona Eastern VII then have a run from Bowie 10 Maricopa or Buckeye through Phoenix. The Arizona East ern, ahlliated with the Southern Pa itAS, VIII AnuS Dcdl lue Fl GGSO Southwestern to the difficult Gila can yon. and possibly prevent the F. P. and s. W. from reaching Phoenx by that route. This latter purpose was not mentioned officially. however.
 The Arizona Eastern company has just completed it's Buckeye exten- sion which is now to the Hassayampa river. and many think this road will be at once extended. There has al- 60 been surveyed an extension to Durango. Colorado. which Is also part of the purpose of the big bond issue. At all events it means great improve ments and almost limitless resources for the Randolph lines. which are par ticularly Tueson's One eomprehen- sive structure to hold the twenty odd suites of offices of the Randolph lines Is also suggested as something bel g considered.