Arizona republican., 1910-07-11
TRUST DEED
 FUR MILLIONS Carrying Out Plans of Ran
 dO|ph Lines BONDS TOTAL S4O,OO0,OOO Secured By Mortgage Filed In Phoenix and Tucson. No Time to Be Lost i'll Pushing the New Work On Arizona Roads.
BONDS TOTAL S4O,OOO,OOO

On Saturday afternoon there was filed in the office of the county re- corder a mortgage or trust deed from the Arizona Eastern Railroad com panypany and other of the Randolph lines in this territory to the Farm CTS Loan and Trust company oi New York to secure bonds to the amount of S40,OOO.0 .0OO A similar document
 was filed at Tucson the day before. The lines described in the mortgage are the Arizona Eastern, the Gila Valley, Globe X Northern, the Mari
 copa x Phoenix, the Arizona & Col orado Railroad company in Arizona. and the same railroad company in
 New Mexico; also the Arizona East ern in New Mexico.
 The bonds to be issued under this
 deed of trust are to be due May l, 1850: the interest is not to exceed
 per cent, and the bonds may be redeemable at any time at slO5.
 The first purpose is to refund bond ed indebtedness of $1,499,OO0 held by
 the Metropolitan Trust company of
 New York against the Gila Valley. Globe x Northern Provision is made
 for an immediate bond issue of $7,OOO. 900.
 After that bonds shall be issued
 from time to time as the money is needed in the improvement and ex-
 tensions of the Randolph system un- til the bonds shall be issued for the remaining $31, 1,501. .000 It is not stated in the document that the bonds shall be issued for such inn provements and extensions. but for the purpose of reimbursing the rail road company for making such i'm provements and extensions. taking over roads in the same territory or contiguous to it and for recOnstruc ting the present lines at an eXpendi-
 ture of not exceeding $1,5OO,OOO. The mortgage was executed in New York on June 27 and was signed by President Lovett and the head of the Hartman lines and Alexander Millar. assistant secretary.
 Following the filing of the mort
 gage at Tucson The Star said:
 At the Randolph offices there
 was no hesitancy in admitting that
 the requirement of this great re- source means the rapid improvement and steady enlargement of the Ran dolph lines. It was officially ad
 mitted that construction work will begin on the Gila canyon extension
 as soon as possible. the only hitch
 being the securing of the govern
 ments permission to cross eighteen miles of the White Mountain Indian reservation.
 AS soon as this permission is ob- tof Ea ri will be extended from San Carlos to Winkleman, a distance of thirty-five miles, and the Arizona Eastern will
 then have run from Bowie to Mari
 copa or Buckeye through Phoenix The Arizona Eastern, affiliated with
 the Southern Pacific, will thus beat
 the Fl Paso & Southwestern to the difficult Gila canyon and possibly
 prevent the E. P & s. w. reaching Phoenix by that route. This latter purpose was not mentioned officially however.
 The Arizona Eastern company has almost completed its Buckeye exten-
 sion to the Hassayampa river, and many think this road will be at once
 extended. There has also been sur veyed an extension to Durango Col
 oradO, which is also part of the pur- pose of the big bond issue. At all
 events it means great improvements
 and almost limitless resources for
 the Randolph lines, which are pecu-
 liarly Tucson's. One comprehensive
 structure to hold the twenty odd suites
 of offices of the Rondolph lines is
 also suggested as something being considered