Imperial Valley press., 1913-10-27

San Diego, Oct. Zl-AppllcaClOn
for permission to issue bonds worth
$15,000,000 in order to complete the
railroad from San Diego to Yuma,
Ariz., was made to the state railroad
commission in San Francisco Fri
day by the San Diego & Arizona Rail
way Company.
The completion of this road has
long been hoped for by business men
of San Diego and the announcement
that the application for bonds has
been filed will he hailed with delight,
fer it is generally believed in business
CT cles that the application will be
granted after the railroad commits
sion has investigated the conditions
on which the application is based.
The building of this road will make
the direct eastern connection for
which San Diego has prayed for many
years. If the commission acts ia
vcrably upon the application it is be-
lieved the road will be completed next
year and will be in operation in time
to be of benefit for the opening of the
exposition.
The San Diego & Arizona road will
connect with the Southern Pacific and
through trains will be run to eastern
points from San Diego. Already the
road is built 39.03 miles east of Tia
Juana in Lower California. The route
of the line runs for 4427 miles in
Mexico, crossing to the American side
of the international line at Tecate.
There has already been spent on the
road the sum of $2,319, ,104.6O in Mex
leo
Work is continuing on the road
pending the action of the commission
Three hundred men are working west
from Ell Centre and large force is
work at the end of the construction
in Lower California.
The application reads in part as
follows:
"For the construction and operation
of said road over the most feasible
and practicable grade between San
Diego and its eastern terminal it is
found necessary to construct a por-
tion of the road through Lower Cali
fornia, Mexico, from Tia Juana to
Tecate, Mexico, that the route enter
Lower California at Tia Juana and
extends through Lower California to
the international boundary line at Te-
cate, Mexico, and the distance that
said road will traverse in Lower Cal
ifornia will be 4427 miles; that there
has been constructed in Lower Cali
fornia 1908 miles of said road, and
work is being done on the remainder
thereof; that there has been expended
$2,319, ,10460 thereon, and the conces-
sion for the construction of the line
from the Mexican government was
procured in the name of John D.
Spreckels
'In order to hold and carry out the
provisions of the said Mexican con-
cession there is being formed in Mex
leo a corporation under the general
laws of Mexico and in accordance with
the rules adopted by the federal gov
n1,,o Of Movinn IN, - L.,
operation of railroad concessions
which Mexican corporation will hold
title to said concession and operate
the road in Lower California, and that
all the stock Of said corporation will
be transferred to and held by the San
Diego & Arizona Railroad Company,
that in payment for said stock the San
Diego & Arizona Company will pay
the amount advanced for the construc-
tion of said road in Lower California
and the money that will pe necessary
to complete said portion of the road
in Lower California, which is esti-
mated to be $1,139,444.57; that said
stock will be placed under deed Of
trust as part of the security for said
bond issue of $15,000,0OO"
Exhibit "D" shows the financial
condition to be as follows:
capitalization, S6,0OO,OOO, all COM
mon stock.
"Stock issued and outstanding, So
100000.
"There is no preferred stock, all be-
ing common, as above stated.
"There are no deeds of trust or
upon the property of ap-
plicant.
"There is no bond issue on the prop
erty."
The application continues in part:
"The amount of bonds desired to
be issued by the petitioner is $15,-
100000, running for 40 years, at per
cent per annum, payable semi-annu-