Maricopa, Arizona, June 15, 1915
The Maricopa & Phoenix Railroad began construction in November, 1886, at Maricopa and completed 35 miles to Phoenix on June 1, 1887.
This company was incorporated in Arizona Territory on June 4, 1886. Southern Pacific's construction firm, the Pacific Improvement Company, received 51% of the company's stock in exchange for providing construction material and transportation at cost.
The Maricopa & Phoenix was consolidated with the Phoenix, Tempe & Mesa on December 9, 1895, to form the Maricopa & Phoenix & Salt River Valley Railroad.
In May, 1900, shortly before his death, Collis Potter Huntington had the 5100 shares of M&P&SRV stock held in trust by the Pacific Improvement Company transferred to the Southern Pacific Company.
When the Southern Pacific was under the control of E. H. Harriman, the company bought the remaining 4900 shares and all of the bonds for $325,000 in May, 1902.
This company was incorporated in Arizona Territory on June 4, 1886. Southern Pacific's construction firm, the Pacific Improvement Company, received 51% of the company's stock in exchange for providing construction material and transportation at cost.
The Maricopa & Phoenix was consolidated with the Phoenix, Tempe & Mesa on December 9, 1895, to form the Maricopa & Phoenix & Salt River Valley Railroad.
In May, 1900, shortly before his death, Collis Potter Huntington had the 5100 shares of M&P&SRV stock held in trust by the Pacific Improvement Company transferred to the Southern Pacific Company.
When the Southern Pacific was under the control of E. H. Harriman, the company bought the remaining 4900 shares and all of the bonds for $325,000 in May, 1902.
A series of catastrophic floods on the Gila and Salt Rivers over the years meant the M&P&SRV was loosing money from 1903 to 1907, mostly from high maintenance of way expenses. On May 1, 1903, it was forced to default on interest payments on the bonds and borrow $83,000 just to meet the payroll.
In early 1905 the Southern Pacific Company decided to foreclose the mortgage which the bonds represented, to secure the $138,000 in interest and $617,000 in unpaid principal.
Maricopa County sheriff J. Elliot Walker sold the property at public auction on the steps of the Maricopa County Courthouse on October 15, 1906. The buyer, for $778,750.24, was Peter F. Dunne, an SP attorney. After waiting the customary six months redemption period, the court ordered the sale final on July 15, 1907.
A new Maricopa & Phoenix Railroad was incorporated by the Southern Pacific on August 29, 1907, and bought this property from Dunne on January 10, 1908.
On February 1, 1910, the new Maricopa & Phoenix was merged into the Arizona Eastern Railroad, which was owned by the Southern Pacific Company. On December 1, 1924, the Arizona Eastern was leased to the SP Company, and became a part of the Tucson Division on December 1, 1924, shortly after the acquisition of the El Paso & Southwestern.
A new mainline was built in 1925-1926 from Picacho to Wellton as part of the SP-EP&SW merger agreement, and this line from Maricopa eventually became unimportant. It was abandoned from Maricopa to West Chandler in 1934 during the Great Depression.
In early 1905 the Southern Pacific Company decided to foreclose the mortgage which the bonds represented, to secure the $138,000 in interest and $617,000 in unpaid principal.
Maricopa County sheriff J. Elliot Walker sold the property at public auction on the steps of the Maricopa County Courthouse on October 15, 1906. The buyer, for $778,750.24, was Peter F. Dunne, an SP attorney. After waiting the customary six months redemption period, the court ordered the sale final on July 15, 1907.
A new Maricopa & Phoenix Railroad was incorporated by the Southern Pacific on August 29, 1907, and bought this property from Dunne on January 10, 1908.
On February 1, 1910, the new Maricopa & Phoenix was merged into the Arizona Eastern Railroad, which was owned by the Southern Pacific Company. On December 1, 1924, the Arizona Eastern was leased to the SP Company, and became a part of the Tucson Division on December 1, 1924, shortly after the acquisition of the El Paso & Southwestern.
A new mainline was built in 1925-1926 from Picacho to Wellton as part of the SP-EP&SW merger agreement, and this line from Maricopa eventually became unimportant. It was abandoned from Maricopa to West Chandler in 1934 during the Great Depression.
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