Arizona republican., 1907-11-02
PHoENIx ARIz. NOVEMBER ?, 1907
THE SKIES NEVER BRIGHTER

THE SKIES Nt.N Elk BftlGfi r-rS
 The financial furry. which is now happily passing away. leaving little debris in it's path. really did more good than harm in uncovering the marvel ous resources of the country. It has also taught that inconvenience in the future may be avoided by the banks. by a little more attention to the hus- banding of cash resources even when the skies are the brighteset.
 That the country has passed through a financial crisis cannot be denied. but eventualities are proving that the danger was rather imaginary than real though many panics in the past have resulted from the conversion of purely imaginary evils into reali- ties.
 But this time, the people kept their heads and they might well do so. Even the exaggeration of incidents in differ ent parts of the country into actual disasters, created no scare. We had a fine instance of that the other day, when a rumor spread through the country that the great house of Wan amaker had fallen Such rumor few years ago would have spread con- sternation in the commercial world. In this case it merely created a rip pie of interest which was wholly abat- ed day or two later by modified tion of it, and still later by a denial of it.
 Here and there in financial circles, are seen traces of the late storm and industries whose operation is depend ent upon large amounts of money which must come alone from the fin ancial centers. have been retarded, but their inconvenience will be of only brief duration for preparations for their relief are going on rapidly. With in week the crisis will have wholly passed into history.
 But there is one section of the country which has not felt the slight est effect of the disturbance; in the nature of things, could not feel ii. That is Arizona. It is true. that there had been a cessation or lessening of activity in the large copper camps, but that fact was entirely dissociat- ed from the late monetary furry w0ch came from another origin.
 While the financial operations of this territory are extensive, and while our financial institutions are intimate ly related with the outside world. they are quite independent of it. The banks of this territory. those of Phoenix. Prescott and Tucson, were in never better shape than they are now. Their supply of cash is far in excess of the legal reserve. The supply is ample to meet not only the obligations Of the banks. but also to aid in the further development of the territory.
 In 1S93-4 the situation was quitsiif- ferent. Then. though the banks with stood an actual panic, they were not nearly so strong as they are now. and beside. they were carrying heavy bur dens for farmers, merchants. miners and stockmen. Then too all the in dustries of Arizona, as well as those of the rest of the country, were in bad way The farmers were heavily mort gagged and their products could only be sold at ruinously low prices. The live stock industry of the territory was in state of paralysis by drouth and the absence of market. Now, everything is different The farmers are out of debt; their products are abundant and tne market is begging them at unheard-of prices. The ranges are alive with cattle and sheep which are bringing figures which ten years ago the most avaricious would not have dreamed of.
 The whole country may congratu- late itself upon its condition. and Arizona is the subject of special con-