Bisbee daily review., 1909-06-05
MONEY WILL BE
 SENT WEST
Fear Openly Expressed That Prosperity Is Now Drift
 ing Eastward
WESTERN INTERESTS ARE
 TO BE WELL PROTECTED

CHICAGO. June 4.-Serious checF upon development of the west is fore seen by big business of Chicago in the amount for the insurance funds uhich already have been absorbed by the east
 James J Hills recent prediction that when tariff tinkering ceased the tide Of prosperity would set in with a rush is confirmed by manufacturing ard commercial interests, but bank CTS and other financial men have pointed out that of the great insur- anCe funds the east already has ab- sorbed a large part. To forestall the time when the need becomes acute for funds for development purposes-new railways, new projects Of other kinds the movement is now well under way to organize and maintain western insurance companies for the invest ment of western funds in western en- Lerprises which will receive 8 great impetus.
 Dam up the dollars so that we may keep them in the west permanently and the development of the manufac- turing. mining and milling industries and the railway and interurban lines in the middle west will be permanent anu SuSLhlUtu. HIS IS NLt netldEd- ton of Robert B. Armstrong, an Io9an and former assistant secretary of the treasury in commenting upon the situation in the Bankers monthly of this city. Mir. Armstrong speaks as an insurance man-the president of the Consolidated Casualty company and also as financier and western aET. as result of statements made in a report to the association of commerce by Chairman E. s Conway. The re port showed that if the heart of Amer ica is to be developed as rapidly as its possibilities justify there are re quired more permanent investing companies-fire, life and casualty companies, banks and trust companies being but transient holders of these great surplus funds. Such companies in the west are declared not Caiy de sirablc, but very necessary.
 The association Of commerce's re- port from Chairman Conway. one oi the representative men of the west de- clared:
 You will remember that the great deficiency existing in this city of in- surance companies Of various kinds capable of meeting the demands of the business interests of Chicago. was upon al fDuSiutl dD Dtt length and facts were brought cut that created some surprise. It was shown that Chicago. and the region imme tliately tributary to it. expended an nually something like .si00 100000 in Insurance premiums. of which less than l per cent vas retained at home. the remainder being sent to cities for eign and domestic
 The result os this negligence in not assuming our risks of various kinds and reaping the profits resultant from that lucrative musiness. is that other commercial centers. which we permit to do that business for us. have more than three-fourths of the insur ance money of the country on depos it in the banks east of the Alleghanies with less than one per cent remaining in Chicago.
 While it is clear that this associa tion. as an organization. cannot act in this matter. am fully convinced that Chicago will never become the financial center its population and commercial supremacy entities her G be. until we have established institu tions of the highest character. whicf now goes through such channels tC will attract to her the money thai foreign countries. and to that portion Of our own country that lies east o the Aileghanies. We have no great investing institutions that compare al all favorabiy with those of neighbor ing cities of one-quarter of our owr population, or one-tenth Of our wealth We need and must have secondary and popular money reserves iron which leans can be made on lons time al fair rates of interest to the people. and these we would have I Chicago retained her insurance pre- Hliums at home
 ''It is malifestly absurd when we oi shc middle west desire to take out Ere life or casualty insurance to find 5t c1i.gctcry Co transmit the pr'