Arizona republican., 1911-04-07
Oklahoma Capitalists 10 Start
Farmers and Merchants
CAPITOL INV. AND SAY. CO.
Buys Property Recently Va
Gated BY National Bank
of Arizona and Leases 1t
To New Financial House
Recently Organized.

The Capitol Savings ana investment
company has bought the bank build
ing on the corner of Wall and Wash
ington streets and has leased it to
newly organized banking institution
to be known as the Farmers & Mer-
chants bank. The property Is the
building which was recently vacated
by the National Bank of Arizona and
that was previously occupied for many
years by the Valley bank of Phoenix.
II is a two-story brick and stone
structure occupying a lot fifty feet
deep, Just the size of the building.
IT is understood the consideration was
$4,000. The property was bought of
F. /. Kendall of San Diego and the
Cutting Packing company of Cali
fornia, these parties having joint in
terests in it. 1t is also learned
though not authoritatively as to the
date. that the Farmers and Merchants
bank expect to begin business about
the first of May and that between
now and then the building will be
remodeled to suit the needs OF the
new tenants. Lafe Brunson, decorator.
NJ l. Vieux, concrete worker and
Tom Coughlfn, carpenter, are now en-
gagged in that work.
The Capitol Savings and Invest
ment company is an organization Of
a score or more of Phoenix gentle
men. many of whom held positions in
the territorial capitol building at the
time the company was organized
something over a year ago, that TACT
suggesting the name of the company.
Ii is an Incorporated company each
member of which pays in stipu-
lated amount monthly, on his stock
subscription. 1t was designed as a
savings institution originally, through
modest investments as they might
appear. the membership being lin
tied and the plan cooperative rather
than by a stock flotation. The cap
ital represents persistent and regular
savings rather than a large invest
ment at any one time. During the
year past the company has made two
or three good investments in country
and city realty which with regular
payments by the members, gave 1t
working capital sufficient TO under
take this investment with safety. The
officers of the company are E Z.
Kirkland, president; E. S. DePass,
vice president; ]. D. Lopez, secretary
and j. +. Cleaveland, treasurer. The
real estate committee is composed of
L. Z. Kirkland, c. f. Leonard and j.
F. Cleaveland.
More public interest will be ELECTED
in the fact of the starting OF a new
bank. The promoters of that enter
prise are +. B. Westfall, W. Westfall
and w. +. Boiling, all recent arrivals
from Oklahoma. The fact OF their
project was not made known until
late yesterday and none of the gem
tlemen could be found for an inter
view, but it is learned that their
banking company is already organ
lied and the articles were filed with
the county recorder yesterday. No
one in authority could be found last
night to state the amount of capital
stock or other details OF the project.
1t is learned though from gentle
men they have met slice their arrival
in Phoenix that they have only been
here a few weeks and came by rea-
son of the climate of which they had
heard a great deal a member of the
family of one of them not being in
rugged health. They had no notion
of investing but after a careful sur
ey of the situation decided that the
opportunities were too alluring TO be
passed lightly by. j
1t is understood that the gentlemen
have been largely and profitably in
terested in oil lands in Oklahoma and
represent interests that have a con-
siderable fund available for good in
vestments; that their banking enter
prise will be mainly new capital in
the valley though some local business
men will probably be associated with
them 1t is also understood that while
they expect to conduct an Investment
business largely they viii also do a
general banking business. They have
no notion of running the other banks
out of the city but believe that with
their own capital added to the re-
sources of the valley and with fits
brilliant prospects for the future there
will be room enough for all. Their
idea is not competition so much as
development and they belong to that
class of new corners who look for
ward to the day when Phoenix will
have $4,000 population, still more
hanks, and all of them doing a good
business,