Weekly journal-miner., 1911-10-11
(From Wednesdays Daily.)

The closing days session of the
 Arizona Bankers association was fraught with business of great inn pOrtance. The convention was ad- dressed by representatives from Cali fOrnia, Texas, New York and the territory. Aside from the election of officers perhaps the most important bit of information was the statement of !. M. Elliott, of Los Angeles, that ! he of his own free will and sense oi | appreciation would represent the 1 bankers of Arizona at the annual meeting of the American Bankers association at New Orleans in De- cember. Arizona has not enough banks to be entitled to represent ative but even though she may be small numerically she deserves rep resentation and Mir. Elliott will be glad to be the representative. MT. Elliott, who is president of the First National Bank of Los Angeles dis eussed the prevailing rates of interest and told how he had seen Los An gele. in a period of g years grow from village of 5000 to a city of 35O.OOO and that the conditions and the high rates here at present are exactly the same as those which pre- vailed in Los Angeles when that city started on its great career. High in- terest makes for short time loans and short time loans mean active money and moreover it means that money will come in from the outside in order to take advantage of these high rates and thereby build up a community. He further stated that he hoped that the name "Aldrieh' bill would give way in popular discus sion to the name of National None tarv bill as under that name the bill which is so necessary to the develop ment of the country would not meet with the opposition which it must meet so long as the popular mind associates the name of the ex-senator from Rhode Island with the so-called special interests. MT. ElliOtt's ad- dress as well as his most kind offer brought forth bursts of approval and appreciation.
 Frank M. Murphy.
 Frank Murphy then addressed the body and described the vicissitudes every young community must go through in order to interest and bring in outside capital. He told how he had come to Arizona in 1877 and how he had labored to develop this wonderful land which he felt held wonderful treasures both in its unex- plored depths and in it's health-giving climate. He said that the Prescott and Phoenix railroad did more con- 1893 than all the other roads in the United States put together and that even at that it was rot great deal as all the other roads were doing nothing. He told how he had tried to sell the road to the Santa Fe, how they had refused to believe his tales of its profits and how after the little road had weathered the storm, the Santa Fe had been led to ae- quire the road at a much greater price than had originally been quoted.
 He said that the average mining engineer, because of the very fact that he represents and is paid by a capitalist, always perhaps uneOnsei- Ously favOrs the intending purchaser. If he did otherwise he would be in- ereasing the price which his employer | would have to pay and that is not good business but it does work a hardship on the parties who have the mine to sell. railway and said that the people in the past had failed to appreciate this great boon but were now actual " willing to put up money from their | own pockets in order to have re- stored that which they once refused | to favor. And it is so with all de- velopment enterprises after the peo- pie know that they can get them they lose their enthusiasm and show real lack of appreciation. A man will do
  and will then raise the price of every thing he owns to such an extent that the new road is actually handicapped and its earnings will cause the stock holders to be deceived as to the act ual potential value of the country which it taps.
 During the course of his remarks, NIT. Murphy with burst of inten- sity which appealed with full force to his listeners remarked, "I am not out of my trouble yet-dOn't expect to be-and don't want to be-"
 Territorial Comptroller.
 Hon. George A. Mauk then address ed the body and aside from his pre- pared address made strong appeal to the bankers to use their efforts to have legislation framed which would make is possible for the bank :n. ou.hor;t;as of tha new state to