Arizona republican., 1911-03-28
THE COUNTRY
 |S WAITING Mr. F. N. Murphy Speaks ot Business Conditions ALSO 0F THE CONSTITUTION
If a Different Kind Had Been Adopted, Millions of Capital Would Have Poured Into Arizona. Port Lobos Prospects.

President F. M. Murphy. of the Santa Fe. Prescott X Phoenix rail- way arrived in the city yesterday. This was the first visit of MT Mur- phy to Phoenix for considerably more than a year He went to New York more than fifteen months ago and remained to attend the board meet ings of the various companies in which he is interested and was furth- CT detained there by other develop ments.
 He will remain in the territory for about six weeks and will then go east again for a short time. MT. Murphy and his party left last night for Silverhell. He will visit Tomb stone and make trip along the Gila, returning to Phoenix in about ten days
 Several things have happened in Arizona since MT. Murphy was last here. One of them is the proposed constitution concerning which MT. Murphy had something to say.
 T do not hesitate to say" remarked MT Murphy, that if the people of Arizona had adopted a conservative constitution as the east had expected they would, millions of dollars would have poured into the new state for investment in various sorts of en- terprises. Millions would have come into the Salt river valley. Conditions throughout this country just now are not such as to encourage investment. The men who have money are pre- serving a waiting attitude and it will !, reconciled to the new conditions. Meanwhile, a great deal of money is going out of the country, to Russia, China and other foreign countries money whose owners would have pre- ferred to invest at home.
 "Th record of Arizona for conser- vatism was in its favor. It was gen orally believed that this record would be maintained in the formation of a constitution and on account of the opportunities for invesement and de- velopments here. capitalists were ca geriy looking forward.
 If the spirit of the people had found expression in such a constitu- ton as was expected, the men with capital would have said: There is a place where we can go with our money
 As things stand, the people of the territory can regard themselves as fortunate in having such a president as Mir. Taft who will protect them from the results of the work of the constitutional convention. The presi- dent will not approve the constitu- ton as it has been adopted. His ob- jection to the provision of the recall of the judiciary is deep seated and final. The president might waive his objections to the initiative and referendum notwithstanding his we'll known opposition to them. He will probably assume that he has done all that he can do to put us on the right track. He came to the territory in a friendly spirit and advised the peo- pie and left no doubt that he sincerely desired the admission of Arizona He will probably conclude that if the people reject his advice, they must take the consequences. His mind is unalterably made up respecting the recall.
 'I think that the efforts now being made by the friends of the constitu- ton to push it through as it stands, are i'll advised: they are doomed to failure and they are really making a bad matter worse by advertising to the men whose help we need. that we have made a mistake and are per- sisting in it'
 Spaking of general business cOndi- tions. Mir. Murphy said: For various reasons capital is in a waiting dis position. Important cases now pend- ing in the supreme court have much to do with the prevailing uncertain- ty. Men are hoping that in some way there will come a suggestion to make it possible for people to make definite plans for a period long enough to get results.
 Personally. I think there is un-