Arizona republican., 1911-02-01
FUTURE IS BRIGHT
 FOR BUSINESS WORLD
Observations of w. A. Giles, Who Re- turned Yesterday From His
 Chicago Home.

William A Giles of Chicago, who for number of years has spent large part of each winter in Phoenix, arrived here yesterday and is registered at the Ford hotel, temporarily. It is probable he will go to Ingleside soon. He comes alone, but hopes to be joined by Mrs. Giles a little later. Though MT. Giles has regarded Chicago as his home for more than fifty years, during which time he has been constantly identified with the business interests of the lake city, Arizona all but claims him as a citizen for several reasons. One is that he is numbered among the valley farm owners, and another is that during his annual winter residence here he is at all times interested in local affairs and institutions and is willing to do what ever he can for the improvement of local conditions. Meanwhile. he is a strong friend of Arizona, among people of influence. whether he be for the time either here or in the east.
 MT. Giles is feeling good personally and is taking a very optimistic view of economic and financial conditions generally. the country over. He has noted in recent months the discontent in certain quarters respecting the busi- ness outlook and the disparaging views of some financial writers, but says he regards such phenomena as based on grOundless pessimism rather than on a careful study of the facts. He says it is true that there has been some little business depression in certain quarters but nearly always it can be traced to particular causes rather than gen eral disturbance of normal conditions. The fear that panic is in the making he regards as either the expression of the professional croaker or the reflec ton of the same sentiments by the timid who either from habit or lack Of wide opportunity are not close observ- ing.
 Present business prospects, he says are good and are improving rapidly. The Chicago wholesale drygoods stores never enjoyed a better business than now and during the season just passed the general holiday trade has been good-never better The crops all over usually good
 There has been some decrease of business in the smaller retail stores in Chicago and elsewhere. but usually there has been some very good local reason for it. Some of the country banks in the central northwest have not been quite so flush as during pre- vious years, but there have been good reasons for this. one is that large amounts of monep have been required for moving the heavy crops. and may further be accounted for by western land speculation. Many farmers who have done well in recent years have withdrawn their surplus deposits and in many cases sold much of their high priced land. in turn seeking reinvest- ment in cheaper lands elsewhere. To. put it another way, the prosperous farmers have in turn become sPecu-
 ators in a small way and are using not only the money they have hereto fore had in the banks. but some of them have become borrowers.
 Our banks are generally in a sound condition, says Mir. Giles. and interest rates are low and declining. IL is true that the talk of a depression has dis couraged speculation and perhaps pre- vented panic.
 Another reason for some color of
 
 in certain quarters. may be traced to the agitation for lower freight rates and it has been rather to the interest of the railroads themselves to encourage the view that business is dull ard likely to become more so. The pending de- cisions of the oil, tobacco and other big trust cases have also had the ef- feet Of holding commerce and invest ment in restraint. though Mir. Giles says he knows of no reason why these cases should affect business seriously one way or the other.
 Altogether, says Mir Giles, the talk of an early panic is unwarranted and has not been expected by the banking interests, though they did expect just such depression as has occurred, but now they are more hopeful than for a long time. There is a better and growing demand for bonds and other securities.
 Speaking of conditions here in Ari- zona, so. far as he has been able to keep in touch with them, MT. Giles says that he imagines Arizona has been bet ter off all the time than the east, and has today even better prospects He does not believe that the prices of land here. or the cost of living have been as high comparatively as they have been in the east and there is small reason here for either fear or talk of hard times.
 The 'croakers" have harped upon the song that there has been notable de- pression in the real estate and build ing lines. That has not been the re- suit of his observation and so far as .hicago is concerned it certainly is not | iR = never were there SO many | large under construction and | t-ly erection as right | now. This% especially to the | business distn to buildings that | will cost from On- ten million dol | ars each&s Several of larger banks | have consolidated that thes ysjght have | q larger working capital for EAancipg | pig enterprises. One such is the 70 VI tinental bank, which now has ass<1 - of $150.000,O0O and is planning a new bank building to cost approximately | len millions. The Insurance Exchange | -now- under way twill cost | s4. 4.000.000:' the gas company's building. | now nearly completed. ..has cost between | four and five millions; the Chicago | Northwestern railroad station. now will cost between three and | Iour millions and two new hotels cost |