Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1913-02-27
.bROPHY TELLS HISTORY Of
THE B|sBEE-NACO WATER CO,

loans on purely local interests or on
local real estate, MIR. Bruphy stated
that such loans, where they were
made, were In small amounts only
otherwise they were not faYoFably re-
garded by the banks. Where any
such loans are made AT Ell! is in che
business district Of the city or in
the best residential sections only. No
value Was placed on the little houses
on he hillsides. On such loans on
real estate, the prevalent rate OF in
terest is from ten TO twelve per cent
on short time loans
Asked if he regarded an investment
in q public utility in Bisbee desirable
at nine per cent return. Mr Brophy
stated that he did not regard this
With favor or In any other mining
community. If | were to invest
in a mining community | would want
a higher return on my money than
in any other community that | might
care TO invest" he said. MIR. Brophy
considered an investment in Phoenix
at six or seven per cent preferable 10
one in Bisbee at Fifteen to eighteen
per cent. Mr.. Brophy stated that it
was his wish TO get oct of the Water
company and that il ne could get his
money from the company he would
invest it in Salt River valley real es
tate.
s,on1' ~ ~ pistaa 49, 49, oo,,,
,,s,,r Atr pranhy ronIis5 tba, he Ma
a r,-ly - ~, !. - ,i,aas - ~
80 ~ oo,,la 10. srd ,,,-chasar
a.,l,a, stocpboI5se ~ tboi co',,na,y
,,srt n - Angsles 10 trv 70 horro1y
,nonev an he niant of tho Pisbea Ma.
"a water comnanT he received a
chi,iy reception as an investment in
raininp camn was NOT regarded with
favor nv investors
Cross examined biz Attorney Gan
eraI Rullard MIR Bropbv denied haY.
ing any knowledge that the reason
for nor being able 10 secure the .os
Angeles loan on the assets OF tac
eonYpany was that il had no fran
chise from the city of Bisbee ana
tbat since then the company had
tried 10 get a franchise so as to be
be able 10 issue bonds on the stock
of the water COMPANY. Further
cross questioning, led Mr.. Brophy 10
admit thar he was not very anxious
10 sell his holdings in the Bisbae-
Naco Water company as he consider
ed that his holdings we're netting
him : sufficiept rate of interest.
In regards 10 the twenty-elght cent
rate, the Attorney General wished
IN know why the Bisbee Naco water
company continued 10 furnish the
CONNER oueen Consolidated Mining
connanv with water at that rate eft
or the merging OF the company into
the PbelDs-Dodge company. supposed.
Ia ,e,y organization when no con
,r,ct uyas bsId with them Mr.. Bro
NAV answered that the Pheips-Dodge
ana the Came Queen companies
were an the same and the Bisbee-Na-
p, Water corpuanv had continued 10
z,pnIy the PheIps Dodge interests
vgltt the twenty eight cents water In
this manner water was. supplied TO
the Pisbee Improvement company
and other subsidiaries of the Copper
Queen and the PheIps-Dodge inter
as+s
" French was the next wit
uess or the stand. His testimony
wac brief and consisted OF answers
TO questions regarding the sale Of
the Conner Queen water plant in Ma,
GO TO the Bisbee Naco Water com
panv. He was asked to produce
/ the contract and the bill Of sale
which will be produced al later
hearing Of the commission.
( r. r. Mason was the third witr -zs
J ON the stand. He was the Mason Of
! Mason and Brophy and had been con
nected with the company for five CT
six wears previous to the sale Of the
plant TO the Bisbee-Naco Water com
pany. He related the history OF he
Mason and Brophy plant How i
was started without any capital, but
several burros and tin buckets ans
how II gradually became d one nun
bred thousand dollar concern h'
argued that no rate Of interest in
4 public utilities plant was worm 'H'
consideration in Bisbee unless a re
turn Of fifteen per cent could be Cd
1 tanned. Asked how the rates OF th'
II Bisbee Naeo Water company we're de
termined. Mr.. Mason said that the3
he old h4fTFn auf