Arizona republican., 1915-05-23
By J. C. CaIIaghan, State Bank
 Comptroller


 Comptroller
 If ti.e progress. development an, permanency of given section D country may be assumed to be re, fleCted in the condition of it's fin ancial institutions. then compari- son of the present condition ot growth and stability of the banks ui the Salt River Valley. as com r,trcd with a period five years ago should prove of interest.
 find. by recourse to the records "f this department of state, that on March 29. 1910. there were operating m the valley. three National banks. and six state banks, with total re- sources of S6.35S.55 on March 4, 1915, the number and identity of National banks had remained the same as upon the former date. but their total resources had increased from $3.4SS.fS1.;5 to S4,SSS.2S919. an increase amounting to 40 per centum while the number of State banks had increased from six to ten. with to- tat resources of S4.393. .4S9.5S as com pared with s2.S70.I26.6I as of the former date. or an increase of total resources of the ten State banks over the six as of the former date of 53 per centrm.
 Taking the banks as whole. I find that in the five year period the aggregate resources increased from S6.S5S. .551.9s to S9.2S1. .92O93. repre- scnting a total increase amounting to f6 per centum While this show ing might ordinarily be regarded as gratifying. It does not represent the Full and true normal growth. a pro Der complication of which can only be had by reverting to the conditions Vt the banks prior to the inception of the European war. or during a condition unmarked by abnormal de- rrcSsion.
 If the figures of March f. 1914 ] are selected for comparisons. We find : that the difference in aggregate re- ; sources represents an increase in four i wears of 66 per centum, or an average i annual increase of 161s per centum. i and which, but for the occurrence of ! the period of depression referred to. ] might reasonably be assumed to have . now attained a percentage of in Creas" at the end of five years. of i approximately Ss per centum. in ! stead of the actual increase of 46 . uer centum. above noted.
 The inauguration of the great war in Europe caused a degree of par Tlysis in the copper market whI.h ! was immediately transmitted to the copper producing centers of Arizona. and copper production being the dominant industry in the state. it., depressed condition found instant re- flection in the condition of the fin ancia institutions of the state not confined to those located in the copper mining camps. but embracing those in every section of the state. including the Salt River Valley
 True, the effects of the war were felt. and grievously. all over the United States. but it will be remem- ' hered that the copper industry was "Ir. of those which suffered most. and quickest copper being in charac- ter a contraband commodity. in time uf war. Cotton. also was another industry seriously affected by the 1; War and cotton production being an industry of considerable extent and importance in this valley, il may. with propriety be stated. that the Salt River Valley was doubly af- fected as a result of the war. IL is true that the copper industry has made a wonderful recovery. which. | otherwise. has resulted in complete for the time. of the copper mining cities. but just as the Salt River Valley was slow to re- fleet the effects of the depression |; which marked the mining centers at the outbreak of the war, just so is It slow to feel and enjoy the reju- Venating effects which have come to the copper mining cities as a result of the recovery and advance of the price of copper. These effects. how ever. are bound to appear and are being already gradually felt and re- Elected in the improved condition of trade. and in the slow. but sure. in crease in the volume of bank de posits.
 The recent filling of the Roosevelt Reservoir will undoubtedly create a spirit of confidence in the future of this valley which scarcely any other