Arizona republican., 1916-04-24
RECOGNITION
 BY THE EAST
Prominent New York Bank CT Talks on Solidity of Western Business Meth ods ; Thinks Arizona Has Great Future

Herbert Fitch, third partner of Liv- inSstone and Co, prominent New York bankers has been in Phoenix the past week, stopping off on his way To the coast to see his old friend. R. Allyn Lewis of the Phoenix Savings Bank and Trust Co.
 Mr. Fitch. who has travelled for years in Europe, has never been far west from New York, his home. Gen Lewis, who has known Phoenix and the west for thirty years, has been delighted with the impressions made on the eastern banker In an inter view, Mir Fitch said:
 Out here you think we customers have little appreciation of the west as it is today. must say I have seen what 1 expected to see, only more so. For years, l have known Phoenix men, who came east and from them, l have learned that west ern civilization was equally pro gressive with ours, and more ebul- liently optimistic, I might say In fact it had always seemed to me that the west was unsafely optimistic But 1 see now. that your prosperity is founded upon the solid economic rocks of certain production
 Efficient management, rapid sales manship and quick reinVestment are the factors in making for more bus mess to be done safely on less cap ital What you need is more cap- ital. and that is at your command. ] For investors in the east now know absolutely and conclusively that your business methods are as settled and reliable as their own.
 Tn the east, We know nothing of mines: man buys a copper stock because he sees an active market in Boston or New York, and reads d tip that goes with it. Many people, men of private means and possessing unusual financial courage, will not buy any mining stocks. because they have an idea that when this class nf stock is publicly listed the cream has been skinned off The Arizona finan- cier and organizer would do well to spend some efforts to bring forcibly to the eastern mind. the changes il the corporation laws of Arizona. tho character and financial responsibility of the men who are in control of tho best properties and the present prof it's of the undertakings.
 'I Was greatly surprised to not,
 the tone of restraint in the new Je rome boom. Years ago. presum, every one would have been wild ove the wonderful United Verde EXten
 sion situation But today, interview , , with prominent directors of Jerom' properties are most conservative They admit there are reasons to be lieVe that greater discoveries haN
 been made. and warn against cXtraV
 aSant speculation. \ recent flotdtiol
 of a prospect Was said to be greatl
 Oversubscribed. at 1j0 per cent afte
 statements had frankly been mad
 that nothing had as yet been npene up. and that the enterprise was prob lematieal. Evidently the public wen
 in. because the property was well To
 cated and because there seemed to ] : q good chance to make profits if sub
 stantial ore bodies should be founC
 This kind of speculation had neve | appealed to the east. The easter | operator seldom buys securities C s any properties which have not . history a record of earnings over . period of at least five years BU n often the securities are found to hay 1T reached too high a level before the
 come to the notice of the buye - This. too is speculation.
 : While our house has never bougl ,f any large issues of city bonds west if that bonds of Arizona cities will | among the favored investments of ol n clientele in years to come Thel
 ought also to be opportunities fo
 further private development of watt
 power and electricity within vol
 prosperous state.