Arizona republican., 1920-12-02
A Tima for Optimism

In the present financial and commercial sper-
plexities Of tho country it is essential that all bring
to the situation measure of optimism. The pessi-
mist cannot help and he harm. The who
meets difficult situations calmly and with confidence
can be tower Of strength The man who haunts
thte barometer forecasting storms which may
come is weakness in the whole line. The oblga-
ton OF optimism is not only all Americans
in domestic affairs but Americans who must fur
nsh example of stability to all other nations"
So said Victor Murdoch, chairman of the Federal
Trade Commission ip public address at Cleveland,
Ohio. day before yesterday. There is good ground
optimism everywhere spite of the slowing
down which necessarily attends readjusment which
had its beginning last in the process of de-
fation.
We have felt the effect of It. 1t is unnecessary
to discuss the general causes thing do is to
deal with the problem which has been raised and
not to oversetimae the seriousness of it diff
ficulties of its solution.
Speaking particularly of perplexities we
find that we have made mistake in relying too
much on one thing But the result has been disap-
pointment rather than disaster. We simply not
getting much for cotton we expected and
we are NOT finding ready sale for it we had
hoped for Mere disappointment is never fatal Our
mistakes and miscalcuations irretrievable
and they certainly not when we so
clearly see our way out; when perceive what
to do the next time.
On the part Of the merchants there has been a
falling away of trade from that volume which year
years ago abnormal 1t impossible
that it could be maintained Still it has fallen
a point below that of former years when the mer
chants found cause for complaint. 1t is only by
comparison with the abnormal volume of trade in
thte latter part of the war period the months
following the end of the that seem suffer.
There were two principal causes of the falling
overbought. Many of them then had money
they had ever seen and they did know
what to do with it. Then recently there de-
scending prices and buyers stopped to watch them
go farther down. They will probably keep up this
waiting attitude until they convinced that the
bottom has been touched. They be long in
the future.
we of this community have less to complain of
those of any other region of the Our sky
is much less overcast. We have been less affected
by the slowing down than any other section.
People who here from all parts of the country
profess amazement the signs of activity every
hand. at the crowds the streets and those which
throng the moving picture houses day and night.
But they more amazed at the extent of building
operations which nearly everywhere else the
( try were suspended last fall
The banks OF Phoenix as barometers of local
business conditions make good showing. They are
holding almost twenty millions of dollars belonging
to the people of the community, to nothing of
thte large sums held by the many banks of the
ty outside the city The deposits of the city banks
on November is amounted to s19,a59.4S1, divided
among the various institutions follows;
Phoenix National Bank ................. s4,476,o14
Phoenix Savings Bank & Trust Co. 80. .s2,2Oo,39s
National Bank Of Arizona. ,$4,3O1, DAB
Valley Bank :........,.................. .$5,7411So
Central Bank .$3046,O56
Citizens Bank 191649
Commercial Bank ...........-...........S 463,l96
One of the saving, and pleasing feature of our
local situation has the philosophy with which
thte merchants and farmers of this community have
met whatever disappointment has been brought to
them and their readiness the turn in the tide
which is sure to soon