Bisbee daily review., 1921-11-29
LAST YEAR ONE Of HARDEST IN
HISTORY Of BANKING, DECLARES
BUCkWALT TER At STATE MEETING
President of Arizona Bankers Association Urges Rigid
Economy in National State, and Local Affairs Until
Period of Business Depression Is Left Behind

and national expenses and taxes must
be further curtailed and reduced The
amount required for this fiscal year is
about billion dollars, of which 50
per cent is To be raised by internal
taxes. and the balance by customs.
Panama Canal receipts. etc.
Too Much Red Tape
There has been too much legisla-
tion for the railroads. Their execu-
tives are tied with red tape. Ability
and initiative count for nothing. For
the railroads own good and that of the
country, they should be returned to
their old competitive basis. Ever since
1916, when we yielded to the Railroad
Brotherhoods' hold-up. conditions
have been growing worse until "a
month ago, when the great strike
threatened to take place from time to
time, was called off and showed us
that our government was still SUI
preme, and that we were no longer
dominated by union labor. The result
Will be far-reaching and have good
moral effect. AS soon as the railroads
/ learned that the July wage reduction
would stand. they reduced rates on a
number of commodities. But further
reductions in rates and wages must
come. No doubt. better results could
be obtained if the Railroad Labor
Board was consolidated with the In.
terstate Commerce Commission. =
THE Federal Reserve Board has
been bitterly criticized and denounced
by some periodicals for its deflation
policy. While | am not in strict &C
cord with al its actions, | firmly be-
. lieve the country was saved from a
severe panic by their clamping on the
brakes. Surely, we received suffi
cient warning. The danger signal was
flashed when its reserve ratio reached
40 per cent, but the country was un
able to read such signals in it's mad
rush of initiation. The brakes should
have been applied even at an earlier
date. The Federal Reserve ratio for
the system now stands at It's per cent
! the highest, | believe, for over three
and a half years. We again find
money rates down to reasonable fig
. ure. with plenty of money for legiti
mate undertakings. Victory bonds are
selling at par, while Liberty bonds
show large gain in price. The South
has been greatly renewed by the
heavy exports of cotton during the
past five months, the same applies in
a lesser degree to the wheat growing
sections. 49,.
Tax Rates Exhorbitant
Taking up state afafirs: | find ouI
total assessed valuation for this yeaI
to be. $50 million dollars, a decrease
+, of 81 millions from last year. OF this
valuation, over so per cent is placed
on. mining property, including smell
tiers and COMMENTATORS: railroads are
second with a trifle over II per cent;
then follows city and town property
III per cent; land and improvements
1l.3 per cent; live stock. per cent;
merchandise, 80 per cent; motor We
hicles, Is per cent; banks, IL pei
cent; public utilities, IL per cent;
other property. 2.S per cent.
The state rate for this year is a;
compared to AIS last year, while the
county rates run from .4S9 in Gilf
county 10 1877 in Apache. The amount
to be raised for the state is nearly
two millions more than last year