Arizona republican., 1922-02-25
BECOMES LOCAL
BOOSTER AF TER
SEEING VALLEY
D. w. Twohy, Who Is Here
TO Examine Financial
Conditions, Is Guest Of
Bankers Of Phoenix

D. w. Twohy, a member of the ad-
visory council of the twelfth federal
reserve district and a prominent
banker of Spokane. Wash, was the
guest of honor at a luncheon given
at the Country club yesterday by the
Phoenix Clearing House association.
Mr.. Twohy is a brother of Judge
John Twohy, head of Twohy Broth
ers construction company builders OF
good roads.
The Spokane man spoke enthu-
siastically OF Phoenix and the Salt
River valley in short talk to the
bankers He came to Phoenix to set
first hand information concerning
financial conditions and require
ments here. that he might be better
able to take part in the advisory
council committee discussions at
Washington when it meets in the
near future.
The advisory council of the reserve
banking system consists of one mem
ber from each of the IL federal dis
tricts and meets four times a year
in Washington. holding joint sessions
with the federal reserve board and
the secretary of the treasury. Its
function, as provided by law, is to
consider the general financial policy
OF the government and the banking
system of the country and to advise
and counsel the officers of the fed
eral reserve board in their conduct
and administration of the system.
Appointment to the advisory council
is considered among bankers as the
highest honor in the national bank
ing system and the IL members of
the advisory council are presup-
posed to be the most representative
bankers in their respective districts.
Not a Stranger
Regarding Phoenix and the valley,
Mr.. Twohy said:
II am not a stranger in Arizona, as
have a number of friends living
in this state, all OF whom are en-
thusiastic as to it's future. During
the past two years. have received
several boxes Of your celebrated
grapefruit and a flood OF literature
regarding the riches and the possi-
bilities Of the Salt River valley. from
my brother. Judge Twohy and his
sons who have been helping TO build
your highways. Indeed 1t may not
be amiss fer me to disclose that in
the north. some of my brothers
friends consider that he has been
acting queerly. because Of his boast
ing of Arizona have heard him
wager that Phoenix will have pop
ulation Of 10000 in 10 years. All OF
this propaganda. however. has some
what prepared me for the astonish-
ing development which see in this
wonderful country.
Your valley reminds me Of the
Yakima valley--ore of the richest
districts in my own state of Wash
ington--in the development OF which
my associated and the institutions
which I am connected with have had
a modest part. The Yakima has been
held up as the governments best
reclamation protective have about
800, 00e acres under water there and
the gross value OF our products dur
ing the past three years In this area
has averaged 40.000,00 a year. From
my observation and what hear OF
your valley and tho Roosevelt dam
think We may soon have to take
second place.
THE Union Trust company of
Spokane. with which ] am connected.
helped to form and is a member Of
the syndicate which recently pur-
chased the 81, 100000 Maricopa coun-
~ bonds and the handsome premium
confidence in this community.
For Diversified Crops
I come from an agricultural Sec
ton and have spent so much time in
preaching diversified crops to the
farmers that can't help offering
the same advice to sou. I cannot
emphasize too strongly from our
own experience and an observation
OF many years, that there is no more
important factor in consistent nnd
sustained prosperity than diversifi-
cation of crops Water. of course. is
all important and good roads. too.
but with these the success of the
community very largely depends
upon wise and intelligent variety
of products. 1t is only thus that
the farmers can be made reasonably
independent of the hazardous and
periodic fluctuations in one commo-
dity or another. Water. good roads
and diversification are the three per-
mansnt elements of success in an
agricultural community.
aThe past two years have been eX-
ceedingly difficult ones for the busi-
ness of this country; the manufac-
turer. the merchant. the shipper
have all suffered in the process of
readjustment and the farmer. be-
lieve. has been hardest hit. But con-
ditions are slowly and surely right
ing themselves and with economy,
hard work and cooperation. am
confident that new crop will put Us
all in a more comfortable condition.
"Up our way. we all favor the pas
sage OF the Smith McNary bill.
This bill as you know seeks to create
a $3.50, 900, 900 revolving fund for the
reclamation of arid lands and is now
pending in congress. Senator McNary
of Oregon and Congressman Smith
of Idaho are the authors of this bill
and this legislation IL passed, should
materially benefit this state--indeed
it is difficult to calculate the great
benefit you will receive from the
development Of the Colorado river.
Believes In Arizona
81 believe that the program is set
for greater development and growth
than you have ever had in this coun-
try and it would not surprise me to
see Arizona double in population and
wealth in the next few years. / be-
lieve also that no one part OF the
West can benefit or grow without
l,aIrfnry tho rest. we cannot too