The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1926-03-10

basis, financially and otherwise,
than ever before in the history of
the State"
This was the keynote of an i'm
terview recently given a repre-
sentative of The Sun of New
York by Col. Peter o. Knight.
Tampa attorney and financier,
president of the Tampa Electric
Company, president of the Tam
pa Hardware Company and chair
man of the board of directors of
the Exchange National Bank in
Tampa, for more than genera
ton a leader in the economic de-
velopment of Florida and one of
that States most prominent citi-
zens.
Speaking from the text Colonel
Knight went on to express his con-
yiction that Florida will have in
the present year the greatest ex-
pansion in finances, in railroads,
in public utilities, in the construc-
ton of buildings and in its agri-
cultural and industrial develop
ment that the State has ever had,
eclipsing even the remarkable
record made in 1925. Colonel
Knight backed up his prediction
by citing the comparative busi-
ness records for january, 1925,
and January, 1926, of the three
business interests with which. he
is most directly concerned. They
are representative figures which
show the trend of all business in
Florida, coming from bank, pub
lie utility corporation and q
wholesale commercial house.
Citing Some Figures
The Tampa Electric Company,
which supplies electric light and
power in Tampa and operates the
street railway ION a five cent
fare), did gross business in
January of this year 81 per cent
greater than that of January,
1926. The. Exchange National
Bank of Tampa in January, 1925,
showed deposits more than 100
per cit greater than in the same
month of 1926. The Tampa
Hardware Company, which does
strictly wholesale business in a
territory containing about three
quarters of a million people,
showed an increase of ITS per
cent in it's January, 1926, bush
ness over that of the same month
in 1925.
Col. Knight went back a gen.
Grafton for a comparison which
was even more striking.
when / came to Tampa in
$780," he said, ut had a bank
with total resources of $500, 600.
It was the only bank in south
Florida. At the same time Flor
ida was so undeveloped and un-
discovered that the total deposits.
of all Florida banks were only
$4,000, 900.
Today, Colonel Knight declared,
the deposits of Tampa hanks
alone are fifty times greater than
the deposits of all Florida banks
at that time. The deposits of all
Florida banks on December 81,
1925, amounted to $1,000, 000,-
900, a figure, as Colonel knight
pointed out. five times that of the
total deposits of the banks of six
teen Southern States in 1881.
Advice on Real Estate
In common with other substan-
tiai business men Of the State
Colonel knight deprecates the
speculation in Florida real estate.
"The real business men of the
State are paying no attention to
it." he said. at is as ridiculous
for man to think that he can
make q success of specializing in
real estate on margin as it is for
him to think that he can make
success Of specializing in the New
York Stock Exchange on margin.
"The United States is steadily
increasing in population and
wealth. The man who buys .
sound stock, pays cash for it and
puts it away finds it constantly
increasing in value. The man who
buys stock on margin usually ends
up broke.
This holds good in Florida.
The man who examines property
here. buys it and pays cash for It
needn't give any thought to real
estate speculation. There has
been a constant increase in the
value Of Florida real estate dur
ing the last thirty years.
As an illustration of the con-
slant development Of the State
Colonel knight summarized the
history of three Tampa banks.
The First National Bank was or
ganixed with q capital Of $50, 900