THE CHICAGO 'BAJVK.E'R
Founded in 1898
Volume xxv	CHICAGO, DECEMBER 5, 1908	Number 23
Banking Conditions in Arizona
to the value of $1,094,957.97. This output will be more than doubled this year owing to the erection of a modern, up to date concentrator and smelter. Another producing camp since 1900 is the Helvetia, in Pima County, and another in the same county is the Twin Buttes.
Globe has made wonderful advancement in seven years. The Old Dominion was for many years a doubtful quantity in the territory's mining industry; since it was put under the ownership and management of the Phelps-Dodge Company, a new and modern reduction plant, including a concentrating mill, has been provided and ore bodies have been developed which insure it a dividend payer for years to come.
These are only a few prominent instances of the growth of the mining industry in recent years. It will be remembered that the mines in Arizona are now assessed on the ore produced, so that a $20,000,000 valuation in producing mines would mean that ore worth $80,000,000 had been produced during the year. During the years 1907 and 1908 Arizona produced 274,000,000 pounds of copper, leading all other states and territories. This output was sold for $61,000,000. The output of gold has very materially increased and the great silver producers of Arizona would be again operated if the price of the white metal would go a little higher, and the price remain uniform.
Mining is not the only industry slated for important future growth in Arizona. The agricultural industry, the one which will endure for all time in this country, is just on the eve of important advancement because of the irrigation enterprises already undertaken, and to be undertaken here. The Tonto dam will insure an abundant water supply for the Salt River valley, and give to Phoenix such prosperity and growth as has hardly been calculated in the past.
When I was in this city last, some ten years since, there was not a bank in Cochise County. Nowr there are fourteen prosperous banking institutions with capital, and surplus, and undivided profits aggregating the sum of $635,946.
The large profits that have been made by these banks show the marvelous development that has taken place within the past few years, evidencing the clear sightedness and conservatism displayed by those conducting these institutions. To me the most surprising feature is that there is but one national bank in the entire county, and the only failure or suspension during the “late unpleasantness” was from a national bank in this city.
It is with pleasure and pride that I can point to the bright page in our financial standing showing that during the past year but one bank or trust company has failed, or gone into liquidation. The loan and discount column of the national banks shows a total of $3,910,-516.05, while that of the territorial institutions shows $5,459,310.74, making a total of $9,369,-826.79, while the deposits of all national banks aggregate $5,448,752.81, and that of the terri-
President John M. Ormsby of Tucson shows progress made and advances secured during the year in his address before the fifth annual Arizona Bankers Convention at Bisbee on Dec. 4.
About the year 1900 began the greatest mining activity in the history of Arizona and this activity of development has continued from that time to the present, resulting in great expansion
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J. M. ORMSBY
Tucson, Arizona
of the industry in all of the old districts and the starting of production in many new and heretofore unproved districts. Eight years ago there was no production in the W arren district in Cochise County except by the Copper Queen. About that time the Calumet & Arizona Company was starting active development work in Bisbee. This company now ranks with the important producers of the territory and the present output of 400,000 pounds per month is expected to be more than doubled within the next year.
Another very important producer which had been put in operation since 1900 is that of the Imperial Company, at Silver Bell, Pima County. This property was sold some six years ago, an undeveloped prospect to that eminent citizen of Cochise County, and his associates, for the sum of $550,000. Under careful and wise expenditure of a vast amount of money it has developed into one of the great mines of the territory, producing last year, while development was being prosecuted copper matter
It is with great pleasure that I have the honor to call the fifth annual convention of this association to order, and will take pleasure in presiding over its deliberations.
The country during the past year has passed safely through one of the most critical periods of its financial existence.
The enormous volume of business that has been developed, and the prosperity of the country has made men wild with speculation and a desire to make money fast. This has not been confined to the speculator only, but the merchant and individual-lias become a speculator, and has plunged deeply into rash ventures. The wild scenes on the street and in the stock boards in New York City, were not caused by the lack of business, or a cry for bread, but by the stock speculator. The fact that the great capitalists came to the relief of the market speaks well for the patriotism of the “man behind the money.”
The fact that Arizona has increased its assessed value during the past year, 25 per cent, will certainly open the eyes of all who learn of this rapid growth. While not all of this increased wealth has been created during the past year, nevertheless the fact that Arizona is finding a way to get all its property on the assessment roll is a creditable incident in the growth of Arizona.
A copy of the assessment roll of the territory for the year 1900, eight years ago, shows the total to have been $33,782,465.99. The abstract of the assessment roll for this year, as published, gives the total amount of assessed property at $80,647,501.49. In the year 1900 all the mines in Arizona were listed for only $2,641,-181.52, while this year the mining property of the territory is assessed for a total of $21,-485,125.25.
The mining property of the territory shows the greatest increase in value since 1900. The next in importance in showing increased value is the item covering city lots and improvements. City lots and improvements on them were assessed eight years ago for a total of $9,173,-410.59. For this year this same class of property is assessed for $19,591,213.51, a gain of over $10,000,000.
We find that the value of land in the territory, other than city lots, has increased something more than $2,500,000. Range cattle show a falling off in seven years of about $200,000. This may be attributed to two causes—a severe drought lasting two years in 1901 and 1902, which reduced the herds by death, and the fact that the forest reserves, and the taking up of homesteads has curtailed materially the amount of open range lands. There are 100,000 more . sheep in Arizona now than there were in the year 1900, according to the assessment rolls.
The increase in assessed miles of railroad in 1908 is nearly 400. There have not been 400 miles of railroad built in the territory since 1900, but this increase in part comes from the fact of several lines being exempt from taxation in 1900 that are now subject to taxation.