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1900: W. H. Brophy, J. S. Douglas, Ben Williams, J. B. Angius, and
M. J. Cunningham. The capital stock of $50,000 was all paid in be-
fore the bank was opened for business. Its success was immediate, as
each member of the board of directors \vas well known in the com-
munity, and the confidence then displayed in their integrity and ex-
ecutive ability has been more forcibly shown with each succeeding
year. The. Bank of Bisbee is safe, conservatively managed, meets the
wants of its patrons as liberally as good banking customs will permit,
and stands for all that is reliable and trustworthy. It has its own
building designed expressly for banking purposes, in which are incor-
porated safety deposit vaults, and which is amply protected by all the
safeguards necessary in banking houses. The officials and directors
stand foremost among the eminent and substantial men of Cochise
County. Mr. Cunningham, who has been cashier since the opening of
the bank, is one of the ablest men in banking circles in Arizona, and a
man whose executive ability has manifested itself in many ways in his
present position. Mr. W. H. Brophy is president and also general
manager of the Phelps Dodge Mercantile Company. Mr. J. S.
Douglas is vice president, and a son of Doctor James Douglas, presi-
dent of Phelps Dodge & Co., and one of the big mining men of the
state. The directors are: Ben Williams, J. S. Douglas, L. D. Rtck-
etts, W. H. Brophy and M. J. Cunningham.



M. J. CUNNINGHAM, cashier of The Bank of Bisbee, was born in
San Francisco, August 9, 1873, but has been a resident of Arizona
since 1881, when his parents, Thomas J. and Frances Cashman Cun-
ningham, removed to the Territory and located at Tombstone. Mr.

Cunningham was edu-
cated in the -public
schools of California
and Arizona, at St.
Vincent's College, Los
Angeles, and St. Mich-
ael's College, Santa Fe,
New Mexico, from
which he was graduat-
ed. After leaving col-
lege he held various
clerical positions until
1900. He then became
interested in the organi-
zation of The Bank of
Bisbee, was elected one
of its board of direc-
tors, and chosen cashier
of this bank, which po-
sition he has since filled
most ably. In banking
circles, Mr. Cunning-
ham is now counted
among the ablest men
in the state, and he has
served as president of
the Arizona Bankers'
Association. He w r as
also one of the original
locators of the city of

Douglas; is secretary and director of the Bisbee-Naco Water Com-
pany; director of The Bank of Bisbee, The Bank of Douglas and The
Douglas Investment Company. In politics, a Democrat, he has
served as both chairman and secretary of the Cochise County Central
Committee, and although actively interested in his party's workings,
has never held an official position. Fraternally he is a member of the
Knights of Columbus, Bisbee Council, and of Bisbee Lodge 671 B. P.
O. E., of which he has been exalted ruler, and also District Deputy
G. E. R. of Arizona. Mrs. Cunningham, formerly Miss Mary I.
Goodbody, sister of Mrs. W. H. Brophy, of Bisbee, died on Decem-
ber 24, 1912. Their family consists of three daughters and three
sons: Ellen, Mary Isadore, Florence, M. J., Jr., Francis and William.

I N A RI Z O N A 209

C. O. ELLIS, Cashier of the Bank of Douglas, the leading bank of
the Smelter City, has been a potent influence in this bank's advance-
ment to its present high standard. On coming to Arizona in 1895
Mr. Ellis located in Prescott, where he secured a position as book-
keeper in the Prescott National Bank, with w T hom he was employed
seven years, and was gradually advanced to the position of Assistant
Cashier, so that his knowledge of the banking business in general was
both thorough and practical, and the ability he displayed was such as
to win for him a reputation that spread far beyond the confines of
Yavapai. In 1902, when The Bank of Douglas was planned, Mr.
Ellis was selected by the organizers to attend to the details of the
organization of this institution and has since been Cashier of The
Bank of Douglas, which was the first bank opened for business in
the city.

This bank was incorporated under the laws of the Territory with
an authorized capital of $50,000, of which sum $25,000 was paid in
before the opening of business, July 19, 1902, and shortly increased
to $35,000. The management of The Bank of Douglas is much the
same as that of The Bank of Bisbee, and is as follows: James S. Doug-
las, president, and William H. Brophy, vice president. Its immedi-
ate success was so striking as to set at rest all doubts regarding the
stability of the town and gave to Douglas a financial standing equal
to that of many older cities with much greater population. Its success
has also been continuous and the business of the bank has increased
year by year. In its directorate are some of the most prominent busi-
ness men and capitalists of the county, whose policy has been to fur-
nish good service, among them being the above named officials, and
M. J. Cunningham, cashier of The Bank of Bisbee, S. F. Meguire, E.
R. Pirtle, and F. T. Wright. The assistant cashiers are Frank H.
Fisher and Eustice C. Piper. Its popularity has also been greatly
enhanced by the courtesy, liberality and public spirit displayed by all
of the officials. They transact a general banking business and have
special facilities for financial operations in Mexico, and Northern
Sonora in particular, and offer their services to the public with all the
liberality consistent with the exercise of sound judgment.

Mr. Ellis is a native of Wisconsin, and was born in Mari-
nette in 1873, where he was educated in the public and high
schools. His father, C. J. Ellis, was a native of Maine, who had
removed to Wisconsin to engage in the lumber business, and before
coming to Arizona, Mr. Ellis had been employed in a clerical position
with a large lumber firm at his home. He is a member of the Douglas
Water Commission, President of the Country Club, and has been
President of the Arizona Bankers' Association. Mr. Ellis was mar-
ried in 1897 to Miss Charlotte Wheeler, of Prescott. They have one
daughter, Margaret.










I N A RI Z O N A 211

The Prescott National Bank

THE PRESCOTT NATIONAL BANK was organized and obtained its
charter from the national government on January 25th, 1893, having
a paid in capital of $100,000.00. F. M. Murphy was elected presi-
dent, Morris Goldwater, vice president, and R. C. Woodruff, cashier.

On January 25th, 1913, an extension of its charter for another
period of twenty years was granted by the Comptroller of the Cur-
rency. The present board of directors is composed of F. M. Murphy,
M. Goldwater, F. G. Brecht, James A. Home, H. A. Cheverton and
R. N. Fredericks. The officers of the bank are composed of the fol-
lowing: R. N. Fredericks, president; M. Goldwater, first vice presi-
dent; F. G. Brecht, second vice president; H. A. Cheverton, cashier;
L. C. Derrick and P. H. Deming, assistant cashiers. Of the original
organizers and members of the first board of directors, three gentlemen
are now on the present board, namely, F. M. Murphy, Morris Gold-
water and R. N. Fredericks.

The Prescott National Bank, by its progressive, yet prudent and
conservative methods, has been a large factor in the upbuilding of
Prescott and surrounding country. The individual members of the
board of directors are men known for their activity in the development
of the resources of this section, particularly in railroading, mining and
commercial pursuits, and it is due to their efforts that the Prescott Na-
tional Bank is now one of the strongest national banks in this state.

To the original capital of $100,000.00 it has added a surplus fund
of $100,000.00 and undivided profits of $110,000.00, which assures
its directors that all funds entrusted to its care are in absolutely safe
and reliable hands and has won for the bank the confidence of its cus-

The Prescott National Bank owns its solid and substantial banking
house, one of the finest in Arizona, which is thoroughly equipped with
fire and burglar proof vaults, safe deposit department and all modern
conveniences, so necessary to the careful handling of its large and
constantly growing business.

R. N. FREDERICKS, president of The Prescott National Bank, presi-
dent of the Bank of Jerome, and vice president of the Commercial
Trust and Savings Bank, was born on the Island of Heligoland
(Great Britain) on March 13th, 1855. He came to Prescott from
San Francisco in April, 1878, since which time the City a Mile High
has been his home. While not active in politics, he served four years
as the Democratic member of the Territorial Board of Equalization
under the administration of Gov. N. O. Murphy. In Masonic circles
Mr. Fredericks has been very active, having for a number of years be-
longed to the so-called "Old Guard". He was Grand Master of


Masons during 1895, Grand High Priest of Royal Arch Masons
during 1897, and Grand Commander Knights Templar during 1898,
at present holding the office of Grand Treasurer of the Masonic
Grand Lodge. Mr. Fredericks is also quite prominent in the affairs
of the Arizona Bankers' Association, being elected its first president in

MORRIS GOLDWATER, vice president of Prescott National Bank and
Mayor of Prescott, is also a member of the firm of M. Goldwater &
Bros., leading merchants of the Southwest, with stores at Prescott and
Phoenix. He is also one of Arizona's best known citizens, staunchest
Democrats, and ablest business men. He was born in London, Eng.,
in 1852, but in 1854 his parents arrived in California, where they re-
mained until 1861, when they came to Arizona and settled at La Paz.
There his father engaged in business, and in 1871 they opened a store
in Phoenix. Mr. Goldwater has always taken an active part in bank-
ing interests and is now secretary of the State Bankers' Association.
He has also served for many years as treasurer of this association. In
1873 he was nominated for the legislature by the Democrats of Mari-
copa County, but the election proved a tie. During his residence in
Phoenix, Mr. Goldwater was instrumental in having the military
telegraph line built into the city, furnished room and instruments and
was the first operator. In 1876 he located in Prescott, his present
home. He is now serving his third term as Mayor, and has been a
member of the City Council during several terms. He has also been
a member of the Board of Supervisors and Board of School Examiners
of Yavapai County, and of the Territorial Board of Equalization. He
was member of the Council in the Twelfth Legislature, Chief Clerk
of the House in the Thirteenth, and President of the Council in the
Twentieth. Mr. Goldwater was a member of the First Democratic
Convention held in Arizona, and in the Legislature was an indefatig-
able worker for his county and constitutents. It has ever been noted
that Mr. Goldwater's relations with those among whom he worked,
whether politically or otherwise, have been exceedingly harmonious,
while his sense of justice and of what is due the other side have been
the occasion of many a flattering, but deserved comment. He is an
active and learned Mason of the thirty-second degree, member of the
Mystic Shrine, and Past Grand Master of the order in Arizona. He
is also a member of the Elks and State Treasurer of the association.

H. A. CHEVERTON, cashier of the Prescott National Bank, son of
Edwin George and Emily Granger Cheverton, of Illinois, was born
in Monmouth, Illinois, February 7, 1876. He was educated in the
public schools of Chicago, and has been employed in various capacities
in banks since completing his education. For some years he was em-
ployed with the First National Bank, Chicago, and later, came west,
located in Los Angeles, and was employed by the First National Bank


of that city. As cashier of the Prescott National Bank, one of the
most important and soundest institutions in the state, Mr. Cheverton
maintains a leading place among bankers in Arizona. He is an active
member of the Masonic order, and belongs to Azatlan Lodge, F. & A.
M., Prescott Chapter No. 2 Royal Arch Masons and Ivanhoe Com-
mandery, Knights Templar, Prescott. In politics he is a consistent
Democrat, but by no means a politician. He is married and makes
his home in Prescott.

F. M. MURPHY, President of the Santa Fe, Prescott & Phoenix
Railroad, was born in Maine, but reared and educated in Wisconsin,
and has been identified with important interests in Arizona since
1877. Mr. Murphy inherited the solid and substantial traits charac-
teristic of the New Englander and has developed in life the energy
and enterprise peculiar to the Westerner. Though he has wielded a
strong influence in the development of many of Arizona's important
resources and his interests have been varied, he is best known through
his association with the Santa Fe, Prescott & Phoenix R. R., the
success of which is due, in a large measure, to his wise judgment and
boundless energy. He has been connected with this road from its very
beginning. The success attained by the Congress gold mine, of which
he was first superintendent, can also be attributed, in a great degree
to his foresight; as he placed the affairs of the company on a profitable
basis, and under his management $8,000,000 worth of gold was
taken out of it. He, together with his particular friend, Mr. R. N.
Fredericks, and others, founded the Prescott National Bank. Mr.
Murphy was president of the bank from its organization in 1893,
until 1910, when he was succeeded by Mr. R. N. Fredericks. Mr.
Murphy is still a director in the bank. Since coming to Arizona Mr.
Murphy has made Prescott his home, and has done much for the im-
mediate good of the town. He is a director of the Chamber of Com-
merce ; was the builder of the Yavapai Club, and one of its first presi-
dents. Here, too, he has a splendid home and is owner of several fine
buildings. He is reputed to have brought more money into Arizona
for investment than any other one man in the State. The ability he
displayed in the successful management of his road during the panic
of 1893 attracted widespread attention and gave him a position among
the recognized financial giants of the country.

As president of the Development Company of America, a holding
company with many large undeveloped interests, a position he was
prevailed upon to take in addition to his many other duties, he fell
heir to a lot of trouble, as the company, due to a combination of un-
avoidable circumstances, failed, forcing upon him the presidency and
management of many subsidiary companies whose properties were in
process of development and most of which were financially embar-


\viio s WHO

Frank M. Murphy

[ N A RI Z O N A 215

rassed. He never shirked the new responsibilities and if spared his
health will yet prove to the satisfaction of all concerned that the subsi-
diary companies should not, and would not have failed, had they
received the little additional support that they had to have.

Mr. Murphy's interests in Arizona are varied and much good will
accrue to the State when the different enterprises with which he is
connected are again in active and successful operation.

Mr. Murphy expects, with the help of his associates, as soon as the
Mexican revolution is over, to build what is known as the Arizona,
Mexico & Gulf of California Railroad, which, with the Panama
Canal completed, will prove to be one of the most, if not the most
important influence contributing to the up-building of Arizona.

Mr. Murphy is for Arizona first, last and all the time.

L. C. DERRICK, assistant cashier of the Prescott National Bank,
was born in Camden, N. J., September 29, 1879. His parents, Wil-
liam Franklin and Anna Matilda Derrick, subsequently removed to
Moorestown, N. J., and there Mr. Derrick was graduated from both
grammar and high schools. He then attended Swarthmore College,
adjacent to Philadelphia, from which he was graduated. His first po-
sition was with the Girard National Bank, one of the largest and
oldest banks in the city of Philadelphia, and there he served in vari-
ous capacities, meantime securing his fundamental knowledge of bank-
ing and advancing from one position to another. Mr. Derrick came
to Arizona the beginning of April, 1905, and has since been a resident
of Prescott, and was there married to Miss Helen Morey. Mr. Der-
rick is a member of Azatlan Lodge No. 1, F. & A. M., Prescott.

PAUL H. DEMING, assistant cashier of the Prescott National Bank,
was born in Colon, Panama, December 25, 1880, of American par-
ents, Sylvester and Sara E. Deming. Mr. Deming was educated in
the public schools of New York City and graduated from the high
school, after which he took a college preparatory course. His first
position was in the New York office of the Panama R. R. Co., which
was followed by a position with the N. Y. C. & H. R. R. Co., and
he was later employed for several years as assistant national bank ex-
aminer in New York City. Mr. Deming has been in Arizona since
July, 1907, his first occupation here having been at Jerome as clerk
with the United Verde Copper Company. From Jerome he went to
Prescott to accept a clerical position with the Prescott National Bank,
and has recently been promoted to the position of assistant cashier.
Mr. Deming married Miss Winifred Fredericks, of Prescott.



The Consolidated National Bank

THE CONSOLIDATED NATIONAL BANK, Tucson, is the oldest and
largest bank in the city, and in its history is interwoven a portion of
the history of many of the ablest financiers in the Southwest. The
first bank in Tucson was The Pima County Bank, organized in the
early seventies, which subsequently became known as The First Na-
tional Bank of Tucson. The Bank of D. Henderson was later organ-
ized, and in 1887, The First National Bank of Tucson, having sur-
rendered its charter some years previous and become The Bank of
Tucson, was merged with the bank of D. Henderson, and thus was
formed the Consolidated Bank of Tucson. M. P. Freeman, who had
been cashier of The Bank of D. Henderson, was instrumental in this
consolidation and became cashier of the newly formed bank, while
Mr. B. M. Jacobs, organizer of The Pima County Bank, and until
recently president of The Arizona National Bank, was the first presi-
dent, and Mr. D. Henderson, first vice president. Shortly afterwards
a national charter was obtained and the name changed to The Con-
solidated National Bank, by which it is now known. In 1898, owing
to ill health, Mr. Freeman retired from The Consolidated National
Bank, and the following year, having fully recuperated, was one of
the prime movers in the establishment of the Santa Cruz Valley Bank.
In 1895 he again became associated with The Consolidated National
Bank as its vice president. At that time H. E. Lacy was president,
and H. B. Tenney, cashier. On Mr. Lacy's retirement from the presi-
dency, Mr. Freeman was elected to this position, which he continued
until late in the year 1910. During the latter year, Mr. Charles E.
Walker, now cashier, was first employed with this institution as as-
sistant to President Freeman, and at the close of the year on the lat-
ter's retirement, a reorganization of the officials followed, when
Albert Steinfeld became president, Epes Randolph vice president, and
Charles E. Walker, cashier. During Mr. Freeman's later association
with The Consolidated National Bank his influence on its development
was material both in a personal way and as regards the benefits de-
rived from his superior knowledge of financial affairs, sound judg-
ment, and general executive ability. The Board of Directors of this
institution includes the above named officials, Mr. Freeman, F. H.
Hereford, Charles H. Bayless and Leo Goldschmidt.

The Consolidated National Bank is a U. S. Depositary and con-
tinues to grow with most gratifying results. Its last statement, dated
Feb. 4, 1913, shows total resources amounting to considerably more
than two millions, and deposits of almost one and three-fourths mil-
lions. The capital stock of the bank is $100,000, with a surplus of
the same amount and undivided profits of $50,000.



While sound banking principles and reliability are the keynote of
the success attained by The Consolidated National Bank, its contin-
uous policy of employing thoroughly capable assistants in each depart-
ment, and of according to the public the utmost courtesy, has been a
valuable aid toward this end.

MERRILL P. FREEMAN, LL. D., pioneer, financier, and retired
business man of Tucson, has been a resident of that city during the
past thirty-two years, and during this time has attained to a promi-
nence in the financial, educational, political and fraternal life of the
state that is rarely equalled in the span of one man's life. Dr. Free-
man was born in Ohio, in February, 1844, but was removed to Iowa
\\ith the family when but three years of age, and crossed the plains to
California by ox team when he was but eight years old. The latter
trip, now to be made by rail in three days, then required five months,
during which he rode horseback, driving loose cattle until his pony was
stolen by the Indians. His playmates for the first few years of resi-
dence in California were only little Indian boys. In 1857 Dr. Free-
man went by steamer from San Francisco via the Isthmus to the east,
where he took a four years' academic course, and returned to Califor-
nia, as before, by ox team, this trip requiring the same length of time
as the previous one, and although but seventeen years old, he did
regular guard duty against the Indians. In 1862 he removed to Ne-
vada, w T here, during the larger part of a residence of eighteen years,
he was engaged in mining and banking. He also served as agent for
the Wells Fargo Express Company at a number of points, and had
charge of the western end of their overland stage line at the time of
the completion of the Central Pacific Railroad, in 1869. At various
times during his residence in Nevada he held offices of political trust
and honor, among which were Regent of the University, Receiver of
the U. S. Land office, Postmaster, county treasurer and chairman of
the Republican County Central Committee. In the winter of 1880-
1881 he came to Arizona on mining business, and located at Tucson.
In 1884 he was appointed postmaster of that city, but resigned this
position in 1887 to accept the position of cashier of the Bank of D.
Henderson. As cashier of the Bank of D. Henderson, he began what
has proven to be one of the most notable and influential financial re-
cords in Arizona's history. This bank w r as afterwards consolidated
with the Bank of Tucson and subsequently became the Consolidated
National Bank, and during most of the intervening years it has had
the benefit of Dr. Freeman's wisdom and foresight and has been
guided to its eminent success largely because of adherence to his sound
banking policy. In 1888 he severed his connection with The Consoli-
dated National Bank, retiring for a time from active financial duties,
and later established the Santa Cruz Valley Bank, now the Arizona



Merrill P. Freeman


National Bank, another of the state's soundest institutions. In 1895
he returned to his former field of effort, The Consolidated National
Bank, as its president, and until compelled by a nervous breakdown
in 1911 to retire, continued in the president's chair. Many years of
close application to business in various lines had so impaired the health
of Dr. Freeman that it seemed the part of wisdom to dispense with
some of his arduous duties, and since then, although generally recog-
nized as "retired," he is a keenly alive man of affairs, whose influence
is still felt and whose advice is still sought on matters of importance.
During the fifteen years Dr. Freeman was president of the Consoli-
dated National Bank the deposits increased from something more
than $100,000 to one and one-half millions, which, in addition to being
an important factor in the history of the bank, is a high tribute to its

In 1889 Dr. Freeman became closely associated with the University
of Arizona as a member of the Board of Regents, which position he
has since filled at intervals for a total of sixteen years, ten of which he
served as chancellor. At one period, at the earnest solicitation of the

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