The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1893-08-18
IN IT'S NATURE PRIME.
A LOCAL BANKS THIRTY
FIFTH BIRTHDAY
The Long and Honorable Career OF {.
r. Bishop & Co. Described
Vicisstude and Success.

The banking house of Bishop * Co.
closed the thirty flth year Of its organl-
cation yesterday. A complete history
of its experiences during that long and
eventful period would be interesting
reading to the old residents and, per
chance, instructive to those fast taking
their places in our commercial affairs.
When the bank opened c. r. Bishop
and w. A. Aldrich, the latter Of whom
died recently at Oakland, were partners.
Before they began business the bank
ing of Honolulu was done by Page,
Brown & Co. of San Francisco, who
dealt in whalers xchange-paying off
the crews, re-tripping the vessels, etc,
that voyaged in the north for oil. This
firm occupied the office now used by
the Bell Telephone Company. Bishop
& Co. succeeded to most of the San
Francisco banks custom and were
going along before a fair wind, when
the whaling fleet was destroyed by an
ice pack in the Arctic, and HonoIulu's
sole reliance in a business way came to
an end. The whalers never renewed
their traffic, the demand for the oil Of
the cetacean having nearly ceased.
Bishop & Co., although they were
crippled, kept their courage up and
continued to minister to the financial
welfare of the group.
Other losses came from time to time,
particularly when the United States
Government declined to honor one OF
the drafts made against the account of
its Consul here. Other drafts were lost,
IN awhile, which had been forwarded
on the U. S. S. Levant, which left Hilo
for San Diego and was never heard OF
more. 1t is thought the vessel was
caught in the rotary cyclone which
whirled out of the California Gulf about
that time and crossed the route of the
Levant striking the Island of Maui in
its course and wrecking some planta-
tions.
The draft losses were not large, and
were recently recouped. The proceeds
realized from the long-deferred pay
ment of the United States Government
were donated by Mr.. Bishop to the
Hampton Institute.
The original correspondents OF
Bishop & Co. were GrinnelI, Minturn
& Co. of New York H. l.. Pierce &
Co. of Boston, and Morgan, Stone &
Co., and later McRuer x Merrill, of
San Francisco. Mr.. Adrich finally
sold his interests in the bank to the
famous w. C. Rslston, and the latter
was in partnership with Mr. Bishop
until he became president of the Bank
of California. Thereafter the relations
between C. r. Bishop & Co., (Which
came to include John H. Patty and
the Bank of California, were very
intimate 1t was the policy OF the
local concern to encourage and help
build up the newborn sugar interests,
and the time was not long before the
new line of custom, thus obtained,
more than made up for the lack Of
whaling business.
One Sunday morning the news
reached Honolulu that the Bank Of
California had failed. The relations o.
Bishop & Co. to that great but
mismanage institution were
well known, and the loca
excitement was intense. Had the bank
been open there would have probably
been a run and a struggle to tide The
difficulty over which might or nigh
not have succeeded. However, the
moneyed friends of Bishop & Co. raj
lied to their support, protected all out
standing drafts, and did whatever else
was necessary to keep the bank solvent
In San Francisco the belief was gen
eral that the Honolulu institution
would go d wn. "You could no
escape that way again" said an eminent
banker to Mr.. Bishop, "you were
helped by miracle"
Somewhere about 1880 Hon. Samue
Damon came into the firm and is nov
its managing partner, with Mr.. Patty al
an experienced and able colleague
Mr. Bishop, for the greater part OF thu
time, lives in the United States. b,
perpetuating the best traditions of tn
bank and infusing its policy with hi
own conservatism and good sense, MI
Damon has made greater success
the undertaking than its founders, wa
back in 1858, could have regarded a
possible.
An Eccentric Clock.