The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1894-08-11
SUCH IS The RUMOR AT PRESENT.
The sale OF the Concern Of Bishop and
Company May work Great Changes i'm
Honolulu Banking CircIes-Mr. Damon
VIII Probably Start a New Bank.


interest in the banking business con-
Quoted here under his name, to a COM
pany headed by Lilienthal Brothers,
of San Francisco. One of the latter
was here a few months ago, evidently
investigating matters, and when he
left it was understood that Mr.. Bish-
ops terms had been accepted, and that
the man who started the first bank
i'm Honolulu was to step down and
out, giving way TO new capital and
American money. This, of course,
was to be expected in time, and,
equally of course, Mr.. Bishop had
right TO dispose of his property as he
saw fit. 1t has been known for some
time that Mr.. Bishop was trying TO
dispose of all his Hawaiian interests,
and wanted TO convert all his proper
ty into hard cash.
But one phase OF the transfer viii
not be very acceptable to a large num-
Der Of Honolulu people. This is, that
when the new bank is started, :. NJ.
Damon, who has for so long conduct
ed the business of the bank, is TO be
removed, and Godfrey Brown put in
as local manager. Speaking Of the
transfer, a prominent business man
who does not wish his name used,
said Yesterday:
9.That the Lilienthals intend to Gust
Mr.. Damon i well known. But that
Mr. Damon contemplates starting 4
new bank here, in the event OF the
deal being consummated, is not as
generally acknowledged. Godfrey
Brown Is to be PIT IN as manager OF
the new concern, and no recognition
is to be made of the long services OF
Mr.. Damon. The latter has been In
the banking business here for over
twenty wears, and he understands the
people thoroughly. There is probably
TO man in town who has the conf
dence of as many large business
houses as Mr.. Damon.
"When the deal was completed be
tween Bishop and Lilienthal, 1T was
understood that all the business con-
trolled by the bank would be contin-
ned by the new concern. But II MI.
Damon starts another bank, as rumor
has it that he will, he will certainly
take away a big part of the clientele
of the pres mt firm.
'sWhen Mr. Damon heard OF the pro-
posed sale, and the fact that the IN
tention of the new pToprietors was TO
put Mr.. Brown in as manager, ne de-
cided to circumVent the deal II posi-
BILE. Naturally, he does not wish to
be left without any business after all
his wears of faithful service. He went
to San Francisco to find out whether
the rumors were true, and l under
stand that he found they were. When
he came back, he at once entered into
negotiations with several monled
men here, for the purpose of finding
a la.aar
bank with any assurance OF success.
/ believe that arrangements to this
effect have been made, If that Is the
case, Mr.. Bishop will have some trou-
BILE in delivering the goods he prom
ised. Mr.. Damon Will control the
sugar business of at least five OF the
biggest firms here, including Castle *
Cooke, Brewer * Co, and TheO. ii.
Davies * Co.. and the loss of the bust
ness of these firms would make big
hole in the profits of the new firm.
Besides these, Damon has a large
number OF friends among the smaller
concerns, which, in the aggregate,
would amount To great deal OF
money being thrown in his way.
When this fact becomes known, il
NAV. of course, interfere with the sale
of the bank, a the Lilienthals will
not wish to buy a business which
might, and probably would, depre-
ciate in value"
Godfrey Brown, who i said TO be
the coming manager of the new bank,
claimed TO know nothing whatever
about his appointment. ''Alr. Bishop
has offered To sell bis interest IN the
bank at very favorable terms, which
will undoubtedly be accepted, 'he said
'SOme of the purchase money Will
come from Honolulu, and some from
San Francisco. Six months are given in
which TO complete the deal. As for
my being appointed the manager Of
the new concern, that Is all IN the
future The directors will, Of course,
meet and appoint whom they please.
In spite Of Mr.. Browns assertion TO
the contrary, it Is generally under
stood that he l. TO assume the position
of manager, to the exclusion OF Mr..
Damon. The latter said, yesterday
afternoon:
This new deal leaves me out in
the cold entirely, and / understand
that Mr.. Brown Is 10 be appointed
manager in the event OF the negotia-
tions going through. If this i the
case, / shall certainly not be idle. ]
have been looking around me since
my return, and NAV confidently say
that l can start q new bank here with
big chance Of success. Do not I'M
derstaud me 10 say that / regret the
sale Of the bank. The more foreign
capital that comes 10 this country the
better II will be for all OF Us, As money
makes money"
Mr.. Damon would not say who his
associates are in the plan Of starting
new bank, nor was il possible TO as
certain their identity. But that q
number Of solid, substantial men are
at Mr.. DamOn's disposal with money
money TO start the new concern, anC
money 10 keep il going, is undoubted
The result will be awaited with grea
interest.