The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1894-08-14

had made all arrangements TO sell, ms
interest in the banking business con
Quoted here under his name, TO COM
pany headed by Lilienthal Brothers,
of San Francisco. One Of the latter
was here few months ago, evidently
investigating matters, and when he
left ii was understood that Mr.. Bish-
ops terms had been accepted, and that
the man who started the first bank
in 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 3
right to dispose OF his property as be
saw ut. Il 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
IL into hard cash.
But one phase Of the transfer will
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 Cf the
transfer, a prominent business man
who does not wish his name used,
said yesterday:
That the Lilienthals intend 10 Gust
Mr.. Damon Is well known. But that
Mr.. Damon contemplates starting q
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
l. TO be made Of the long services OF
Mr.. Damon. The latter has been IN
the banking business here for over
twenty years, and be understands the
people thoroughly. There i probably
20 man in town who has the conf
ienee OF as many large business
houses As Mr.. Damon.
"When the deal was completed be
tween Bishop and LiiieutAai, il was
understood that all the business con
trollsd by the bank would be coutiG-
ued by the new concern. But II MIR.
Damon starts another bank, a. ramO-
has il that he viii, he Will certainly
take away big part Of ,hs clientele
Of the pres at finn.
"When Mr. Damon heard OF the pro-
pOseI sale, and the fact that the III
IentiOu Of the new prOprietOrs was 10
nut Mr. Brown IN - manager, he ue-
cidei 10 ciTcumyeut the deal II POSI-
Die. Naturally. he does not wish To
B.. of al
his YEAR OF faithful service. He went
20 san Francisco To hld out whether
the rumors We're true, and 1 under
stand that he found they were. When
he came back, he at once entered into
negotiations with severa mOnied
men here. for tn purpose of finding
out whether he could start another
bank with any assurance Of success.
[ believe that arrangements 10 this
effect have been made. If that j the
case. Mr.. Bishop will have some trOu-
BIZ 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 x
Cooke, Brewer x CO., aud TheO. II.
Davies K Co, and the loss of the bust
ness OF trese firms would make big
hole in the profits Of the new firm.
Besides these, Damon has large
number of friends among the smaller
eoucerns which, in the aggregate,
would amount 10 a great deal of
money being thrown in his way.
When this fact becomes known, ii
may. Of course. interfere with the sale
Of the bank, a. the Lilienthals will
not WISH 10 buy = business which
might, and probably would, depre-
ciate IN value.n
Godfrey Brown. who is said 10 be
the coming manager OF the new bank,
claimed to know nothing whatever
about his appointment. "Air. Bishop
has offered 10 sell bis interest in the
bank at very favorable terms, which
will undoubtedly be accepted, he said
ssSome 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. Tue 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 is 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, ami l understand
that Mr.. Brown is to De appointed
manager in the event OF the negotia-
tons going through. If this is the
case, / shall certainly not be idle. L
have been looking around me since
my return, and l may confidently say
that / can start new bank here with
a big chance of success. Do not IN
derstand me to say that l regret the
sale OF the bank. The more foreign
capital that comes to this country the
better il will be for all Of Us, as money
makes money"
Mr.. Damon would not say who his
associates are in the plan Of starting
a new hank, nor was it possible TO as
certain their identity. But that
number of solid, substantial men are
at Mr.. Damonis disposal with money
money 10 start the new concern, and
money to keep it going, i undoubted.
The result viii be awaited with great
interest.