The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-11-15
NATIONAL No. |
Col. MaCfarlanH'S Bank Mission to
the States.
HOW STOCK is PLACED
capitalization of $1,000, ,OOO-Will
Be 100000 i'm Jas.
CampbelI-D Directors.

Col. George Macfarlane has been ar
ranging in Honolulu for the launch
ing here so soon as possible OF the
First National Bank of Hawaii. The
colonel represents locally the Ameri-
can syndicate which has been after
the charter since early in 1898. At the
head of the company is Perry 5. Heath,
assistant postmaster general at Wash
ington. Mr.. Heath has year after year
renewed his application with the
comptroller of the currency for the
Honolulu charter and has the aSsur-
ance of the right that belongs to prior
ity and that is recognized by the Secre-
tary of the Treasury.
AGviceS came to Colonel Macfar-
lane by the s. 5. City of Puebla mail
that caused him TO depart last night
for the States on the S. S. COptic. The
colonel hopes TO be able to transact all
businesses necessary for organization
without leaving San Francisco. In that
event he will return by the CoDtic.
Otherwise he will be compelled to so
on to New York and Washington and
will be absent couple of months.
Colonel Macfarlaue had declined up TO
yesterday morning to say anything of
the condition or progress of his plans.
but at the hotel in the forenoon talked
freely OF the First National to an y\d-
vertiser reporter and to others.
There will be for the First National
Bank of Hawaii, 10 be located of course
in Honolulu, capitalization of $1,000
600. At the beginning half of this sum
will be paid in. There will be call
for the remainder just as soon as Op-
portunIty opens here for use Of the
money. Colonel Macfarlane said that
monied men of Washington and capi-
talists of San Francisco We're anxious
to subscribe for the entire issue of
stock. However, an arrangement that
seemed better for botu the bank and
the Islands was suggested by Colonel
Macfarlana and was favored by Mr..
Heath and others interested in the
project originally There will be taken
in the States S700 600 of the whole of
the capitalization. OF the 100000 left
for Hawaii, James Campbell of this
city has taken 100000. Ii is on bank
and not on hotel business shat Mr..
Campbell is en- route TO San Francisco
on the s. S. Australia. The second
$100,000for Honolulu has been taken by
local rich men in two blocks of $4,000
and one OF $4,000. This leaves 100000
which Colonel Macfarlane says will be
issued in small amounts-not to exceed
s.. 500 to one person and down to the
stock face value of $500. The inten-
tion by this course is to have so many
Honolulu people as practicable inter
ested in the success of the National
Bank. There Will be a board of several
directors. five of whom will be resi-
dents of Honolulu. making the corpo-
ration local one.
Colonel Nacfarlane has been busted
much OF his time for several months in
the organization OF this bank and is
highly elated 10 know that his plans
are now about cOnsummated. The eX-
pectation is that the charter for the
First National will be issued in a few
months-earlv in the new year. \
quest is under way already for a busi-
ness location. \ home for the .insri-
tuition Will in all likelihood he furnish
ed by James Campbell.