The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1900-01-26
LOSSES BYFIRE
A Present Estimate is
Impossible.
Wholesale Houses lose Heavily
Of Their Chinatown
Trade.


sentative Of the Advertiser waited
upon several OF the principal dis,rib-
utlng houses yesterday afternoon.
Mr.. Suhr Of H. Hackfeld & Co. said
that the fire had simply killed the Chi
nese trade and restricted the general
local business TO very narrow limits.
with regard to the Chinatown trade,
freight is piled up at the docks ard in
warehouses upon which neither freight
charges nor duty have been paid. The
consignees are, in the majority OF in.
stances. in the various detention and
relief camps about the city. Their
stores are all gone and in many in
stances they are impoverished through
the connagration.
1t Is impossible to estimate the loss
as yet, and perhaps months will elapse
before any reliable table can be pre-
pared. We are at work now upon a
schedule of firms with whom we are
interested. 1t is Of course unreason-
able to expect a full settlement, and
we will have to discount our account
considerably.
AS regards insurance, we are not yet
prepared to go into figures, but it Is
most certain that the question of liza
bility in this regard will form the ba
sis of considerable litigation in the
near future.
Mr.. w. II. Baird of Theo. II. Davies
& Co. said that it was impossible to
give even approximate figures of the
loss in Saturdays fire. Business is
practically dead so far as the Chinese
trade is concerned, and in general trade
is but a fraction compared with nor
NAL conditions. Collections generally
are very poor, and no Improvement
may be looked for until the present
trouble is over.
So far as insurance is concerned, /
believe the bulk of risk is carried by
Il few companies, as the majority of
insurance people do not care to assume
much liability over the class of Duild-
ings met with in Chinatown. | am of
the opinion that the amount insured
will be found ridiculously small when
compared with the actual loss, and
therefore the owners loss will be con-
siderable. The present unsatisfactory
condition of trade will assuredly be
overcome as soon as the plague trouble
is passed.
Mr.. Hugh Mcintyre of II. e. McIn-
tyre & Co. said there was no doubt
the fire would cause heavy losses
among the wholesale houses that had
been doing a large credit trade in
Chinatown. These housese were wealthy
and long established and could
stand it; but in other quarters bank
ruptcies were almost certain to follow.
A good many, he thought, would be
among the small Chinese merchants,
while others would be brought about
by the further depression of sugar
stocks, among those who had bought
assessable shares.
Mr.. Mcintyre also stated that he
believed the craze for oil stocks, lately
developed on the Coast by newly dis
covered oil wells in Southern Califor
mia, and the heavy buying thereof by
Honolulu people would have a tenden
cy to force further down the price of
the local sugar stocks now on the mar
ket. He did not, however, anticipate
that the plague, fire or oil craze would
have any effect on the stocks of pay
ing plantations or upon the value of
sugar properties already established.
Mr.. p. c. Jones of the Bank of Ha-
waii and C.. Brewer & Co. said that
while he was not thoroughly posted as
to the amount of credit given to the
merchants of Chinatown before the
fire, yet 1t was very probable the
wholesale houses in that trade would
be crippled to some extent. He was
not prepared to say whether or not
they would have valid claims against
the Government and had not as yet
definitely learned what position the
insurance men would take, but he un-
derstood that at a meeting of the un-
derwriters, held the day before yes
terday, 1t had been decided to receive
and hold all claims of policy-holders in
allegiance for the present.
In regard to insurance. Mr.. Jones
said he was informed that for years
large amounts had been carried in
Chinatown on high rates, and he cited
an instance where a premium of per
cent had been charged, which amount
ed to $3.50, on policy of $4,000. Now,
he thought, that ms the insurance COM
panies had been charging abnormally
high rates for years for Chinatown
risks, 1t would be the right thing for
the companies to pay legitimate poll
cy-holders in full for their losses in
the late fire. II these claims were
promptly met by the insurance people
1t would greatly relieve the situation;
especially among the small merchants,
who will otherwise be called upon to
shoulder the immediate burden OF loss.
or course. concluded Mr.. Jones.
there viii ultimately be the question
OF claims against the Government, and
II the insurance men can hold the
claims OF policy-holders against them
In allegiance until these are adjusted, 1t
will give them a better chance at a
compromise. even II they are not en-
tirely relieved from responsibility.
But in the meantime many of the less
wealthy policy-holders will suffer, Do
not misunderstood me; from my point
OF view the Government is responsible
for damages In all cases where prop
erty has been declared infected and
has been burnt by the order OF the
Board of Health. On the other hand,
my opinion is that the insurance COM
panies are legally responsible for all