Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1903-10-29

ute had taken the ayes and noes vote |
for. II YOU remember the matter was .
referred TO a conference committee and |
the report ~ the conference committee |
was accepted by majority Of the SEN /
ate In the House the ayes aud noes |
were taken For a miuUt, Il looked |
as DO ! would have 10 leave the matter
there and return to Honolulu to wait
two years before the bonds could be
Issued
Judge Dillon said that IL Hawaii
would take advice from one 80 far
away and so little known here. he
would recommend that hereafter that
conference committee reports In the
Legislature be acted on finally by
calling for the ayes and noes
N the law had permitted the dis
posal Of the bonds at private sale
could have had a million dollars avail
able forty days ago ] could have sold
the whole issue to one firm az better
figure than that offered by POLITE Of
san Francisco whose bid, think. was
los.
Trust Company people are all right.
They did everything In their power TO
assist things along. They made inquIT.
les in regard to the question Of the rate
| of interest on the bonds. and IL was
/ through their advice, since the favor.
able action taken concerning our
bonds in Washington that the rate Of
interest was reduced 10 four and a half
Ipor cent
The Trust Company prepared the
form Of the bonds and submitted II 10
Judge Dillon. Of Dillon d Hubbard, one
Of the best.knOwn legal firms In the
United States.
/ when the Treasurer Of the United
States announced the acceptance Of
our securities as security for deposits
Of public money the Associated Press
reports throughout the country brought
immediate Inquiries from many
sources. Not knowing whom 10 ad.
dress. the inquiries were sent TO the
Treasury Department and came 10
New York subsequently. One inquiry
was from Denver, Colorado: another
from Richmond. Virginia. This Just
shows something Of the interest at
lOncc excited
Some finanCicrB. when ! was in New
| York calling ON bankers and waiting
Tor an opportunity 10 see the Prcsi.
dent, would not consider any PROPOSE.
ton under mirion dollars. They
wanted the whole bond Issue or none.
Bearing MagOun a. Co. Of New
| York offered to give me a certified
check for the whole issue, the bonds
10 be delivered later, but Of course
could not dispose Of the bonds at prl.
yatc sale.
Now the bonds will be signed and
advertised here as they are In New
York, there TO be held by the Trust
Company to await the orders Of the
Territorial Treasurer after bids have
been received and opened and decided
upon. The aggregate Of bids for por.
lions Of the issue may be better than
the highest bid for the whole Issue, the
Treasurer reserves the right TO reject
any or all bids.
when was visiting the Depart
mcnt Of the Interior and the Treasury
Department In Washington. President
Roosevelt communicated with these
departments, requesting that every.
thing be done to assist me In the work
on hand, and ! was certainly treated
with the greatest courtesy by all"
Following II the letter sent 10 the
Secretary Of the Interior by Secretary
Shaw concerning the Federal accept.
snCe Of liawaii's bonds:
Treasury Department,
Office Of the Secretary.
Washington, Oct. 3, 1908.
Che Honorable
The Secretary Of the Interior.
Sir have received your letter Of
October I'd, suggesting the ACCESSIBILITY
Of the acceptance Of Hawaiian bonds
issued In the sum Of sl,229, 1OS.O3 IN.
der the Hawaiian Territorial Loan Act
for the present year. as security for
deposits Of public money Of the United
States In national banks, and in reply
] have the honor to advise you that this
! Department will accept these bonds as
security for deposits Of public money
In national banks on the basis OF ninety
per cent. OF their par value whenever
further deposits may be made. and
that said Hawaiian Territorial bonds
may at any time be substituted for
United States bonds now held as Sc
! curity for deposits, upon condition that
the United States bonds thus released
be used as security for additional bank
note circulation.
Respectfully,
l.. NJ. SHAW,
Secretary.
J.. II. Rowland of the United States
Mortgage and Trust Co. stated that all
legal papers In connection with the
bonds are in the custody of the trust
company. II prospective investors
wish to inquire into the merits OF the
issue they are at liberty to examine
these papers. This often makes diff
ference to an investor and the record
Of Hawaii's bond issue Is on file for