The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1906-04-24

SfeNststsrsIsteSsr
curities are in their large vaults and
when the fire cools off they will be
found intact. "As to loans on real es-
tate" he continued, "the land is still
there and the buildings are usually in
sured up to the amount of the loans.
II there are numerous cases where the
loans were beyond the insured value
then there will be a nipping. but / do
not believe it will be considerable. The
potential value of the land can not
have changed unless it should follow
the example of Chicago and take an
upward tendency. Back there it was
thought after the fire or, / may say,
during it, that the values would de-
crease. but the opposite was the case
and they began climbing before the
ashes had cooled and they continued
to do so until stopped by the disas-
trous panic of 1873.
Another thing: San Francscans are
large holders of securities outside of
the city and in some cases, perhaps
good many, outside of the State. Think
of the money in mines and in ranches.
Well, those securities are as good to-
the holders will not suffer any incon-
venience through their possession at
this time. You can say the same of
Honolulu. The place might burn down
and yet large portion of the popu-
lation would not suffer ruin in conse-
quence. Men in this day do not carry
their wealth over their heads; 1t is
around about them, but not of them,
and when trouble comes they can go
and get 1t where rust and decay can
not touch it."
! Practically that is the opinion of a
leading financier of the Territory. and
his views are coincided in by others
on the same line. E. l. Spalding says:
II am sure that Honolulu was never
in a more prosperous condition. and
there is absolutely no reason for alarm.
/ know of no reason for calling any
loans here and If they are called guess
they will be met. Our local banks are
/ strong, very strong, and the situation
at the Coast causes no alarm here,
but a feeling of sympathy and regret
more intense than / can express. 1t
occurs to me that we should look upon
the bright side of the affair and not be
outlook. San Francisco has plenty Of
money and the State has rich mines
that will help materially in pulling
them out of their difficulties. Our
greatest sympathy should go out to
the individual losers. those whose
homes have been burned and who may
not be in a position to rebuild or re-
coup their losses. There will be much
suffering among the poor but you may
depend upon it the people of the State
will rise to the occasion"
Charles M. Cooke, president of the
Bank of Hawaii, has not changed his
mind in any particular since saying
to the Advertiser on Tuesday night
that the effect on Hawaii would be in
considerable. "Why should we feel
it?" he asked yesterday. Our banks
are strong financially, perhaps as
strong as they ever have been, and
we do not owe the California banks
enough to make 1t worth while men,
tioning. / speak for my own bank and
l believe / am expressing the situa-
ton regarding all OF the others. San
Francisco is going to pull out OF this
fog surprisingly fast; she will follow
the pace Of Baltimore after the great
fire there. When l went through thai
city the last time | was in the States
| could not realize that only shori
time before there had been "A confiagra.
tion that wiped out the town. If ther,
are holders OF Hawaiian securities VIII,
feel that they may be obliged to have
, their value I'm money they may send then
here for sale and there may be people
here To buy them, but 1t does not fol
, low, The banks over there are "a
strong, probably as any In the coun
try and there Is no need TO worry oyel
, their linapcial condition
II win be remembered that when th'
lille New Jersey manufacturing towi
of Patterson was burned a few year
ago the citizens in all of the neigh
boring places came to their reseu
with oifers NJ assistance, patterson
Was an right" said James r.. casll
la referring to the incident, 'and th
mayor wired 10 those who had offered
Patterson VIII take care ~ her deHtl
lule and suHerins poor"
That may sound little perky at mi
} lime, bat Ar, Castle IL ~ tho opinlo
that iho great State of California WI
do tbs sans ihinE
fhern Naa q Hfeai deal ~ o0mmen
l up0p tho fast thai iheTr was ncihln
asnRlla ln ihe dispatches 80 20 40
Y loss N No lhs pvhls dla NOT ooniias
thai ~ lhf illnf lhe hssssss Nns esl