The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1908-12-01

received from Hon. George B. Cortel-
YOU, Secretary of the Treasury, dated !
April 2, 1907, accepting the PROPOSE +
ton made by the Waterhouse Trust |
Company, stating what requirements
the trust company would have to fulfill |
in order to close the transaction.
The Waterhouse Trust Company had
considerable difficulty in getting the
property owners to agree to sell at the
figure required by Mr.. Taylor, as they
considered it less than the property
was actually worth and taxed for, but
their consent was finally obtained be-
cause of the expected enhancement
which would accrue to other adjacent
holdings of the owners and their as
sociates interested.
The Waterhouse Trust Company, IN
putting in this original bid OF $l4S,-
$50. took into consideration the fact
that il would have to purchase the
property that was to be dedicated Tor
the extension of Bishop street, winch
contained about $4,000 square feet, and
for which it would have to allow $780,
OOn. When Mr. Taylor insisted or ne
nYice being reduced to $lO4, 10, re
Waterhouse Trust Company felt Justl-
fed in making this reduction, bellev-
mo that the Government of the Terri
toTv of Hawaii could be induced to
purchase the necessary land for the
street and open the same to public use
As the Government declined to pur-
chase the property for the street, the
only way the trust company could COM
NV with the Secretary requirement.
y ,o nj
open the street, namely, S5o,ooo' os
voluntary subscriptions on the part Oh
those interested and from publc-splflt-
ed citizens. Onehalf OF TINS amount
was directly obtained from the ven
doris of the property, thus turther re-
| ducing the price to be Obtained iol
their land The money raised TOT tne
onening of the street was with the dls,
tinct understanding that Federai
building should be placed upon the Ma
buka site adjoining the street.
| Tn addition to the emphatic express
sion of public sentiment as to the To-
/ cation Of the proposed building, when
was made known to Mr.. Taylor at the
Young Hotel pavilion meeting Oh
March IL. 1907, resolutions faVorlng
the Mabuka site were subsequently
nassed bv the principal organizations
Re uonolnl,, ond forwarded to the sec
retarv of the Treasury. A petition
from the business community general
w signed was also sent forward.
After the close of all prellmnarles
all conditions made by the ohi'ee
states Government having been met
and all requirements complied With' 81
+bat tho owners offered to complete tn'
transaction by the delivery OF deeds II
fee for the property, the United otaCe
, Government decided to settle all pos
, sihilitv of question as to title, etc, %.
, regular condemnation proceedings, De
Fore taking the property for the Puf
.o of orectino the Federal bulldIn;
thereon. ~,
these proceedings were had in tn
nis+rict court of the United States TO
; the Territory of Hawaii, and were con
| cluded by decree setting the VI
and condemning the properly 70 =
; nsed by the United States 6over1l u en-
for the erection of Federal pullotns
The value of the Mahuka site L"
: been greatly enhanced by the eAten
/ sion of Bishop street, and recent ga %
of property on the opposite slde o. 'nl
street at So per square foot Inuio CO.., "
} that the property is worth doupie WI"
i was when the United States &c
ouired it, although the purchase prlc
: ar that time was made lower than la
vaIues then were for the reasons state
above In view Of the increased Nalu
nf the Nahuka site, the vendors lee
that if any disposition is made OF I'M
nrnpertv. other than for the erec'io
, Of a Federal building. it should TeNeL
| ~ them rather than be exchanged VII
, any outside private owner. Real e
: tate experts regard the value today .
, the Mahuka property as conservative
t douhle that of the Irwin, or Palac
= Square, property.
Want the Land Back.
In explanation of the section OF IN
statement of facts as presented regaf'
ing the desire of the vendors OF the M
> huka site property to be given fhe'
land back unless the original plan
T build the Federal building on it be ca
: ried out, Mr.. Lowrey stated that tn
, vendors were preparing to demand tn
J. restitution of the land otherwise
i spalding offers Objections.
The adoption of the report was NOV
= ed by George P. Castle, seconded
+ Jas. A MrCandless.
f. l. Spaldiug offered some obJeetio
n to the wording.
a u wish to object to the statemer
+ made by the committee that 1t IS tn
n .,-ish nf the citizens that h