The Hawaiian gazette., 1912-07-02
MEN WITH COIN
HANG ON TO It
Commercial Building Committee
Strikes a Floe Of Very
Frlgid lcebergs.
tFrom saturday's Advertlser.l }

(From Saturdays Advertiser.)
Private profits may outweigh con.
siderations Of public spirit in the mat
ter of Merchant and Bishop streets
site for the proposed commercial build.
ing. The land is owned by the Spreek.
els heirs and occupied at present by the
Associated Garage building, one hun
;dred thousand dollars being the price
named by Robert w. Shingle, who holds
an option on it. The joint building
committee, representing the chamber
of commerce, merchants association,
stock and bond exchange and CONNER
cial club, may obtain the property at
that corner if they can raise the money
and do it in a hurry, for the option
runs out on July 3, but the outlook is
not bright. The ones expected to sub
selves.
The Joint committee held n special
meeting yesterday afternoon in the
chamber of commerce rooms, at which
Mr.. Shingle made his offer. subcom-
mittee was appointed to lay the prop
osition before the moneyed interests,
but from broad hints dropped, the sub
committee members expect to have a
cold reception, for it is said that one or
two of the big trust estates want the
property and each is willing to pay the
figure named by Mr.. Shingle. Their
money would go before July 5, if given
the opportunity.
The purchase of the property at
100000 would be only starter for
the commercial bodies, the building
proposed being estimated to cost not
less than $150,000 more. If things go
well, holding company will be form
ed for this amount, to issue bonds.
Can Get Extension.
Statements were freely made at yes
terday's meeting that the property, if
not taken by the four organizations,
would be snapped up at once by one
of the estate trusts. The subcommittee
felt that to carry out its moneyraising
campaign and show how the proposed
building could pay, would take longer
than between now and July 3. Mr..
Shingle said he had no doubt an ex-
tension of thirty days could be OBJ
: tanned.
OH IHlS SuONlHR lHG
! appointed by Chairman George W..
! Smith, consisting of Z. II. Paris. w.
+. Dillingham;, Fred Waldron and Fred
: w. Macfarlane, will canvass the bust
ness houses and endeavor to have them
finance the proposition on behalf of
l the joint committee.
In the absence of w. R. Castle, Mr..
Smith was made chairman, with II. P.
Wood as secretary. Mr.. Smith called
upon Mr.. Shingle to make a statement
as to the property in question.
5 No Single Pieces for Sale.
1 "I called upon Rudolph and Claus
| Spreckels in San Francisco,' said Mr..
Shingle, "and they would not sell just
: one piece of their Honolulu holdings.
2 Mr.. Steere and myself were commission
f ed to get their prices on the property,
e and after figuring for several days they
: gave MS an option on the entire prop
critics for 100000, including the Puma
hou homestead, on which we already
had definite offer. Mr.. Castle, on
finding it was impossible to deal direct
for this one piece, asked Mr.. Steere
and myself if we would not give the
joint committee a chance to buy it
We knew what we could get for the
erty facing on Queen street is worth
t We put high valuation on the Star
e building, at rate of $3.50 per square
I foot, and then found we will have tC
make price of Sc per foot on the prop
i erty you want, which would make il
I about 100000 We cannot sell for les:
q than 100000. We would have to get
!. that in order to deliver the Punahol
o property and other properties, the lat
; ter to the Atherton and Castle Estates
h The Castle Estate wants land on whiCl
/. to extend the Stangenwald building
J. and has made us a good offer for that
, portion of the Spreckels property.
q Mr. Spreckels has been watching
!. the Mahuka site case and has kept il
n touch with the prices here for if tn,
Mahuka site should be taken over en-
e. tirely, Castle & Cooke and other es
N tates would want to acquire some o
;; the Spreckels property to build on"
le Plan Holding Company.
= Chairman Smith explained that
# part of Mr.. Castle 3 plan was to oil
= ganize holding company and issu
"a bonds for $150,O00, hoping that tn
~ large estates would advance the none
and hold the land until the holding con
-. pany could float its bonds and tax
m over the property. The only questio
q was whether the whole proposition wa
~ feasible.
n Il. II. Paris said there were man
4. questions to be considered, one Q
,a which was whether the property is tt
In right property. In his opinion ii
4 price was not excessive and the sii
he ideal. He questioned the ability of IL
committee to raise the money, but
would have the chair appoint a SUI
committee 10 see whether the matt,
could be financed.
y Lack of Public Spirit.
Fred W. Waldron confessed himse
nc rather discouraged. lie did not belie'
\. there was sufficient public spirit