The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1914-10-06
HAWAIIAN BONDS
I IRE NOT WANTED
IN WALL STREET
(From Saturday Advertiser. }

All New York bids for Hawaiian
bonds were rejected yesterday by Gov,
ernor Pinkham, and d. Lloyd Conkling,
territorial treasurer, was ordered TO re.
turn Immediately TO Honelulp. The or.
der was superfuous, however, for in
his message TO the Governor, received
yesterday, Conkling impaired the in
formation that he was "leaving TO.
day. He Is expected here by the
steamer hatsOnia, due on OetDber 10.
According 10 the message received by
the Governor from Conkling, there were
submitted IN New York bids for only
$4,000 Of the proposed bond issue Of
/ $I50,000. OF the five bids submitted,
only one investor offered to take up
the bonds ut ninety.eight, the other
fonr bids being lower and going down
as low as seventy. The territorial
bonding act does mot permit Of the
sale Of bonds under 1inety.eieht 7
Gloom at Capitol
There was gloom about tho Capitol
after the receipt Of the news Of the
unspceessful attempt TO float the loan
In New York. The only rift in the
dark elond was the fact that local
bidders have undertaken TO take up
kbonds to the amount Of 500, 800 at par.
This sum will not 20 far in carrying
out the improvements which were
planned, the tentative apportionment
calling for practically the whole $780,.
600, OF which $685., $50 was for wharf
and harbor improvements
| The war situation in Europe and the
Incidental uDsettling Of the money mar
4 A -. ~ ~.
of New York, come In for blame for
the failure to float the bond issue.
This is the first time since the organ.
izatioG Of the Territory that such a
condition Of affairs has existed. Ter.
ritorial bonds have ALWAYS, until this
time, commanded more than par and
up by the great money investors in
1.-THE East.
! No Faith in Democrats
\ On the other hand the fact that the
Territory is, for the first time, under
la Democratic administration Is, accord
\ ing TO wiseaeres. one Of the reasons
for the loss of interest by Eastern cap
italists in Hawaiian government seenri
ties. None Of the money concerns OF
standing in New York and other East
i ern marts were bidders for the pres
ent issue. Those bidding for the $50,
000 worth Of bonds We're lesser light
and unknown here as factors in matter
of this nature Z fft
Attention has been called TO the fac
that local investors failed to enthus
over. the creation Of the g baby class !
Of bonds, which, on the initiative Of tn
Governor, were made Of the 800 dc
nomination, as well as the medium elias
of the denomination of $780, 1t wa
expected that most Of the $l50,00t
bonds Of the 500 class would be takel
up in Honolulu and the rest of the Ter
: ritory. Instead Of that, bids for onl,
eight such bonds were opened at tn
territorial treasury here on Thursday
The $500 denomination Jared a trif
better as bids for $4,000 worth wer
made. s
Local Money May Enlist
Since the necessity for the propose
public improvements is so imperative
} 1t Is believed that local capitalists vii
como TO the rescue of the Territory a
this time and subscribe for the $200,0 90
worth of 500's and the $4,000 wort
! of the zoos. Unless this is done bu
little will be accomplished with tn
$60,S00 subscribed in Honolulu, tn
$4,000 subscribed in New York bein
= out of the question and having bee
T already rejected. e., r.. - I
The apportionment tentatively mad
by the Governor recently for the ea
1 penditure of the expected $750,0O0 wa
as follows: ..r.r..
I Territorial prison, Honolulu, $4,000
county items, $94sl. 70, and wharye