Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-10-21
S475,OOO PAID
UNCLE SAM BY
CASTLE&COOKE:
Sale of Former Federal Build
ing Plot Brings Determined
Bidding From Big Interests
HAWAIIAN TRUST AND
.WATERH0USE TRUST IN
CONTEST FOR CLIENTS
Big Figure Brought for Business
!. Property in Heart of City
Sets New Value; Rumor Los
Angeles Capital Interested

HIiYClCS OopiloI ltIlCI ColCu
Castle & Cooke, Ltd, through r. E.
Steere of the Henry. Waterhouse
Trust Co., purchased the Mahuka site
at auction at noon today for $4,000,
the upset price having been 5000, 900.
The sale was conducted by Collector
Of Customs Malcolm A. Franklin.
II is understood that Castle & Cooke
: has secured the property as the site
for new home for the big concern.
After the bidding had reached the
100000 mark Mr.. Steere's only op-
pcnent was John r. Gait of the Ha-
waiian Trust Company, which COM
pany, IL is reported authorativeiy, was
bidding for C.. Brewer & Co., which
sought to obtain the property for pur-
poses Of Investment only. Mr.. Galt's
final bid was $4,000. After Mr.. Steere
had bid $4,000 more, the former deeIin-
ed to bid further. u
The. initial hid was made by f. b.
Webster, said to be the representative
Of capital in Los Angeles, California.
This figure was promptly raised to
$260,000 by Mr.. Steere. Webster
=
this figure having been raised to
$405,000 by Mr.. Steere. From that
point on until the close of. the sale
the bidding was between Mr. Gait and
Mr.. Steere, advances beinb made at
the rate of $4,000 each bid. The bid
ding throughout was spirited, the sale
lasting only about Is minutes.
After Mr.. Steere had bid $475,000,
he conferred for a moment with T. H.
Petrie of Casale & Cooke. Collector
Franklin urged further bids but Gait
declined to advance the figures, and
Steere did not need to do so.
According to City Treasurer ID. l..
Conkling, today's sale will. result in a
broad readjustment of assessments in
the district in which the Mahuka site
is located. -"It goes to show" he says,
that the property in the downtown
district has not been assessed at what
il is worth"
More than 100 persons, largely pro
minent businessmen, attended the
sale The property sold contains al
799 square feet, and fronts on King,
Bishop and Merchant streets. The
treasury department reserves the
right to accept or reject all bids up
to November s this year. Under the
terms of the sale, the purchaser is
required to deposit five per cent of the
amount bid as evidence of good faith.
Upon delivery of the deed the prop
erty is to be paid for in cash.
Sale is Upset of "Dope"
The sale was big upset to many |
businessmen, who had believed that
the figure would not go over $350,000, |
and was an upset also to the people |
who have been saying that the big |
fellows" would get together and keep |
the price down.
Ten seconds after Collector Frank |
lin called for the first bid it was GER
tain that was a real fight of big inter |
ests for this splendid piece of down
town business property.
Castle & Cooke was prepared to go !
considerably higher, the Star-Bulletin
is informed, for this firm was bidding /
virtually for its permanent home and |
the protection of its present site.
- l.. L. McCandless, one report has it,
was behind the Webster bids, but Web
ster insists that he represented a Los
Angeles capitalist Webster's activity /
was the only one which occasioned i
any surprise, as the other bidders were
expected to enter the contest.
Collector Franklin proved an able
and entertaining auctioneer and as the
bidding went up by leaps OF thou.
sands at a time, he. grew happier and
happier.
1t was up to about s45O,0oO when he
said: ..
why. gentlemen, if don't get $780,
600 or million the treasury depart
ment is likely to send down a collec-
tor here who can sell land
"Huh!" snorted Attorney George
DOavis, Washington ought to give
YOU life annuity for the figure you
have already got" This raised a big
laugh, and joking references to ten
cent sugar" and free sugar and the
Mahuka site" brought many others.
The sale establishes a property va
lue of $12 front foot One man OF
large business said half.jokingly that
II Tax Assessor Wilder were in the
crowd he should be kidnapped, so he
would begin boosting" assessments
in this vicinity.