The Hawaiian gazette., 1917-08-14
ii They Allss Sofa II win sssr,66 !.
cause Of Local Pride. Is
Statement n Bankers
CAN'T COMPETE WITH
,.,-- : FEDERAL DEBENTURES
Need Of'Aatiohslo Government For
Money To War Purposes.Is
Sure To Tighten Market

Street see nothing more attractive in
territorial fours, under present condi.
tons, than do keen buyers Of bonds
on Wall Street. The bonds that Col.
onel G. J. Mccarthy, the territorial
treasurer, has not sold in New York
may find a market here, but IL they
do, the buyers motive viii have to be
local pride, not patriotism or self in.
terest.
In commenting yesterday on the Gov
ernor's announcement that the bonds
would shortly be advertised for sale,
and that he was convinced nlocal in.
vestors could, IL they chose, take large.
ly of this issue, I" bankers and invest.
ors agreed that, from strictly invlst,
ment standpoint, the market here il no
more favorable than elsewhere.
As one banker put il, .You can 4
reasonably expect that territorial
four should compete with federal
four as an investment.
81 don't say that we shall have fed
eral tours, but we may have them. The
government has just floated the Liber.
ty Loan. Now congress. is talking of
another loan---perhaps two billions, per.
haPs three, perhaps more. We don Z
know. s
1--WE don't know the size of the
loan, and, until We know the size, IL is
idle to speculate on what the interest
rate will be. Until investors have more
information, l feel that they will be
reluctant to buy Hawaiians.o
Local Pride Versus Patriotism +
| b, Said an investor who agreed with the
banker, but had an eye on different
angle of the situation, f'Why talk pa
triotism to met Local pride yes, pa
| tTiotism no. 81" e .S.,g .15. )
"Why should territorial bond com
pete in my esteem with federal bond
on grounds of patriotism The govern
ment of this Territory Is not at war,
lthk government, of the Iltpited States
is. II we're talking sentinent, nation
al sentiment, the best of the argument
is al with the federal government, be-
cause we all want to win the war aud
lit is the federal, not the territorial
government, that will have to do that
| for us. H..... 49,. s,ge@ a. y
q Local pride is different. matter, It
remains to be seen how much of il buy.
ers of bonds have. Or perhaps that 8
| not a fair way to put it. Local pride
is an excellent thing; haven I a word
to say against it, but is II as high a
thing as patriotismf ,s> !
"If it should prove that buyers Of
territorial bonds are few, II may be
that they are suppressing their local
pride until they know what their coun-
try will expect of them.
4 This opinion seemed to reflect an UNI
dercufrent of belief that the, second
loan now under discussion in congress
will not be the last. Still another
banker was free to express this con
viction without hesitancy. .... h
Tight Money Market f.a. ...,.t q. !,
I "a Certainly there will be n third
! loan," he said, "and others after that.
We re at war, and nation at war
1 must expect to suffer some little in
eonVeniences. expect to see the whole
money market tighten. It's the only
reasonable thing to look for. !" b.. ~.
1t was noted IN the Governors an
nouncement that he spoke of only 81
100000 worth of territorial tours. The
amount of the issue authorized by the
Legislature was $2,458,320 Colonel Nc
Carthy, however, did not expect to
market more than million and a half
this year. II had been estimated that
this was all that was needed for cur
4 rent expenses of contemplated perma-
nent Improvements The remainder
could wait year,
/ If they all have to wait indefinitely,
there will be a sadly disappointed set
of territorial and county officials, to
say nothing of the general public, both
here and on the other Islands.
What May Suffer t-.sa,z5
DIR. Sebwallie of the insane asylum,
for instance, has been rubbing his
hands with glee these past months,
thinking that at last the time was com
ing when be could modernize the asy-
lum, separate the alcoholics and drug
addicts from the hopeless mauiacs and
imbeciles, and give- them restorative
treatment in properly equipped sanir
torinm. For that the legislature had
appropriated $4,000 in main building
and eottages-out of the Loan Fund.
Superintendent McVeigh has been
counting on $4,000 for fire apparatus
at the Kalaupapa Settlement ahd1$2D,,
1000 FOR new buildings,
The Boys Industrial School had il all
planned how toSsp0ib $31 900 and the
Girls Industrial School $4,000. Both
of them need gymnasiums, new build
ings and extensive alterations, Of old
buildings. s,. <... .t..,.',,,t p
/ All these are necessary permanent i'm
proyements and they don't exhaust the
list by a jug full. The board of superyi-
sors has just appropriated $4,000 for
| a survey of the belt road on the Koolau
side, in the belief that it shortly was
70 be entrusted with the spending Of
half q million. .... =. #.
/ Three parks in Honolulu were to be
lbought-Pauoa Park for $4,000, At.
kinson Park on the Ala Moana for
$3432O and Kaimuki Park for $l2,.
l000. -. ,.".1.. ". ~ -, p.
The, Board Of Harbor Commissions is
working now on Pier 3, the biggest
unit in the proposed reconstEuetion Of