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THE PACIFIC COMMERCIAL, ADVERTISER, HONOLULU, APRIL 21, 1906.
SECURITIES 'V s i com ARE s Reason to Believe That the Safes of Big Banks Have. Been Destroyed in the Conflagration. the t No 2 HONOLULU HELD UN : '.."...--..'- . - .7-,-. .- ...'jHtiK?.:. -fe"- .'ir-.- - .- . . . . ... .-: o - - ... .v.. " i v. . '. s. -'J: ' : " - - , v - i " - ' --- - " -.. ? 4 1 inro the first word of the terrible venience through their possession bine ir.e , . . Wan. this time. You can say the same calamity which nas iauen oau Cisco reached Honolulu the opinions as to the real result have been rather nebulous. There was not sufficient in formation on which to build more than a conjecture and the facts as they have been transmitted during the past twenty-four hours have sustained some of the theories and upset many more. ' A message was received by Manager Gaines about ten o'clock in the morn ing to the effect that the cable com pany would attempt to install an of fice in the burnt district and it would be presided over by the Oakland op erator. This was sufficient to cause the men of the city to gather on the corners and discuss possible results. Shortly after 11 o'clock Messrs. H. Kackfeld & Co. received a wire from their house in Bremen, but it was so full of harrowing detail, .coupled with the fact of ita having been transmitted Tia Manila from the European city, it impelled the public toward the opinion that it was tampered with in the Phil ippine capital. Later when the service messages came in to Manager Gaines the Hackfeld news was, to a certain extent, confirmed, lacking mainly In that portion referring to the damage to cities outside of San Francisco. Tne whistle shortly after 10 o'clock announcing the resumption of the ser- vice was followed by the posting of erathAs nn th windows of the ca ble office and the news was, in a sense relief to very few, for there were those in the crowd whose severe men tal suffering had left its trace on their countenances. To them the news was not in the nature of a relief; women in the crowd, and some of the men v, on the verge of nervous pros tration and it was only by encourage ment from their friends that they were kept from breaking down. One rnan was heard to say, "I am all in; everything I had has been" burn t-d. There were others of the thou sand who watched the posting of the dispatches who could have said the same. The cable office was the news center and the calamity the sole topic of conversation. Anything else was rrmil fn KVerc tho fact that the Johnson jury consumed less than five minutes in reaching a verdict of guilty was ignored. In the business offices during the day the result of the calamity was less a matter of speculation; men were will ing to advance an opinion as to the situation and the effect it may have upon this community. The financiers are as firm in the belief that Honolulu will not be affected as they were when the extent of the damage was specu lative and they base their opinion mainiy upon the fact that the sugar t-rop is being sold largely in the East and the money in payment for the car goes will be paid in New York and will be handled between Xew York and the islands until business in San Francisco becomes settled. The value of the Hawaiian securities held in San Francisco is the same to day as it was before the fire and it will remain so unless there should be a considerable amount thrown upon the market, a contingency that is not believed will arise. An immediate un loading will be accomplished by as prompt a shrinkage and it is not thought that the holders will be so bard pushed as to warrant a sacrifice. For the ivason that present prices will btain only in the event of the own ers holding on, it is not thought there will be many offerings. L. Tenney Feck says there is no real cause for anxiety in so far as Hono lulu is concerned so long as the sugar finds a market in New York and the money is handled there. "If the cargoes were going direct," lie remarked, "the affair would be dif ferent, but they are going around th Horn or through the Straits. Our people are not large investors in San Francisco realty and they will meet with no losses in that way." He does not believe that the finan cial institutions will lose much through the fire for the reason that their se curities are in their large vaults an.1 when the fire cools oft they will be found intact. "As to loans on real es tate," he continued, " the land is still Here and the buildings are usually in sured" up to the amount of the loan?. If there are numerous cases where the i ans were beyond the insured value then there will be a nipping, but I do not believe it will bp considerable. The potential value of the land can not have changed unless it should follow the example of Chicago and take an upward tendency. Hack there it was Thought after the. fire or, I may sav. during it, that the values would de crease, but the opposite was the cast and thy began climbing before tlv ashes had cooled and they continuet to do so until stopped by" the disas trous iamc of 1S73. "Another thing: San Franciscans ar large holders of securities outside o the city and in some cases, perhaps i good many, outside of the State. Thin of the money in mines and in ranches Well, those securities are as good t, day as thy were before the fire am "the holders will not suffer any incon- at of, Honolulu. The place might burn down and yet a large portion of the popu lation would not suffer ruin in conse quence. Men in this day do not carry their wealth over their heads; it is around about them, but not of them, and when trouble comes they can go and get it where rust and decay can not touch it." Practically that is the opinion of a leading financier of the Territory, ana his views are coincided in by others on the same line. E. I. Spalding says "I am sure that Honolulu was never in a more prosperous condition, and there is absolutely no reason for alarm. I know of no reason for calling any loans here and if they are called I guess they will be met. Our local banks are strong, very strong, and the situation at the Coast causes no alarm here, but a feeling of sympathy and regret mnr intense than I can express. It occurs to me that we should look upon the bright side of the affair and not be too pessimistic in our views as to the outlook. San Francisco has plenty of money and the State has rich mines that will help materially in pulling them out of their difficulties. Our greatest sympathy should go out to the individual losers, those whose homes have been burned and who may not be in a position to rebuild or re coup their losses. There will be much suffering among the poor, but you may depend upon it the people of the State will rise to the occasion." Charles , M. Cooke, president of the Bank of Hawaii, has not changed his mind in any particular since saying to the Advertiser on Tuesday night that the effect on Hawaii would be in considerable. "Why should we feel it?" he asked yesterday. "Our banks are strong financially, perhaps as strong as they ever have been, and we do not owe the California banks enough to make it worth while men tioning. I speak for my own bank and I believe . I am expressing- the situa tion regarding all of the others. San Francisco is going to pull out of this fog surprisingly fasti she will follow the pace of Baltimore after the great fire there. When I went through that city the last time I was in the States I could not realize that only a short time before there had been a conflagra. tion that wiped out the town. If there are holders of Hawaiian securities who feel that they may be obliged to have their value in money they may send them here for sale and there may be people here to buy them, but it does not fol low. The hanks over there are as strong, probably, as any in the' coun try and there is no need to worry over their financial condition." It will be remembered that when the little New Jersey manufacturing town of Patterson was burned a few years ago the citizens in all of the neigh boring places came to their rescue with offers of assistance. "Patterson was all right," said James B. Castl'e in referring to the incident, "and the mayor wired to those who had offered, 'Patterson will take care of her desti tute and suffering poor.' " That may sound a little perky at this time, but Mr. Castle is of the opinion that the great State of California will do the same thing. There was a great deal of comment upon the fact that there was nothing definite in the dispatches as to the loss of life; the public did not consider that at the time the message was dis patched at San Francisco chaos reien- ed and particulars were not obtain able. That information will com inter md until it does the suspense will continue among those who have rela- F 4Stf it 1 1 1 . w ALL THIS BUILT-UP DISTRICT IS NOW IN RUINS. GOAT ISLAND AND THE OAKLAND, BERKELEY AND ALAMEDA SHORE IN THE DISTANCE. tives in the city who have not been ; and the regular customer at the res heard from. J taurants who has been all the time Mr. Giffard was skeptical as to the ' accustomed to having two pats with extent of the damage reported in the h,s waffle will have to content him early dispatches. "Every - pgent here se!r with one and make it go around, has sent a menage asking for par-1 The officers and passengers on th3 ticulars and it is strange we do not America Maru expressed surprise at hear from our representatives. The the news that greeted them on their report that the Spreckels refinery has arrival and there were some of the been destroyed may be correct, but it Passengers, those with homes in San is stiuns-e that we have not heard of Francisco, who showed a decided dis it in this office. There are three position to return to the States on the Spreckels refineries in the State, but tlrst steamer. The impossibility to se we are not told which one it refers to cure answers to their cablegrams made and for that reason I am inclined to the uncertainty greater and their de the opinion that the message in whica j s're to return stronger. One of the of the statement was made was gather- fibers stated to a reporter for this pa ed in Xew York from the columns of Per that he had noticed a marked one of the daily papers which, in such shortage in "the supply of "float" coal times, does not always linger' close to sucn as ls used for bunkering trans- truth." The action of President Roosevelt in Ordering the coin of the mint to be distributed called forth most favorable comments from the public and at the same time it was looked upon as a most unusual proceeding. As an emergency measure it was permissible, pacific steamers, and he and the other officers of the steamer are of the yesterday. SORT OF MAN M'KENNA IS McKenna, the cable superintendent at San Francisco who opened up com munication from that city with the rest of the world, is a Canadian by birth. He has worked under Mr. Gaines, Superintendent of tho local of fice, and is known among his associ ates as a man who never tires. "If there was any trouble at the office, McKenna was sures to turn up and work right along until the rush or trouble was over," said Mr. Gaines opinion that vessels scheduled to leave since the departure of the America Maru may be unable to leave owing to a difficulty in securing a quantity of McKenna is about 35 years old, 6 feet 1 inch tall, and is married. Mr. Gaines stated last evening that j McKenna had not only saved all the this coa The steamer Mauna Loa arrived from instruments in the town office, but had for the coin capital of the entire city "awai e1arly yesterday morning, the got them all safely out to the "hut." , first nf tnp islqnfl floot n ra-n r-V hPrA rnt. 1 1 was Duriea in the ruins and the only V "V " , ici?a were uat- avnihhiB oaoh woe i tv,o T-anc " uiocioicr was xc- teries. Tne instruments saved were of the mint. There is no doubt of the ce5vea- ne of the passengers says the those of the elaborate duplex system, immediate necessity for the money and rews. reached Honuapo Wednesday aS well as the testing apparatus. When President Roosevelt found a Til OTn in fT aa fha rsi ecno-i-a Ti-crti Am. way of . . . " , . putting it into circulation without v Hminary steps. This ls the way the f s import than that the entire city people of this way city expressed them selves and the President rose in their opinion according as he would help the sufferers. The shipping interests in Honolulu were stirred from center to circumfer ence by the late report that the wharves were burning. It is the opin ion of some of the shipping mastei-3 that the vessels were removed out into the harbor at the first sign of danger so that they might be safe from de struction. This feature of the disaster may bring consequences to Honolulu that were not at first thought; this city depends largely upon the market of San Francisco for certain supplies and unless they arrive regularly bad re sults will follow. If the Sonoma got away on Thursday she would" bring down an immense quantity of food stuffs and without which there will be shortage. This applies more partic ularly to the ice house goods that should have been, in the regular order of loading, placed on board on Wednes day last. It is already noticed that there is a tendency in some quarters here to raise the price of commodities and the frugal housewife will within a few days curtail in the use of butter' had been destroyed and half the in habitants killed. It is possible that the news reached Hawaii by wireless message, several having been sent from here within a short time after the ac cident was reported, and the usual number of "rubber necks' on the land wire line caught the message and gave it out. The anxiety was allayed later when the news properly disseminated. PHILLIPS GETS FURTHER NEWS one sees the duplex instruments in the local cable office, the . wonder increases that McKenna and his men ever trans ported them across the peninsula. In the local office the duplex system is con tained in six booths, each containing ten heavy chests. McKenna also saved a month's files of messages. 0 0 0 0 Mr. Phillips received the following cablegram from Portland via Manila last evening at 7:30, It was in answer to a round-the-world query sent Wed nesday morning at S:30. The family referred to is that of the mother of Mrs. Phillips: PORTLAND, Ore., April 20. To Manny Phillips, Honolulu: Goslinsky family safe Oakland. o--ooooo 1 9 A 1 If 'tl3irJJyl'l' 0 f 0 1 , w I jjj- rrr x 4 Ji-r "FT it.-. .rv. SEND THE MANNING UP The suggestion was made last even ing that it might be wise to get au thority to send the United States rev enue cutter Manning from Honolulu to San Francisco, taking along one or even three representatives from the business community to look after the Hawaiian Bureau in San Francisco, recommended by Acting Governor At kinson to be established there for the relief of Hawaiians. The Manning is doing nothing here at present and has no cruises mapped out. She 1s regis tered as a 16-knot boat and could easily make the trip to San Francisco in about five and a-half days. The Lawton could make the trip in six days an-1 the little IT. S. tug Iroquois in about eleven days. o 0 0 0 0 0 s 0 0 0 0 0 0 0! 0 0 0 0 HAS HAUNTED CABLE OFFICE Ever since Honolulu was notified of the disaster at San Francisco the local cable office has been haunted by a young man named Crawford whose' father, mother and grandparents re side in the Richmond district of San Francisco. Only when it becomes necessary" for him to get his meals does he leave the vicinity of the office. Mr. Gaines found him at 3 a. m.. Thursday sitting on the curb and in- vited him inside the office. "Well, I don't suppose a young fel low like me can show his respect for his parents better than by keeping in touch with the only thing that connects with the place they're in dead or alive," said the young man. Crawford came here in December as a member of the crew of the Alameda J and remained is now .working with an electrical company. CASHIERCOOKE TALKS ON VAULTS C. H. Cooke, cashier of the Bank of Hawaii, said to an Advertiser reporter yesterday: "I think that the securities and rec ords in the different banks and other financial institutions of San Francisco are probably safe in the vaults. It Is my impression that this was the case in the Baltimore firo " Some particulars of the Baltimore fire which were given in a mail special to the Advertiser would indicate that the large financial institutions found their paper wealth intact in their vaults. This appears under date of February 10, 1904, three days after the fire started and the second day after it had burned out: "Financial institutions are today busily engaged in carting their secu rities and funds to temporary offices outside the confines of the burned dis trict.' There is W i? nothing in tho know that any loss was sustained from heat penetration of vaults. With regard to ordinary safes, it is a piece of wisdom, long ago learned at cost, not to open the receptacles until they have been thoroughly cool ed. If a safe is opened when hot like an oven, its paper contents aw ant instantly to take fire. IROQUOIS AND LAWTON ORDERS Admiral Lyon yesterday sent to Washington for orders concerning the naval transport Lawton and the U. S. S. Iroquois. Xo answers had been re ceived up to last night, late. Captairt Parker and other officers of the Law ton are quite anxious to return to San Francisco. They have a fine, fast ves sel, filled with naval stores of every description, which had been intended for the Pago Pago. Samoa, station, and she is loaded with extra coal at present to take her t .Samoa and back. The vessel could leave within an hour's notice. M'CALLUM HAS BEEN HIT HARD r--f .i.. -m 'Si j SAN FRANCISCO BURNT DISTRICT, WITH CITY HALL IN THE DISTANCE. si McCallum, the young operator who reached the cable hut at the Clrfi House yesterday morning and relieved Cable Superintendent McKenna so the latter could obtain sleep, has been un fortunate in the last year. In the San Francisco disaster he In.st a.'l that he owned. During the past eight months he has had no word f his father and mother who went to sea in the HI- fated British bark Drunn-raig. a ves- sel which has never been heard from. The bark was posted as an overdue andi finally posted as lost. McCallarn's father was captain of the vessel.