The morning call., 1893-04-08
1T is SOLID NOW.
The New Steamship Line
a Certainty.
NOW A MONOPOLY IS ENDED.
The Two Hundred Thousand Paid In
and the Final Contract
Is Signed.

There was a sort of last-spike driving
with the North American Navigation Com
pany yesterday.
They do not really drive silver spikes
when a new steamship line is fully estab-
lshed but it was about the same thing that
happened.
WHAT did occur was the definite and alb
s0lute settlement of the fact that the North
American Navigation Company is a full
fledged steamship line, with an ironclad
and exclusive contract with the Panama
Railroad Company, which will enable the
new line to successfully fight the old Pacific
Mail monopoly, afford relief to the COM
mercial interests of California and revive
tie commerce of this port.
That was why there was great rejoicing
am9ag the members of the California Traffic
Association yesterday. The eXultation was
over tie fact that 5000. coo. the full working
capital Of the North American Navigation
Company, had been subscribed aud paid up.
When the contract was drawn between
the Panama Railroad Company and the
repreSen tatives of the North American
Navigation Company for the establis hment
of joint service via the lslhmus OF Panama
between New York and this port it was
stipulated that the contract should not be
signed until the working capital 10 be sub
scrihed by the merchants of san Francisco
had been raised.
On April the time for the performance of
this condition expired. As matter of
fact. the money on that date had been SUBJ
scrlbed but not all collected. The Panama
Railroad directors, however, granted an
extension until the close of banking hours
yesterday for collecting the coin.
Yesterday Messrs. Isaac Upham. Daniel
Meyer. Charles NJ. Yates, Barry Baldwin
and w. Il. Wellman, who had been working
assiduously for several days past in making
collections, met at the rooms of the Traffic
Association TO compare notes.
While they were posting mp the results
report was received concerning the coIlec-
tons made by the Johnson Locke Mer-
camille Company. When the gentlemen
rose from their seats the crafty ing fact
had been established that every cent Of the
100000 was actually in bank.
Thus all the conditions imposed upon San
Francisco have been complied with, and
The good is work brought to a successful
termination.
The North American Navigation Com
pany Immediately afterward met to elect a
new board Of directors. Under the agree
ment between the North American NuViga-
ton Company and the Traffic Association
the association was entitled 10 elect four of
the seven directors.
The election resulted as follows: f. B.
Pond. w. l.. Merry. Hermann Bendeli,
Gustav Niebaum, j. ). Leeds, H. II. HechI
and Frank Dalton. OF these Messrs. Leeds,
Traffic Association.
Tie hands OF the clock in the Keweenaw's
cabin had scarcely touched the hour of 10
O'Clock yesterday when some 200 tons of
freight for Los Angeles had been landed on
the wharf.
This was something new. The cause of
the sudden appearance Of freight for south
ern Callfornia.was an announcement sent
out early in the morning from the North
American Navigation COmpany's office
hot frV1s 4 H. e.I
rates for Los Angeles by the Keweenaw.
1t was genuine surprise to the shippers
and Touchdown blow nto the Pacific Mail.
IL means competition in earnest-no ha IL
way promises of what the company will do,
but a legitimate move to make competitors
think for q while and come to a pretty
quick conclusion.
Wool reigned supreme on Lombard-street
pier yesterday. Sheep-raisers of Fresno
and Hun bOldt will be glad TO hear this. for
since 1885 the price of California wool has
been steadily on the decline, and why?
Well, simply this: Boston is the greatest
WOO market in the United States. Bos-
tct:ians buy more wool than any other class
of people in the world, and Boston is q long
distance from San Francisco.
BY rail it costs eight times as much 10
ship wool TO Boston than it does by water
that is by the North American Navigation
Company.
Nearly all this wool on the lombard
street pier is billed for Boston, and the
shipper is saving nearly 80 per cent over the
Pacific Mails former charges by sending it
by the keweenaw.
In the afternoon the Pacific Mail Steam
ship Company announced to the shipping
men that it would cut rates.
Merchandise for Central American ports
viii be received by the old company for So
per ton.
This" said Frank johnson, "shows
what the North American Navigation Com
pany is doing for the shippers
The heweenaw will stop at R0dondo on
her down trip TO take aboard the Los An
geles freight. This news was telegraphed
below, and it is expected that large addi-
ton to her cargo will be made in Southern
CRlIfnrnin