The San Francisco call., 1908-03-30

to the present situation contain enough
of picturesqueness to make up good
basis for a serial story. They involve
the sailing of commercial hotilla of
more than 100 vessels all the way
across the Pacific ocean and also for
the most part around the stormy
cape" veritable coal armada, to
bring coal to San Francisco. Seventy
two steamships and "windjammers'
came in through the Golden gate from
Australia between June ], 1907, and
December 81, 1907. Twenty-Five ships,
propelled by steam and sails, have ar
rived since then, each and all heavily
laden with Australian coal There are
enough craft on the way now to make
up the handsome round figure of 100
ships of commerce engaged in single
enterprise and bound for a single port
and leave some to spare above the CEN
tury mark.
How was IL that shrewd men. such
as the coal barons are, should have
found their calculations SO much amiss?
In the general disarrangement of busi-
ness, at once unexpected and whole
SALE that has beset the entire CONNER
cial world during the last few months,
is found the answer. No foresight could
haye calculated the facts as they would
exist in March, 1907. adequately, at
the time that it was necessary to as
semble a coal carrying feet of enor-
nous size to meet the expected demand
that was not to be realized when the
goods were ready to be laid down.
NOT NEEDED BY SHELTERS
The largest smelling enterprises in
the world were among the factors that
primarily figured in the market slump
for coal. The charters for ships were
placed many months ago At that time
the smelters of several states were
working night and day, turning out
copper for the manifold uses of cleo
trical application by the thousands of
tons, and the copper magnates were
rolling in accommodating wealth. How
the copper market slumped, how the
smelter stacks grew cold and the
roasters were chilled and how the en-
tire red metal industry of the United
States went, into temporary collapse Is
a matter OF current and generally
known history.
The smeltermen then did not want
the coal that was on the way and
which they were expected to consume
largely. They were deaf to the state
ments of the representatives of coke
importing houses that there was
enough coke to supply them and that
the time to buy was propitious. From
Montana on the north to rich Arizona
on the south the smelters became Idle
in part and in many instances were
practically suspended to await the out
come of the copper market The ships
that had been chartered to bring them
coal and coke were engaged at the
basis OF "a and 25 shillings, top notch
rates. Coin was going rapidly into the
payment of these charters. Coin is still
going out in payment for the char
ters of ships that have arrived in the
last few months, or are to arrive, on
rhe same charter rates.
CONDITIONS HURT IMPORTERS
The fluctuations of Wall street i'm
pended Hundreds of millions of dol
lars were ruthlessly slashed from the
market values of the industrial securi-
ties that had taken on rosy aspect in
the face Of an amount of industrial
activity that was unparalleled in the
history of the world. Like a blight
the Wall street collapse fell on the in
dustries. Like a cold bank of fog ii
chilled the enthusiasm of manufacturer
and workingman alike, and effectually
stopped the initiation of new enter
>prises The tremor that capital felt
was then a factor in the banking situa-
ton. Money became tight and inter-
est rose. Not only the smelters, but
the smoking chimneys of ten of thou
sands Of factories of an almost infinite
variety of products were destined to
grow cold. The AK struck the neck
of labor The throttling hand of
restriction held the capitalist in it's
strong grip There was little money.
That little was largely kept in hiding
and token currency was passed about
in place OF the coins OF the realm.
All this was bad for the San Fran :
cisco coal importers, who had bought
at high rates and who were paying the
highest prices for transportation, but
this was not enough to fill the meas
ure of the unexpected. When in the
early part of 1907 there was a great
scarcity of fuel on the Pacific coast
the people attached some blame to the
transcontinental roads because they
were not bringing in larger amounts OF
domestic coal to help fill up the require
ments of trade. The answer to the
talk in this direction was found in ar
emergency tariff that made reductions
for the transportation of coal and fur
nished a long haul, and the fuel came
from the Missouri river, from Wyom-
ing. from various points of supply. and
was dumped into the territory. and sc
1 another slice was taken from the trade
demand that the San Francisco Goa
/ importers had expected.
WINTER DEMAND FAILS
There was still a chance for a large
demand in the cold of winter, but, alas
! for the hopes of the coal barons, the
season was warm. People were ir
economical mood also. Then the slack
ening Of trade tied up steam schooners
along the coast and other steam pro-
PEELED vessels that ordinarily could
have been counted upon to consume
large quantities OF steam coal. All
around there was a combination of cir
cumstances that made certain that the
| glut must take place.
There are but two coal importing
companies in San Francisco. The West
ern fuel company is the stronger In
facilities ordinarily, inasmuch as II
mines It's own coal in British Columbia
and has its vessels to bring 1T at a
fixed rate The shortage in British
Columbia early in 1907 brought an
other factor. no less than the govern
ment of the dominion of Canada, upor
the scene to affect the local situation
in San Francisco. Hostile Legislation
was threatened to prevent the exporta.
tion of coal from British Columbia A
shortage of labor in British Columbis
mines complicated the situation.
DELAY IN AUSTRALIA