Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-07-06

ue-Ct
The chief reason why the boom has
not attained its fullest reaction lies
in the traditional prudence Of Down
East ship owners. They do not be-
lieve the demand will last. They fear
either that the war will suddenly come
to an end. or that the replenishment
Of available tonnage from various
sources will once more relegate SAIL
ing craft TO idleness. 1t takes five or
six months to build 5000-ton schoon-
er and perhaps as much more in the
preliminary steps Of preparation and
assembly Of materials and parts In
the yard. According to shipbuilding
traditions Of Maine, timber Of the right
sort cannot be gotten everywhere and
at any time: ought to be cut in nat
ural shapes during the winter. Besides
whisper it softly-Maine doesn't cut
her own live-oak frames any more but
imports them from Virginia, and
hasn't had time to get ready" even
il she were disposed to build a lot Of
new wooden vessels with which to
skim the cream that is just rising on
the transportation milk.
Never. made so much money in q
short time since l commenced sailing
schooners." said prominent ship
owner and agent day or two ago-a
man said by some to be the biggest
schooner owner in the country.
Good schooner freight rates would
pay for the vessel in two years. Maine
shipyards are not modernized and con-
centrated to build with such dispatch
and economy as some Of the yards fur
Their south. Down in New York, when
some promoter starts a big enterprise,
he issues few thousand stock certifi-
cates,.s pays a broker or a trust COM
pany q fat commission for underwrit-
ing the issue and peddles the stock out
in Wall street to people who don't
know anything about the real risks Of
the scheme. Some big money that is
being made in schooner carrying
doesn't go to the owners at ALL Many
vessels that are making money
steamers as we'll as sailing vessels
are under long-terMed charter at nor
mally low rates, and all the sudden
demand for tonnage and the resulting
profits go to the people who own the
contracts; not to the vessel owners.
Many a vessel owner charters her for
four or five years at time, and even
these charters may be extended by OPP
tons held by the charterer. We own
our own feet, and we hays all We
think We care to take chances on"
One well-known authority states
that in his opinion not more than s
af fIo not
rying bulk cargo up and down the
coast a year ago are now in the BUSH
ness. Their mana gers have withdrawn
them to accept deep sea charters to
South America and Europe. while the
coastwise work is being done by the
barges and smaller schooners.
Charters for carrying coal have been
accepted for these vessels at as high
rates AS $40 and s12 ton to the River.
Platte and Rio and Pernambuco-trip
that would take probably three to four.
months as against ordinary trips, 6f'
one month ground trip at S. cents y
ton. At such rates as these schooner
can afford to come back light, but 40
matter of fact many Of them harA
been able to book cargoes and make
handsome bonuses for the owners.
The character Of cargo which such
vessels can carry is more or less limit
ed, but the demand has been gener-
ally for the very kind OF tonnage for
which these schooners are adapted
coal carrying, grain in bulk. cotton,
etc South America formerly relied
on England and Germany for her coal:
now she has turned to America. Re.
turn cargoes have been various, but
manganese ore. wood, wool, hides. etc,
have formed the more commonly Offer
ed commodities
Ordinarily much depends on the ia
cilities offered schooners to load and
unload at destination, steamers being
commonly given the preference. but
the fact that Brazilian and other gov
ernments have been directly or indi-
rectly back of many Of the charters
has expedited operations thus far.
Again, American schooners in deep sea
lanes are more or less experimental.
No one can tell just how the currents
and winds will operate with fore-and-
aft sailing craft or how rapidly they
can make the trips; but the outlook ID
good.
Another factor Of uncertainty lies in
the fact that operating schooners
along the coast where harbors are
comparatively accessible, is different
from being in mid-ocean and having
to LAY down and take it," as the sail
ors say, when a terrific blow comes
along This has given a new import
ance to the insurance consideration as
factor in the success or failure OF
the new occupation. Schooner insur-
ance usually starts at about IN per
cent a year, increasing one-half per
cent annually till it reaches IL per
cent. after which underwriters decline
to take risks Most Of the schooners
operating on the new lines are not
new, and often are insured at rates
that constitute a serious handicap. A
prominent Bath ship builder and oper-
ator is authority for the statement
that, with depreciation figured at ~
per cent (Which he regards as fair).
and with an average rate Of 10 per
cent insurance, the overhead makes q
big hole even in the large profits now
being realized.
Even so. ship owners Of Bath are