This has some pretty good photography for its time that captures a brief historical moment. The photography catches considerable detail, and it holds up well aside from the physical deterioration to the film itself. The content is of some interest, as a view of a moment in history that is seen a bit differently now than it was at the time.
The footage shows the S.S. Australia, which was one of two troop ships leaving San Francisco that day to carry troops to the Philippines. A great deal of the ship's detail can be seen, making it a rare motion picture of a 19th century warship. The decks are thronged with soldiers, and most of them seem to be in high spirits, which would match the popular mood of most Americans at the time. These soldiers, of course, had not yet seen combat, and they are caught up in the moment. It's the kind of scene that occurs in the early stages of many wars, when patriotic enthusiasm is the mood of the day, and that often looks much more poignant later, once the harsh realities of war begin to set in.
The ship is much too large to fit all at once into the camera field, so the effect is panoramic as it moves past. There is little in the background to serve as a solid point of reference, but if you look very carefully, you can see that the camera moves slightly in order to follow the ship partway, which slightly extends the time that part the ship is in the camera field. So it may be of some slight interest also for this rudimentary use of the technique.