New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-14
SEVEN SHIPS
BOUGHT TO KEEP
FLAG ON PACIFIC
New Corporation Acquires
Last of Mail Com
pany's Fleet.
TO STAY IN CENTRAL
AMERICAN TRADE
81, ,250,000 Paid for Vessels by
Concern Organized to De-
velop Foreign Commerce.

The American International Corpora
ton. organized Tor the purpose Of de-
veloping American trade ! commerce
in foreign countries. began its sctivi-
ties in earnest yesterday By announc-
ing the purchas cf the entire remain
ing feet 81 the Pacific Mail Steamsh p
Company, consisting Of seven ships. b.
this step the last feet OF vessels under
the United States flag on the Pacific
Ocean has been prevented from being
broken up.
". r. Grace & Co., who have wide
experience in shipping and are experts
on South American affairs. will manage
and direct the operation Of the ships,
which comprise the Aztec, the City Of
Para. the Newport. the Pennsylvania.
the Peru, the san Jose and the San
Juan. The price paid by the American
International for tie feet was Sl,250,-
900. The statement issued b. the Amer
lean international said:
1T has been known for some time
that the Pacific Mail Steamship Com
psny desired TO dispose OF all its yes-
sells. Recently it sold to the Interna-
tional Mercantile Marine Corporation
its four large trans-Pacifc steamships
the Mancharia. the Siberia, the Mon
golia and the Korea. The remaining
vessels, which have just been pur-
chased, were engaged chiefly in the
Central American trade. The breaking
up of this feet would have taken from
the Central American ports on the west
coast all shipping accommodations and
would have practically shut off all trade
relations between our Pacific ports and
this part of Central America.
Since the organization of the Ameri-
can international Corporation appeals
have been made to II 10 take up the
situation, especially with a view Of saw
ing. If possible, the shipping service be-
tween Pacific ports and the west coast
of Centra America. The San Francisco
Chamber of Commerce and the business
men o. the Coast. il was learned. have
protested seriously against the break
ing up Of the feet.
"In order 20 maintain the shipping
service with Central America so that
trade relations can be containued the
fleet has been acquired and will be kept
intact. enabling a continuance OF the
service for the present. After the sale
Of the vessels the remaining assets C.
the Pacific Mail Steamship Company
will consist only Of the cash paid for
the vessels. certain miscellaneous prop
erty and current accounts, which, II IL
understood, will probably be liquidated
as soon as feasible
II was last August that the Pacific
Mail company announced that X mad
sold its trans-Pacifc feet TO the Allan
tic Transport Company. subsidiary OF
the international Mercantile Marine
COMPANY. because Of inability to con-
tinue operations under the Seaman's act.
rathered by Senator La Toilette in the
last session Of Congress. The price paid
for these ships was about S5.OOO.OOO.
With the cash derived from the sale
Of the remainder Of the feet the neces-
-arv steps for the final dissolution OF
the Pacific Mail will soon be taken. Di-
rectors have already reduced the capita!
from $50 900 900 to 81 100000. and have
auth NiZed dlStrlDutloh OF Ho'VVV'oVV'
amounting to s25 share, payable De-
cember 10 to stockholders of record
December T. This distribution. payable
tomorrow. is part OF the dissolution
plan.
At the time this distribution was au-
thorized II was estimated the company
had additional assets of Sl,O000 900,
which will make the total more than
50 600 900. including the cash from the
sale Of the last Of the Pacific Mail