The Washington times., 1916-11-17
BIG STEP TOWARD
j. S. SEA SUPREMACY
Camden Shipyard Sold to Syndi-
cate Being Financed by
National City Bank.

NEW YORK. Nov. 1.-THE first big
step toward putting the United States
into the shipping supremacy Of the
world has been taken. Such II the
light In which the deal Is regarded.
whereby the New York shipbuilding
Company Is bought by the American
International Corporation. in associa-
ton with the International Mercantile
Marine Company, which Is expected 20
build several new vessels for the Amer
lean line at the plant; the Pacific Mail
Steamship Company and w. r. Grace
a Co. The American international.
which has the largest interests. ~ the
corporation recently formed by the
National City Bank. OF which Frank
A. Vanderbilt is president. for the pur-
pose Of reaching after foreign trade.
The New York Shipbuilding Company
Is seventeen years old and owns a
large modern plant at Camden, with
100 acres OF land and 400 feet OF water
front on the Delaware river. The COM
pany has 100000 Of stock outstanding.
but the purchase involves SIS. OOO. 900. Il
was said today by Charles A. Stone.
president OF the American Information
Corporation. The company will he
liquidated and a new one formed, and
It is expected part Of the neY stock
will be offered for public subscription.
The former principal owners OF the
New York Shipbuildlng Company were
a. w. Mellon. OF Pittsburgh; Henry {.
F'rick. and Henry Walters. head of the
Atlantic Coast Line and Louisville and
Nashville. 8. NJ. Knox. now president
OF the company will be elected presi.
dent OF the new company, and the
present organization will be kept in
tact.
Great Policy of Development.
George j. Baldwin, senior vice presi.
dent OF the American International. and
president of the Pacific STEAMSHIP
Company. explained today the reasons
which had led to the purchase. He said
that In the first place It was in line with
the policy OF the corporation to do all IN
Its power to develop American industrie.
and encourage foreign commerce, and In
the second II promised to be a very
profitable undertaking.
The company has contracts whi,, Will
fill the present capacity of The yards
through 1917. and improvements and ex.
tensions are planned which will mater.
tally increase the capacity OF the Yards
MI Baldwin said that there was in view
all the work that American yards could
handle In the next five years.
II was said that conditions which
brought about the decline In the ship,
building industry in the United States
which led the. world In the days OF the
wooden vessels, have now changed tC
such a degree that there is reason e
expect the United States to regain ia
The fact was emphasized TODAY tina,
Norway has spent $50 0Oo. 900 in this coun.
has paid $50 ton here for steel plates
to be carried over the continent anC
across the Pacific to build vessels al
home.
5000, 00O-Ton Shortage Soon.
Mr.. Baldwin explained that there wa,
great scarcity of ships. due to the de.
struction OF many vessels and the diver
sion OF others for transports, and thai
II is estimated that by January l Their,
would be a shortage OF 5000, 900 tons
Great Britain has recently enacted a Law
which will prevent ships built in hel
yards from being Transferred to foreign
flags for three years after the war
and other nations have taken similai
action.
The New York shipbuildinK plant hal
a present capacity OF 10000 tons pei
annum. During the last ten years tn,
| company has turned out such vessels al
| the armored cruiser Washington, tn,
| battleships Kansas. New Hampshire
| Michigan, Arkansas and Oklahoma
eight destroyers and a number OF bat
tleships for foreign governments. Th
battieship Idaho is now under construc
u