SHIPPING: Sale

The Shipping Board last week sold the four ships of the Pan-America Line. The Pan-America, Southern Cross, Western World and American Legion, combination cargo and passenger ships of the “President” type, have plied between the Atlantic Coast and South America. They were operated for the Government under contract by the Munson Line and constituted one of the major services still operated for the Government. The last big sale of a going line was that of the California-Orient Line to the Dollars (TIME, Apr. 13).

The Munson Line had offered $3,200,000 for the four ships. Moore & McCormack, another shipping firm, offered $4,101,100, whereupon the Munson Line bettered its bid to $4,104,000. Last week the Shipping Board called before it both bidders, directing them to make their best bids. Moore & McCormack objected to several features of the offering, and when the Board refused to make concessions, withdrew their offer. So the Board closed with the Munson Line. Terms: $4,104,000, one quarter in cash, the remainder in 14 annual instalments at 4¼% interest; a bond of $1,000,000 to be put up to insure operation of the service for five years.

So was disposed of another important section of the Government-owned merchant marine.