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ecm ce 1 i wore wi sot . : wit ta «ae + . 3 . é uy a } a A + Mu ae LA 46-2054 a ee eee oe a John A. MeCone 601 West 5th St., Los Angeles” pes ther 17 beth 4 ee "The first vessel was accepted for operation on. eens July 10, 1943, and between that date and October 31, 987, : a total of 128 vessels were accepted from the War Shipping —*=« Administration or its successor, the United States Mari-. time Commission, Operations were carried on under a General - . Agency Agreement between Pacific Tankers, Inc. aad the War Shipping Administration, dated May lane 1943, ‘Contract: a No. WSA 942. "The peak of the operations was reached in ‘oetobers = 1985. During that moath, there were 81 vessels in opera- . tion. nee RE CRETE RE Sa a Ve 1 t ; | rat 4 sone ss eee eee Ro ee ne ana ae roe "Following the cessation of hostilities and are- — duction in the requirements of our Armed Forces for the’ ~* | transportation of bulk petroleum, the Maritime Commission ..-- made available a considerable number of war built tankers ~. to American companies who desired to purchase such ships - under the Ship Sales Act of 1946. These sales were started . in July, 1947. As a result of these sales and a decrease in the need for operation of Government owned ships, the .°,--- size of the operating fleet of Pacific ‘Tankers, Inc. oo gradually decreased, . en tr "at this time, the Net Worth of the company was as indicated in the attached Pacific Tankers, Ine. ‘Balance =" Sheet of July, 19h7. . _ te ww bh he EF pine "It should be noted that during this period, between July, 1943 and July, 1947, the earnings of Pacific Tankers, -_.. Inc. were about $640,000. It had beea the intention of . «=~ certain stockholders of Pacific Tankers, Inc. to continue in commercial operations after the war and to that end. _\.*~ Plans were made as early as 1945 for the acquisition of = ° tankers either by purchase or by new construction. + oe "Numerous events took place affecting both ‘the owner=3 ship and the future of the company. Mr. K. D. Dawson, | the president, died in 1947. . The Federal Engineering - Corporation (a subsidiary of ‘Staadard Oil Company of Cals '.- fornia), owners of 60% of the stock, and also Mr. W. es . Sexton decided to withdraw from the “eorporations, 32.48 a . - toaNG ws 2 a aotasthsetgn SD wooed Oe a ter Ee oe oe = eae aa 7 GENES kt eres sone! we aye ie ae, Oe ee eb ie . ik ; vee de