One transatlantic line only, in 1902 displayed the American flag, and that line enjoyed special and unusual privileges, without which it probably could not have existed.

In consideration of building two ships in American yards, this line, the International Navigation Company, was permitted to transfer two foreign-built ships to American registry, and a ten years' postal contract was awarded it, which guaranteed in advance the cost of construction of all the ships it was required to build.

It is a fact worth noting that, while the foreign lines have been vying with each other in the construction of faster and bigger ships each year, this one has built none since its initial construction, more than a decade ago.

Ten years ago its American-built ships, the "New York" and the "Paris," were the largest ships afloat; now there are eighteen larger in commission, and many building.

Besides this, there are only two American lines on the Atlantic which ply to other than coastwise ports--the Pacific Mail, which is run in connection with the Panama railway, and the Admiral line, which plies between New York and the West Indies.