PORTLAND, Maine (AP) — An 83-foot (25-meter) motor boat that was one of the first refrigerated sardine carriers during the heyday of Maine’s sardine industry is going to be scrapped after a recovery operation to retrieve the sunken vessel.
The Jacob Pike fell victim to a storm last winter.
The 21-year-old great-great-grandson of the vessel's namesake wants the historic wooden vessel to be preserved, and formed a nonprofit that would use it as an educational platform. But the U.S. Coast Guard doesn’t have the authority to transfer ownership of the vessel. And any new owner could become responsible for repaying up to $300,000 for environmental remediation.
Sumner Pike Rugh said he's still hoping to work with the Coast Guard but understands the vessel's fate is likely sealed.
“It’s an ignominious end to a storied vessel,” said his father, Aaron Pike Rugh.
Around the world, Maine is synonymous with lobster — the state’s signature seafood — but that wasn’t always the case. Over the years, hundreds of sardine canneries operated along the Maine coast.
The first U.S. sardine cannery opened in 1875 in Eastport, Maine, with workers sorting, snipping and packing sardines, which fueled American workers and, later, allied troops overseas. On the nation's opposite coast, sardine canneries were immortalized by John Steinbeck in his 1945 novel “Cannery Row,” which focused on Monterey, California.
Launched in 1949, the Jacob Pike is a wooden vessel with a motor, along with a type of refrigeration system that allowed the vessel to accept tons of herring from fishing vessels before being offloaded at canneries.
When tastes changed and sardines fell out of favor — leading to the shuttering of canneries — the Jacob Pike vessel hauled lobsters. By last winter, its glory days were long past as it sank off Harpswell during a powerful storm.
In recent years there's been a resurgence of interest in tinned fish, but the historic ship was already sailed — or in this case, sunk.
Sumner Rugh, a senior at the United States Merchant Marine Academy at Kings Point, New York, was halfway around the world on a tanker off the coast of South Korea when he learned that the vessel he wanted to preserve was gone. No one else seemed interested in the vessel, he said, so he started the nonprofit Jacob Pike Organization with a board that includes a former owner.
He said he hoped that the Coast Guard would hand the vessel over to the nonprofit without being saddled with costs associated with environmental remediation. Since that's not possible, he's modifying his goal of saving the entire vessel intact. Instead, he hopes to save documentation and enough components to be able to reconstruct the vessel.
The Coast Guard took over environmental remediation of fuel, batteries and other materials that could foul the ocean waters when the current owner was either unable or unwilling to take on the task, said Lt. Pamela Manns, a spokesperson based in Maine. The owner’s phone wasn’t accepting messages on Tuesday.
Last week, salvage crews used air bags and pumps to lift the vessel from its watery grave, and it was sturdy and seaworthy enough to be towed to South Portland, Maine.
While sympathetic to Sumner Rugh's dream, Manns said the Coast Guard intends to destroy the vessel. “I can appreciate the fact that this boat means something to him, but our role is very clear. Our role is to mitigate any pollution threats. Unfortunately the Jacob Pike was a pollution threat,” she said.
In this image provided by Aaron Pike Rugh, the retired sardine carrier Jacob Pike, which sank last winter off Harpswell, Maine, is seen after a salvage company raised the vessel in this photo taken, Saturday, Aug. 10, 2024, in waters off South Portland, Maine. (AP Photo/Aaron Pike Rugh)
In this image provided by Aaron Pike Rugh, the retired sardine carrier Jacob Pike, which sank last winter off Harpswell, Maine, is seen after a salvage company raised the vessel in this photo taken, Saturday, Aug. 10, 2024, in waters off South Portland, Maine. (AP Photo/Aaron Pike Rugh)
NEW YORK (AP) — Wall Street is quieter on Friday, and U.S. stocks are drifting after they leaped to records the day before during a worldwide rally.
The S&P 500 was 0.1% lower in early trading but still on track for its fifth winning week in the last six. The Dow Jones Industrial Average was down 66 points, or 0.2%, after it likewise set an all-time high the day before. The Nasdaq composite was virtually flat, as of 9:35 a.m. Eastern time.
FedEx dragged on the market with a drop of 14% after its profit and revenue for the latest quarter fell short of analysts’ expectations. It said U.S. customers sent fewer packages through priority services, while it had to contend with higher wages for workers and other costs. FedEx also cut its forecast for revenue growth for its fiscal year.
Helping to offset that was Nike, which ran 7.5% higher after it named Elliott Hill as its chief executive. Hill, 60, had spent more than three decades at Nike in various leadership positions before retiring in 2020. He replaces the retiring John Donahoe.
Shares in Trump Media and Technology Group slumped another 6% as its biggest shareholder, former President Donald Trump, won the freedom to sell his shares if he wants.
Trump owns more than half of the $3 billion company behind the Truth Social platform. But Trump and other insiders in the company had been unable to cash in because a “lock-up agreement” prevented them from selling any of their shares. Trump has said he’s in no rush to sell.
TMTG’s drop on Friday was in line with its volatile history. Over the last six months, it’s often swung by at least 5% in a day, up or down.
Homebuilder Lennar fell 4.2% after delivering a mixed earnings report. Its profit for the latest quarter topped expectations. But it also said it made less in profit on each $100 of home sales, and it expects that margin to stay flat in the current quarter.
Conditions may be set to improve for homebuilders, though. The Federal Reserve earlier this week cut its main interest for the first time in more than four years, a move that could make mortgages more affordable for home buyers.
The momentous move closed the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has fallen from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.
The Fed is still under pressure because the job market and hiring have begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have damaged the economy.
Critics also say the U.S. stock market may be running too hot on hopes that the Federal Reserve will be able to pull off what seemed nearly impossible a couple years ago: getting inflation down to 2% without creating a recession.
Barry Bannister, chief equity strategist at Stifel, is still calling for a sharp drop for the S&P 500 by the end of the year. He points to how much faster stock prices have climbed than profits at companies. When stocks have looked this expensive on such measures in the past, he said a recession and sharp downturn for stocks has followed.
He also warned in a report that slowing hiring “is now symbolic of recession risk.”
No economic releases are on the calendar for Friday to show where the economy may be heading. Next week will have preliminary reports on U.S. business activity, the final revision for how quickly the economy grew during the summer and the latest update on spending by U.S. consumers.
In the bond market, the yield on the 10-year Treasury rose to 3.75% from 3.72% late Thursday.
In stock markets abroad, indexes fell across much of Europe after rising in Asia. Tokyo’s Nikkei 225 rose 1.5% after the Bank of Japan left interest rates steady, as was expected.
In China, the central bank left key lending rates unchanged on Friday. Indexes rose by 1.4% in Hong Kong and less than 0.1% in Shanghai.
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AP Writers Matt Ott and Zimo Zhong contributed.
A bus passes the Wall St. subway station on Wednesday, Sept. 18, 2024, in New York. (AP Photo/Peter Morgan)
Trader Michale Conlon, right, works on the floor of the New York Stock Exchange as Federal Reserve Chair Jerome Powell's news conference appears on a television screen behind him, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)
A person walks in front of an electronic stock board showing Japan's Nikkei index and Japanese Yen exchange rate at a securities firm Friday, Sept. 20, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Sept. 20, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People ride bicycles in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Sept. 20, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person rides a bicycle in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Sept. 20, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
