Formed by the US Maritime Commission in 1938 to head off the impending bankruptcy of the Dollar Line, the leading carrier between the US west coast and Asia. The flag, red with a white eagle and a white star in each corner, was intended to continue the use of the Dollar Line's red and white colors while evoking the US Presidential flag, which at the time was blue with an eagle and four white stars. The unusually long proportions are as shown on the APL website. American President Lines officially changed its name to APL, Inc., several years ago and is now a subsidiary of NOL (formerly Neptune Orient Lines) of Singapore.
The flag measures 4' X 6' and was manufactured by the Paramount Flag Co., San Francisco and survives in unused condition!