Russell and Michael Grace had formed the Grace Brothers & Co. (that became the W.R. Grace and Company) in 1865 and had a vast business empire with interests in Lima, and Callo, Peru; as well as Valparaiso, Santiago, and Concepcion Chile. By 1889 these interests included a large guano trade as well as Grace Line shipping. Moves to address the Peruvian financial crisis included the Elias-Castellon and Irigoyen-Delgado-Donoughmore protocols that were formalized by 1890 and Michael Grace and Lord Donoughmore was able to get the Grace Contract (originating in 1886) ratified.