EARNINGS: Shipyard Candor

"I cannot help but be a profiteer," declared James E. Barnes of the Todd Shipyards Corp., testifying to the flabbergasted Senate Naval Affairs Committee. Mr. Barnes has been a Washington lobbyist for 27 years, and he must have been tired of all the nonsense Congress has heard and uttered about war profits. But Lobbyist Barnes, who truly said, "I am a very prolific witness," left the Senators more confused than ever.

Todd is primarily a ship repairer, with seven busy yards on three U.S. coasts. Since 1940 the Navy and the Maritime Commission...

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