SHIPPING: Economics of the America

When the Navy last week conscripted the luxury liner America, it left the venerable U.S. Lines without a single passenger ship. But at the company's offices in lower Manhattan there was no mourning. The atmosphere was more like a carnival. Everyone got a 10% bonus (based on last year's pay). Passenger-department clerks were told they would be kept on. After work there was a rush to nearby bars.

The loss of its vessels has been a godsend to U.S. Lines. Over 80% of its $3,801,180 net income in 1940 came from sale of...

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