SHIPPING: Dollars for Dollar

In the crowded, oak-paneled boardroom of Washington's Riggs National Bank last week, the long ownership battle over the American President Lines, Ltd. finally came to an end. On a bid of $18.4 million, the line, with its 17 passenger and freight ships, went to A.P.L. Associates. Inc., a company formed by California Oilman Ralph K. (for Kenneth) Davies.

For seven years, Stanley Dollar had fought to regain the line founded by his father and turned over to the Government before the war in exchange for a $7,500,000 loan. Last week, as one final...

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