Shipping: Matson's Rescue Drill

"Matson Lines'' used to mean white cruisers ribboning through Hawaiian islands with luau, leis and instant romance for all aboard. As a business. Matson (1962 revenues: $100 million) is somewhat less glamorous. Labor troubles and stockholder squabbles led it into a storm that climaxed in an operating loss of $2,400,000 in 1961. Then, Matson called in a new skipper, Stanley Powell Jr., 46, rounding out his first year as president, proved last week that he has begun to bring the line back into clearer sailing weather: he reported that Matson earned $2,249,000...

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