SHIPPING: New Fleet for Grace

From the time when it bought its first ships in 1893, Grace Line Inc. (Canada to South America) has spent $118 million on ship construction. Last week, with a few scratchings of a pen, Grace Line President Lewis A. Lapham committed the line to a shipbuilding program that will cost more than double that amount. Lapham signed a contract with the Federal Maritime Board under which Grace promised to build, and the board agreed to subsidize, 26 ships at a cost of $286 million. The program will completely replace Grace's present aging...

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