SHIPPING: Tanker Truce

To protect the U.S. maritime industry from cheap foreign shipping after World War II, the Government banned the sale of its low-priced surplus ships to foreign investors. But despite all precautions, United Tanker Corp., a Chinese firm with a phony U.S. front, worked out a deal to buy six surplus tankers from a group of promoters headed by Joseph E. Casey,*onetime Democratic Congressman from Massachusetts (TIME, March 3, 1952 et seq.). As a test case the U.S. Justice Department went to court over the sale of one tanker (the Meacham), won the case, seized five ships and sold the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!