New-York tribune., 1922-05-14
: z41ner1can Merchant Marine Is in the Balance
Adventures of Wartime Shin.
pins Gone; Cold Economic
Facts Now Control


gone the same route.
Another case was that of Christoe.r
Hannevig. According to the best avail,
able information he came ~ ~.
United States from Norway earlr i,
the war with little except promot-
er's daring. conviction that shinoino
was an Ell Dorado, and the determine
ton to win a fortune. He got ont;or.
on ships that were building and also
on shipyards. As prices scared "a,
lowing the ruthless submarine war. he
pyramided his profits, bought mora
ships, obtained control Of moro sh;n
yards, and organized new shipbuild;ns
companies. 1t was estimated that ~
tho height Of his success he was worth
between s2o,ooo,ooo and $4,000. 600
But he did not allow for tho ;n.v;.
table reaction, and when depression set
IN his fortunes took the course of TN.
Mayer family.
victor 5. Fox, theatrical costumer
began business on shoe string. and
for time had hopes of making him.
self figure in the steamship world
He bought ships at 10 per cent cs.b
and expected to pay off the remainder
from current earnings. Unfortunately
ne went in on the cbb tide, which ,oon
left him stranded on the sand.
The story Of Morse is now befor. Nh.
public. According to allegations re-
Gently made in the Federal courts. G.. "
Morse, his family and associate,
formed numerous steamship companie,
multiplied them with holding com.
panies and at each turn Of the wheel
sold stock to the public. The cash that
camekinnto his companies, according to
the charges, consisted in large measure
OF the money forwarded by obliginy
purchasers of shares. It is estimated
by the government that at least s15.-
100000 was obtained from that vast
crowd whose ranks are recruited every
minute.
Against those who were \Wallinr-
fords, the "fly-by nights" there were
few who went into ocean transporta-
tion as career, who invested their
own money, built conservatiyelv and
expect to remain in the game if the
economic situation permits them. In
this number is ". A. Hartman. son
OF the late railroad magnate, who
formed the United American Lines.
This company has now become an or
ganization to be reckoned with on the
Atlantic, Gulf and Pacific. The most
| recent exploit showing a confidence
in the future and determination to
succeed was the purchase Of the liners
Rcsolute and Reliance and their en-
trances into the New York Hamburg
service. The company has also come
into possession of the two cargo motor
ships Californian and Missourian, uti-
lizing the most modern form of marine
propulsion. which will be placed in the
Pacific Coast-European route.
There is still another class of steam
ship men, those who operated with
varying fortunes under the American
flag before the war During hostilities
they saved their money and when de-
preston came they trimmed their sails
accordingly. At present they are buy
ing ships again. cautiously, relying
upon recovery in the industry and also
hopeful of government aid. In this
number are such concerns as Moore &
Mccormick, the Luckenbach Line and
others.
In considering the need for mer-
chant marine at present and in at
tempting to solve its problems the de-
velopments of the last seven years may
be completely disregarded, except that
the war dem onstrated the lack of ves-
sells suitable for use as naval auxil-