Evening star., 1941-02-23
Millions Spent
In j. :. Gamble
For Trade
Ship Companies Hope
War Changes Will
Become Permanent
BY CHARLES E. HARNER,
Associated Press Business Writer.

hSHDNldlCu buSlleSS writer.
NEW YORK, Feb. 22-Men are
betting blue chips" today in a
gamble for world trade under con-
ditions they themselves call fan
tastic."
Men who stand to win or lose
fortunes are putting every re-
source they have into making the
United States merchant marine the
mightiest in history.
"ScreWball' situations are de-
veloping. Ships are sailing to South
America with their holds empty
ballaSted with tanks of water-to
bring back strategic defense ma
terials at high rates; Army and
Navy ships are utilizing every avail
able foot of space to carry materials
to the Panama Canal Zone-and
are coming back in water ballast.
Steamship operators who were
glad to dispose of some freighters
for 100000 less than three years ago
are buying them back, when they
can get them. for half a million
AS German submarines. airplanes
and surface raiders peck away, week
after week. at Great Britain's mer-
chant marine, United States steam
ship owners, week after week. are
betting millions of dollars that inter
national trade, after the war as well
as now, will continue on a large
scale.
Place Taken by L. S.
Right now. Germany and Italy
are out of the transoceaniC busi-
ness picture although before the
war their merchant fleets were
strong competitors for business
wherever ships Travelled.
Their place has been taken by
the United States. whose merchant
marine. for two decades after the
World War, was gradually rotting
away. The American flag today flies
from ships entering every port in
the world except the prescribed
belligerent area of Europe.
The American shipping men who
have stepped swiftly into the pic
ture recognize their position as COM
pletely war-created. but they intend
to make it permanent. They are
risking their fortunes on this inten-
ton.
"We used to plav penny-ante. u
said one ship owner. Now. it's a
blue chip game with everything 60
ing into the pot
The fantastic" aspects of the big
game for world trade have been gen.
Grated say shipping men, by the
present mad scrambles for cargo
vessels.
Old Ships in Demand.
Those 8000-ton freighters which
began sliding down the ways of Hog
Island when the World War ended
and which could scarcely be given
away few years ago. now are bring
ing around S5O0O0O.
They've been improved a bit. it
is true. Geared turbines have STEP
ped up the speed of some of them 10
around IA knots from their original
II. They always were Seaworthv.
but for about % years there wasn't
much use for them.
Now they are in such demand
that, even at present prices. in
stances Of single VOYAGES paving
almost half their cost are noised
about in shipping circles.
For example it was not long ago
that one 8000-ton American ship
sailed from New York for Vladivos-
tok carrying cargo of machinery
The Russian government paid the
owner $4,000 for the trip and paid
all the costs of wharfage and load
ing the ship.
Steamship men say the British
government has been wary of giving
warrants" Sailing permits under
specified conditions) to ships carry
ing cargoes to Russia. London Un-
derwriters will not issue insurance
(See HARNER, Page E-3)