Word: lined
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Dates: during 1950-1950
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...last July the commission got another rude shock; the circuit court of appeals upheld Dollar. Last week, the U.S. Supreme Court refused to hear the case, thus, in effect, ruling that the line should be handed back to Dollar...
Seamanship. The flabbergasted commission countered that Dollar had described himself in writing as "former owner" of the line and, in fact, had written off the stock as a capital loss on his income-tax return. The commission won the first round in federal district court in Washington, which ruled that Dollar had sold his company. So the commission confidently continued to build up the line, acquired virtually a new fleet of ships, including two 23,515-ton passenger liners, the President Cleveland and President Wilson. Under President George Killion, onetime chain-store executive and former treasurer of the Democratic Party...
Overhaul. The Government changed the company's name to American President Lines, Ltd., ran the line as a U.S.-supervised private corporation, and pulled it off the rocks within a year. After pouring in $4,500,000 to slick up the ships, the Government cashed in on the wartime shipping boom. By 1943 the line was able to pay off both the new financing and the $7,500,000 Dollar Line debt, most of it, says American President, out of earnings...
...Maritime Commission had done so well that buyers became interested. In 1945 a syndicate headed by Charles U. Bay, now Ambassador to Norway, bid the flattering sum of $8,600,000. But shrewd, red-faced Stanley Dollar, who had been enviously watching the line's balance sheets throughout the war, had different ideas...
...share on the preferred stock, the majority of which is held by the Dollar family ($1,369,720 has been paid out, in all, under Government operation), that was not enough. Dollar filed suit and stopped the sale. His claim: the Maritime Commission did not own the line. Dollar said that when he transferred the controlling stock to the Maritime Commission in 1938, he did not transfer title. He had merely posted the stock as collateral for the debt that had now been paid off. Thus, A.P.L. belonged to him, Dollar argued, and the Government should hand it back...