Word: calship
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During the war, California Shipbuilding Corp. built 467 ships worth some $1,000,000,000. But shortly after V-J day, Calship's payroll dropped to 800 from its wartime peak of 42,500; its 14 ways were sold for lumber. Calship President John A. McCone and Board Chairman Stephen Bechtel found themselves heading a company reportedly worth $14,000,000, most of it in cash. With nothing to make, they wanted to find a use for their cash...
They found their answer in Sunnyvale's Joshua Hendy Iron Works, largest machinery maker in the West Coast. California's famed "Six Companies," which built Boulder Dam and owned Calship, already owned a controlling interest in Hendy. They decided it was time to own it all. So they bought out the 25% interest of Hendy President Charles E. Moore, who had other business interests and no taste for the strike which had shut Hendy's San Francisco plant. As the new president of Hendy, McCone took on the job of settling the strike...
...steel division had slashed the 418,000 tons of steel plate needed by shipyards in August to 368,000 tons. Because of this steel shortage all shipyards were slowed down. Todd's Richmond yard had six of 21 shipways idle, Bethlehem-Fairfield with 16 ways and Calship with 14 ways each had two idle...
...Calship's books are new contracts for 169 more ships...
Bechtel & McCone like such back-patting, but they have bigger goals ahead. In the first six months of 1942, the U.S. built 228 ships and admitted 332 sinkings. So Bechtel & McCone are talking of more work, more expansion, faster production. They have plenty to work on: Calship has a backlog of 224 Liberty ships (worth about $350,000,000), almost seven times the 35 vessels the yard has delivered to date...