Word: moormack
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...socialite, and squat, jib-nosed Emmet J. McCormack, ex-tugboat captain, tossed $5,000 into the pot and founded the shipping firm of Moore & McCormack (now Moore-McCormack Lines, Inc.). Two years later the shoestring firm bought its first ship for $90,000 (cash: $15,000), christened it the Moormack, put $185,000 worth of repairs into its hull and went after business. From that time on the history of Moore-McCormack is the history of most of today's U. S. merchant marine...
Riding the wartime shipping boom, the firm bought ten more ships, sometimes had as many as 50 more under charter and Government allotment. At war's end it sold the Moormack for $400,000, later snapped up the Government's offer to take its huge merchant marine off its hands at dirt cheap prices of $10 to $15 a deadweight ton. The advent of World War II found Moore-McCormack big and respectable (capital: $5,000,000), in hock to the Government and worried over what to do with the surplus ships that the provisions of the Neutrality...
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