More Capitalism

Encouraged by its success in operating labor banks, organized labor contemplates invasion of the shipping business. The Marine Engineers' Beneficial Association offered to buy, for $300,000 cash, three 12,000 ton government vessels from the Shipping Board, guaranteeing to operate them immediately and to deposit an initial payment of $90,000 in escrow in a responsible bank. The offer was rejected by Chairman Lasker of the Shipping Board on the ground that the bid was below the minimum selling price of $30 per deadweight ton fixed by the Board's policy. Mr. Lasker said he would consider the sale if the union would meet the minimum requirements.