The Box - Marc Levinson [162]
24. Edward A. Morrow, “Seatrain Spurns Shipping Merger,” NYT, August 12, 1959. Campbell interview; McLean Industries, Annual Report, 1958.
25. “Just recruiting” comment from author’s interview with Gerald P. Toomey, May 5, 1993. On use of intelligence and personality tests, see Arthur Donovan and Andrew Gibson interview with Scott Morrison, July 8, 1998, COHP. Comment on pitching pennies from Cushing interview, April 7, 1993.
26. Author’s interview with Paul Richardson, Holmdel, NJ, January 14, 1992; author’s telephone interview with Kenneth Younger, December 16, 1991; author’s telephone interview with William Hubbard, July 1, 1993.
27. Container tonnage from PNYA Annual Reports. Quotation is from author’s interview with naval architect Charles Cushing, who joined Sea-Land in 1960.
28. Sea-Land Service, presentation to Sea-Land management meeting, Hotel Astor, New York, December 12–14, 1963, mimeo.
29. Werner Baer, “Puerto Rico: An Evaluation of a Successful Development Program,” Quarterly Journal of Economics 73, no. 4 (1959): 645–671; A. W. Maldonado, Teodoro Moscoso and Puerto Rico’s Operation Bootstrap (Gainesville, 1997).
30. Author’s interview with Gerald Toomey, May 5, 1993; author’s interview with William B. Hubbard, July 1, 1993; Edward A. Morrow, “U.S. Antitrust Inquiry Begun into Proposed Sale of Bull Lines,” NYT, March 29, 1961.
31. Sea-Land’s practice was to write off its ships over six years, an unusually short period for long-lived assets. Very high write-offs made the short-term profit picture look bleak, but it meant that Sea-Land could report very high profits a few years later, once the ships had been fully depreciated. This accounting, deliberately designed to depress short-term profitability, was not widely appreciated by analysts who examined the company’s financial reports. In the mid-1960s, the Internal Revenue Service forced Sea-Land to depreciate its ships over fifteen years instead of six, and its financial reporting became less obscure. Author’s telephone interview with Earl Hall, May 21, 1993, and McLean Industries Annual Report, 1965. Concerning the bid for Bull Line, see George Home, “Bull Steamship Company Sold to Manuel Kulukundis Interests,” NYT, April 22, 1961; Edward A. Morrow, “Decision Put Off in Bull Line Case,” NYT, August 4, 1961. The attempt to block the sale of the ships to Bull was one of the more embarrassing episodes of McLean’s career. He told a hastily called congressional hearing on the issue that the government program to sell old vessels to nonsubsidized ship lines was a “give-away program,” and was then forced to admit that Waterman had applied for ships under the same program; the Waterman application, he said, was “a mistake,” although one that he had not tried to correct. “M’Lean Attacks Ship Exchanges,” NYT, August 17, 1961.
32. “Bull Line Stops Puerto Rico Runs,” NYT, June 25, 1962; “Sea-Land to Add to Trailer Runs,” NYT, June 26, 1962; author’s interview with Gerald Toomey, May 5, 1993; author’s interview with William B. Hubbard, July 1, 1993; author’s telephone interview with Amadeo Francis, April 28, 2005.
33. Toomey interview; U.S. Census Bureau, Statistical Abstract, various issues.
34. Sea-Land Service, “The Importance of Containerized Ocean Transportation Service to Puerto Rico,” mimeo, n.d. (1969).
35. McLean Industries, Annual Reports, 1962 and 1965; Cushing interview; McLean Industries, Annual Report, 1962; Toomey interview.
36. Employment figures from ICC,