Magazine content is available exclusively for TIME subscribers.GOVERNMENT: End of an Experiment
In its campaign to get the Government out of competition with private business, the Eisenhower Administration last week registered its first sale. The Inland Waterways Corp., which was begun by the Coolidge Administration in 1924, was sold to St. Louis Shipbuilding and Steel Co.'s new subsidiary, Federal Waterways Corp. of Delaware, for about $9,000,000. St. Louis Shipbuilding is owned by Herman T. Pott, 58, who has never before run a river freight system, though he is the largest U.S. builder of towboats and a leading builder of barges. (In the last 10 years he has supplied 20% of I.W.C.'s...
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