At a time when American shipping generally was finding it difficult to compete in international trade, certain American shipping groups were profiting largely. The strength of the American-Hawaiian Steamship Company derived from conservative financial policy, bold but not reckless expansion, astute analysis of trading opportunities, skillful handling of competition, and decisive adaptation to emergencies. A closely knit group of owner-managers held the reins of control. Internal strength permitted optimum realizations from a favorable commercial environment and even helped to make that environment favorable.
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