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Actually, to call it a submarine drama is an exaggeration. It's set during World War I, and the US Navy is sending a 'mystery ship' toward the Azores, a three-masted schooner which disguises a modern cannon and some machine guns, in order to lure U-172, the Germany's most effective submarine into a trap. The mystery ship is also towing along a submarine, for which it is playing the tethered goat.
The story, after some sea-going scene-setting, takes place in a small Spanish port, where the crew of the mystery ship and the officers of U172 are both in town. The bar scenes are right out of a pulp novel, but what makes it interesting is that the exotic dark-haired Spanish singer (Mona Maris) and the owner are both working for the Germans. Maris lures innocent Ensign Cabot into her clutches, slips him a Mickey Finn, and confirms that he is a Naval officer, not a merchantman. Meanwhile, the American captain Bob Kingsley (George O'Brien) has met lovely blonde Anna Marie, who just happens to be the sister of Baron Ernst von Stueben, commander of the U-172 (the bloody undersea Red Baron) and the fiance of his first officer.
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After a bit of excitement, which results in Cabot being killed, Anna Marie cast adrift with some local sailors in a lifeboat, and OBrien realising she is a German spy, the U boat homes in on the mystery ship. Then it gets a bit tricky. U-172 surfaces, and with its cannon hammers away at TMS. But the American cannon, earlier extolled as the most modern beauty, remains out of range of the sub. So our suspense is built on whether the Yanks will sink before they get a shot at the sub. Repeatedly.
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Not to give too much more away, but it then appears the German officers are all going down with the ship, but it turns out none of them are. And despite declaring their love, Capt. Bob and Anna Marie go their separate ways, patriotism and all that.
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George O'Brien was a former sailor, who apparently was boxing champ of the Pacific Fleet during World War I. He was a key part of the first two of Ford's cavalry trilogy, playing Major Collingwood in Fort Apache, whose wife (Anna Lee) refuses to call him back when his transfer comes, knowing he has his honour to redeem, and Major Allshard in She Wore A Yellow Ribbon, who sends John Wayne's Capt. Brittles to escort his niece and wife East. He's also a Major in Cheyenne Autumn, which was his last film.
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But the women are probably the most interesting facet of this sea story. Marion Lessing is Anna Marie, and I am sure her performance signified more in 1931, with its very stagey quality, than it does now, but she isn't really that sort of archetype you'd expect would get to O'Brien. Mona Maris, an Argentinian who had some interesting parts in B movies and serials, is much more 'modern' as Fraulein Lolita (not kidding), a mix of Dietrich and Raquel Torres maybe.
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This was probably more exciting then than it was now, and it would probably have been a great story for one of the adventure pulps. It holds up well enough as a B picture, and there is enough of Ford's touch to make sure you aren't bored, even while you're trying to figure out what Bob sees in Anna Marie or why that sub doesn't just attack U-172 when it's got the chance! It's a better love story than Love Actually, actually.
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