The "44" gets into your subconscious from the mention that 44 men were rescued "... they saved the 44/From those cold ocean waters on that cold Iceland shore." Or words to that effect. Sinking was in 1941 prior to America's entry. I'm not aware of any version that states that 500 were lost. Some Web sources say 100 were lost, others 86; the song as I recall it said "one hundred."

CC