Word: chapman
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Dates: during 1920-1929
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Last August the Shipping Board put on the auction block its two best Atlantic properties-the U. S. Lines and the American Merchant Line. The bids submitted were announced last month. High bidder was Paul Wadsworth Chapman of Manhattan, a daring and potent bond, real estate, public utility and air transport man. He offered: $13,782,000 for the six U. S. Liners (Leviathan, George Washington, President Harding, President Roosevelt, America, Republic); $2,300,000 for the five "Americans" (Banker, Farmer, Merchant, Shipper, Trader); $218,000 for pier leaseholds and sundries-total...
...Shipping Board the Chapman bid appeared reasonably adequate. For example, the Board's books carried the Leviathan at a value of $6,050,600 (though the U. S. spent more than $10,000,000 to recondition her). Mr. Chapman's offer itemized $6,782,000 for the Leviathan. The "American" vessels, all alike, cost the U. S. between $3,500,000 and $4,000,000 each to build. The Board valued them at $340,800 each. Mr. Chapman bid $460,000 apiece for them...
...terms of the Chapman bid were specified $4,000,000 in cash, a note for the balance, operation of 11 ships for five years, and construction of two new ships by borrowing 75% of their cost from...
...which the Senate thought, on the eve of the Chapman deal's consummation, that" it smelled, was not only a matter of money. Rubicund Senator McKellar of Tennessee complained loudly that a onetime Shipping Board official, Joseph Edward Sheedy, was in shameful cahoots with Mr. Chapman. Cried Senator Mc-Kellar...
...George Chapman", Professor Murray, Harvard...