Word: exportations
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Dates: during 1930-1939
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First company to be hauled up on the Senate's dissecting table was Export Steamship, a flashy young hustler born in 1919. Most travelers know that American Export Lines operates a fair-to-middling passenger service out of New York through the Mediterranean to the Levant (Palestine, Syria, Egypt), that its best boats all have names beginning with ''Ex" (Excalibur, Exochorda, Exeter, Excambion), the first of which Mrs. Herbert Hoover christened. Senator Black's investigation disclosed the following about Export Steamship's past and present...
...began life as a tough waterfront youngster in Pennsylvania R. R.'s Jersey City yards, rose to be chief clerk, went into the trucking business, moved a whole German U-boat into Manhattan's Central Park for Liberty Loan speeches, bought up the shipless Export company in 1920 for $65,000. His friends now include Egyptian royalty, from whose stables he has acquired fine Arabian horseflesh (see cut). An older, even more valuable friend, with whom for years he has played poker, is Thomas Ventry O'Connor, longtime chairman of the now defunct U. S. Shipping Board...
Campbell Bascom Slemp had hardly left the White House as Calvin Coolidge's secretary when Mr. Herbermann snapped up his professional services to help Export Steamship buy some freighters from the Shipping Board. The Government was asking $8.50 per ton. Export Steamship offered $5. Fixer Slemp got 18 of them for his client for $7.50 per ton-a total of $1,071,431. He sent the company a bill for $50,000. Mr. Herbermann settled...
Before the ship sale was completed, a $510 tailor bill for three suits and an overcoat for Chairman O'Connor found its way into the Export Steamship offices, was mysteriously paid with cash. President Herbermann swore he had not paid...
...four "Ex" passenger liners. He got the cash at less than 1% interest. When his Government loans began to gall, he went to Washington to get them extended, spent $11,360 in 30 days on "entertainment." The Shipping Board's comptroller recommended disapproval of the extension because Export Steamship owed $3,952,000, had assets of only $1,172,199. Robert Patterson Lamont, then Secretary of Commerce, wrote the Shipping Board that he saw no objection in the 3-to-1 balance sheet...