Word: herbermann
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...condition of the sale was that the Shipping Board put the 18 vessels in first-class condition. Its repair bill was $1,825,718 with the result that the Government took a cash loss of $754,287 on the sale. Mr. Herbermann gave $3,500 worth of cattle to the father-in-law of the Shipping Board's repair officer, put up another $15,000 to save the same father-in-law's California ranch from foreclosure...
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...
...Mina Irvine, secretary to Chairman O'Connor, and Mr. Herbermann, looking for "some easy money" speculated jointly in Florida land. When Department of Justice agents arrived to search her files, this elderly Government employe destroyed all records of her transactions...
...under the Jones-White Act Mr. Herbermann set out to borrow $7,122,750 from the Shipping Board to build his 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...
...Herbermann procured for his line a ten-year ocean mail contract at $1,044,000 per year. When his new ships began to operate Walter Brown, then Postmaster General, increased this subsidy to $2,185,000 per year. But Export Steamship was not overburdened with postal cargo. From August 1928 to June 1929 its ships carried precisely three pounds of mail, a cost to the Government of $234,980 per Ib. In 1929 it carried one pound of mail for $115,335. For fiscal 1931 it carried eight pounds of mail for $125,820 per Ib. Its defense was that...