Word: kulp
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Dates: during 1930-1939
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...form of racket in post office leases throughout the land. On the Senate floor the Department was flayed for renting, often without competitive bids, not less than 27 offices, including those in St. Paul, Dallas, Grand Rapids, and Columbus, Ohio, from a Chicago syndicate known as Jacob Kulp & Co. It was charged that the Kulp concern did what amounted to a brokerage business in postal leases, had issued some $150,000.000 in bonds on the strength of these leases, which was vastly in excess of the true value of the properties rented...
Under specific attack in the Senate was the Post Office Department's 20-year lease on the St. Paul post office opposite Union Station. U. S. rent: $120,000 per year. Property values appraised by the U. S. court: $317,000. Bonds sold by Kulp on the property: $1,150,000. In March 1928, the Federal Grand Jury at St. Paul expressed its opinion that the lease was "tainted with fraud and corruption." Rent payments thereupon ceased, pending action by the Department of Justice. Nothing has happened in two years...