The Washington times., 1924-02-21
I Transfer
MADE BY
Weeks
Shifted Buildings to Shipping
Board and Deal FoIIowed.
Takes in 3 Cities.
By. JAMES MARTIN MILLER.
Cosmopolitan News Service.

OSDaAAOkpOAASSeAA
On the heels of the naval oil
leases, which have led to an off.
cial investigation that has shocked
the nation, comes authoritative in.
formation today that the. United
States Government, through its
agents, has secretly leased to q
private corporation all It's. piers,
docks, and warehousing facilities
ct the ports of New, York, Boston
and Philadelphia. 4
Profits Reported Great.
The pier and dockage space
amounts to total Of more than
three miles. Thirty-six of the
largest ocean.going freighters could
be accommodated at these piers and
docks at one time.
Under the lease, which was
negotiated without asking for com.
Detitive bids, the Government is to
receive $4,000 annually, plus
So 2-3 per cent Of all earnings above
$1,000 The leasing company is
guaranteed $4,000, and will have
one-third Of net earnings above the
5000, 900.
The docks, piers, and warehouses
at New York and Brooklyn alone
made $375,00O last year. The earn.
ings OF the Governments piers,
docks, and warehouses at Boston
ana Philadelphia are said to he
proportionately as great as those
MADE by the Underwater property at
New York.
Has Five-Year Lease.
Like the transfer Of the naval oil
leases, the transfer Of the piers.
docks. and warehouses at these
three ports has complications and
ramifications. -
The lease. however. Of these Gov.
ornment properties Is today held by
the Atlantic Tidewater Terminal
company a close corporation, which
was Incorporated under the laws
Oh new YORK State last October.
This company is capitalized at
xgVU,OOO, Is guaranteed 10 per cent
net prouts annually, and it Is fig.
ureo Dy experts in shipping circles,
30 per cent, or $3.50, 900 yearly. net
It's lease will run for five wears.
However, officials of the leasing
corporation, the Atlantic Tidewater
Terminal Corporation, assert that
the Government ''got the best of the
bargain.
The history Of the Governments
ddewater property must be traced
Tor several years to get q clear I'M
Outstanding Of the present lease.
Transferred by Weeks.
On April 81, 1921, less than two
months after he took his oath Of of.
flee, John W. Weeks, Secretary of
War, transferred all the herein
named tidewater property of the
Government to the United States
shopping Board. The Shipping
BoaM In turn transferred the prop
erty TO the Emergency Fleet Cor
poration.
The lease to the Atlantic Tide.
water Terminal Company was made
by the Emergency Fleet Corpora
ton as the agent of the United
States Shipping Board.
In explaining his transferance Of
the tidewater property to the Ship.
ping Board, Secretary Weeks said
he was merely acting under the
authority given him by the 1920
shipping act, section II, page AZ,
which Is a non.mandatory pro-
vision, stating that upon order of
the President, the Secretary of
War can transfer the properties at
shipping terminals to the Shipping
Board. This order was given 'by
the President and the transfer was
made on the date above named.
The lease to the Atlantic Tide.
water Terminals Company was
made on October IS, 1923. When
data was gathered at New York and
Continued On Paga 4 Cplumu -