Word: petee
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...three months the committee had investigated the plant, organized by William S. ("Pete") Newell, president of Bath Iron Works and good friend of Maritime Commission head Rear Admiral Emory S. Land. Pete Newell and associates had organized the firm with $250,000 borrowed from Portland banks (the interest to be paid by the Maritime Commission) and up to Oct. 31 had received $450,000 in fees from the Commission...
...time-used basis but no time record.was kept; 5) a director's friend supplied trucks at $114 a day for work that could have been done with flatcars at 50? a day; 6) for a storage area (owned by a subsidiary of the Maine Central R.R., of which Pete Newell is a director) that used to rent for $15,000 or less a year, South Portland Ship is paying $36,000 a year...
...based on a par building time of 105 days. Days saved can raise the fee to a $140,000 maximum; days over par can dock it to a minimum of $60,000. Every item chargeable to the building of a ship the Maritime Commission pays. Thus Pete Newell and associates stand to make more than $5 million on the 84 ships without putting up a nickel of their own, and despite alleged incompetence, inefficiency and delay...
...Friend Pete Newell's defense came Admiral Land, hard-working believer in Navy traditions: Pete knows how to construct destroyers; South Portland is not the only example of bad management in the Liberty ship program; there is too great a dearth of first-class shipbuilders to warrant a drastic step...
Outstanding match of the day was Don Albian's 5 to 4 decision over previously undefeated Ackerman in the 165 pound class. Harvard victors by falls were "H. H." Schless and Walt Parsons, while Bill Taylor, Frank Tyng, Pete Fuller, and Captain Lee Sosman gained decisions...