1 Todd Galveston Dry Docks, Inc.-Statement of profits on billings to U. S. Navy Department from July 1, 1940, to Dec. 31, 1941 2. 3. 4. 5 6. 7. 8 Miscellaneous. Total.. 1 Denotes red figures. NOTE. Included in cost is overhead calculated at 55.591 percent of direct labor costs in 1940 and 61.081 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 4-month period of May to August 1941. The Navy Department is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage when determined is used instead of the 61.081 percent mentioned above, the above costs and net profits will probably change. In accordance with an understanding between the company and the U. S. Navy Department, the profit on work commenced after Nov. 1, 1941, is limited to 10 percent of cost. Such costs have not yet been determined by the Navy Department, and accordingly the effect on the above figures is not now determinable. Todd Galveston Dry Docks, Inc.-Statement of profits on billings to Government departments other than U. S. Navy Department, July 1, 1940, to Dec. 31, 1941 Todd Galveston Dry Docks, Inc.-Statement of profits on billings to Government departments other than U. S. Navy Department, July 1, 1940, to Dec. 31, 1941Continued Total.. 1 Denotes red figures. 793, 282. 30 214, 494. 68 578, 787. 62 72, 917. 16 651, 704. 78 543, 962. 70 107, 742. 08 19.81 2 The company agreed with the U. S. Maritime Commission that for all work performed subsequent to May 1, 1941, the billings would be at the same schedule rates as those charged to Ū. S. Navy Department. The credits allowable represent the estimated net excess of billings as rendered over those at the abovementioned rates, which excess will be deducted from future billings. Included in cost is overhead calculated at 55.591 percent of direct labor costs in 1940 and 61.081 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 4-month period of May to August 1941. The Navy Department is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage, when determined, is used instead of the 61.081 percent mentioned above, the above costs and net profits will probably change. Todd-Johnson Dry Docks, Inc.-Statement of profits made on vessels on which work was completed or in process and in respect of which billings were made from July 1, 1940, to Dec. 31, 1941, for various Government departments Todd-Johnson Dry Docks, Inc.-Statement of profits on billings to U. S. Navy Department to Dec. 31, 1941 NOTE.-Included in cost is overhead calculated at 50.492 percent of direct labor costs in 1940 and 44.8508 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 8-month period of January to August 1941. The Navy Department is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage, when determined, is used instead of the 44.8508 percent mentioned above, the above costs and net profits will probably change. In accordance with an understanding between the company and the U. S. Navy Department, the profit op work commenced after Nov. 1, 1941, is limited to 10 percent of cost. Such costs have not yet been determined by the Navy Department, and, accordingly, the effect on the above figures is not now determinable. Todd-Johnson Dry Docks, Inc.-Statement of profits on billings to Government departments other than U. S. Navy Department, July 1, 1940, to Dec. 31, 1941 1 Denotes red figures. 18,650.00 1,892. 76 2,657.68 2 The company agreed with the U. S. Maritime Commission that for all work performed subsequent to May 1, 1941, the billings would be at the same schedule rates as those charged to U. S. Navy Depart. ment. The credits aliowable represent the estimated net excess of billings as rendered over those at the above-mentioned rates, which excess will be deducted from future billings. Included in cost is overhead calculated at 50.492 percent of direct labor costs in 1940 and 44.8508 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 8-month period of January to August 1941. The Navy Depart ment is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage, when determined, is used instead of the 44.8508 percent mentioned above, the above costs and net profits will probably change. Todd-Johnson Dry Docks, Inc.-Statement of profits on billings to Government departments other than U. S. Navy Department, July 1, 1940, to Dec. 31, 1941-Continued CONTRACT NObs-51 (FORMERLY NOd-2197) FOR SHIP-REPAIR FACILITIES BETWEEN THE NAVY DEPARTMENT AND TIETJEN AND LANG DRY DOCK COMPANY This CONTRACT made as of the 20th day of September 1941, between the UNITED STATES OF AMERICA (hereinafter called the Government), represented by the Chief of the Bureau of Ships of the Navy Department acting pursuant to authority vested in him by the Secretary of the Navy (hereinafter called the Secretary), and TIETJEN AND LANG DRY DOCK COMPANY (hereinafter called the Contractor), a corporation organized and existing under the laws of the State of New Jersey, and having its principal place of business at Hoboken, New Jersey, WITNESSETH: WHEREAS, Congress has provided that, whenever the Secretary finds it impossible to make contracts or obtain facilities for the procurement or construction of items authorized in connection with national defense, he is authorized to provide, out of appropriations available to the Navy Department for such purposes, the necessary land, buildings, facilities, utilities and appurtenances thereto, and to operate them, either by means of Government personnel or otherwise; and WHEREAS, the Secretary has found it impossible, except in the manner hereinafter provided, to make contracts or obtain facilities for the procurement, construction, repair or conversion of naval and other vessels or portions thereof, which are essential to the national defense; and WHEREAS, the Secretary has determined that, in the national emergency declared by the President on September 8, 1939, and May 27, 1941, to exist, the public exigency requires that the items specified in Schedules 1 and 2 attached hereto (hereinafter called the "Facilities"), be provided at Hoboken, New Jersey, |