In Private Ownership
She was badly damaged by fire while tied up at the Philadelphia Navy Yard on 24 January 1931. The yacht was sold on 19 October 1931 to Leo P. Coe, agent for Frank P. Parish, a wealthy financier known as "The boy wizard of LaSalle Street" (Chicago's Wall Street). The following year while he was having the ship restored to her original luxurious splendor, by Henry J. Gerlow Inc., of New York City, Parish's fortunes turned forcing him to sell the yacht shortly before he fled from the country to escape from prosecution and elude irate investors. During the depression years, a number of successive owners tried to promote a wide variety of projects for the ship, including use in the South America coastal trade, restoration as a historic relic, use as a floating dance salon, and even sale to the Japanese Government to be scrapped as Japan sought still to strengthen her war machine. However, a complex web of legal difficulties, a shortage of money, and marginal business conditions frustrated these enterprises while the ship idled in Atlantic ports from New York to Jacksonville, Florida, awaiting an opportunity for future service.
Read more about this topic: USS Mayflower (PY-1)
Famous quotes containing the words private and/or ownership:
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—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)