ARISTOTLE ONASSIS - The Vault

FEDERAL BUREAU OF INVESTIGATION

ARISTOTLE ONASSIS

PART 3 OF 4

BUFILE: 46-17783

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. K =J�an�es It llcinemey, Lesietant Attorney General, �,0 Jlm;lJK:pda . ,,.," """~ " ~', '.1.*.!t._0,.1.'»=92,=s1.92!1=1-_-._j_""'

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th erican Sh1ppS.ng_lgd'1�r;_ed1nL ulnc-5 et!1 146-20-596

-"-�§l�:;"-*5"1.t-"*"t"�":7�."'4H� ' ibtereficed iswherehf ¢e"e1=re=+.1 report 5: "l 'd8�UQ§ I8 10 19 It �BI York, 1'01!-1�|i'l�O $9 Ue_3_e P�tlil�lllInc. T�ger �epartment Item lumber S7, beginning at page 115 �of t V S

report, it e are t � e euhsidierypt0. 0- Pe¢~1em=?=��1=w = rs ummm.:mm§ 11'],-es�mmk $ 9!L'a3..3'a°}'*'¬1'='1 1*? 1�1Mn<=1g!.'$**==.e_1:}:,._

1 r n 1< for "2750 ooo,;�_S'é?iI�a�u"1� 8 A '92h demos t o a c ec ,,_,.,,,,_____,__ _ ,_

¬is>§.s==..s=Ii',.5.E_.sr_~f-'1,,;;_l_,3§. Z§Jh,k'Ei�uM §nfI§°JQm 1 W _d ,;,;' :0 _-12.0-.3-;:»e;>_,

- - . . " - 0..." _ ,:_'¬*-.{-4�?-�$"'*-'13

S " _In_asmuch _ss the use 0I_the_ ;;1:::~,e_;-§=01-h=£.£1e§=2@Li1�*'5-@- -§E§.ril&_�Z1¥?§TE¢§§#i5*'¬,"iE?§3~R2%4$§§3;e.2E5.9I¢ 3 �T 'instenges, 11; 1; rgmstwJ §§g&�m bethe reaacte as outline belowh __I -@_ ,. , _~ l ,;__;;_;~

~ 1. Is: the $750,000. deposit included 1n the cash 1:111:90 m_'_t;;._z'.-f-':,:£.;-J ;�.,_ Aat $1,424,360.31 as of December 31,1950, or was credited to _nisceiieneous and accrued iccoonti receivable? 1. 11. was the 1i$�5ir�;'§;T.and since the looms of $700,000.� or up $750,000 m mm, anA:-ions indebted to Victory Carriers and met was the nature of �:s_,I,, �7.fj_J; �indebtedness? In this connection, please obtain e copy of 1ri.¢ns's "�;§=,f:_'»';:i_,

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--I .A nemrsiadnn to Simpson, Spence and Iomg, which 10 mentioned ma p. 1191l�;�,{:?�-oi� the report. �Did Simpson, Spence and Iomg lake up the ba1snce'ef$50,00o?'__Ine this e loan or was Simpson, Spence and Iomg1» w=+~=-rr 0 0» ~ ,_._-., -... ._.. __-_, , . .- _.., , ___ _- . ..1. Q . .._ .. __.,_ .. -

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be . ==~-1=r= w~*.====<.1.'1 Yi.¢*'°��¥ =h11>= I"-* 1'==1.*?1#= weer - * c � M ..arc� ,1 '-492$*n -1�. -up.

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�. _ 2* y~'a-..""-r-�=:= - � Under the contract Victory ice iumd £15 qmuy roe .e¢n*,%_£~.f;_A_

vessel before title passed. Thereafter, Victory was required to

1 = .1... mritine 0....-.9.-.1 <>..1..>9�.¢; "..~.*.;;;..+o..-.;..:1..-.� _ _ ;_-__ _11eet_epecificd financill 1-equiremente._.~y' _ f�_f�_;"§§;§'*;�£*Tk-"::.*:¢- .

et~""'-�I: "-1- " "l �I3 ~.-.1�-_-� .

-.9. ._ , ., . tain working capital and a net worth sufficient to support the continue<l...;;,;!.i-,..»- inA .._._..

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--' - .1.-1; 11, 1949

.3�. 1 Joly 31, 191.9:_-*1.'.:_.'.- _ ._..} _ .

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Insult 31, 1949

- . _ - 1-mm. 31, 1949

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H I I To the '1"1n1m=111; reciuiréaent' Victory Carriers eutmitted to the Oomieeion, certified balance

- � H -. - ~' " " .~"» - . 1 ---' -131x�-.5 4'1.».--£.f3I?IT�?��'h*T;~*~9T=31|-I7-51925¥�i-»l�§C'5~lr- ' »- ._-, ».--_ .- .,--92_,-.-..... --¢;�-.-92 __.-,,�-.v.V;_-~:�-,~- .- � 19;-ge�>_».,.»-V . . �"_;I'5-7;... .- " 5 »=':_' .7 ;j �-" 2-." 7'"-"' �. f"-T" -'77�-j avg?" _.?'%.*;�-'1 .'

" 1 me seven Victory chips were acquired title passed! unc1_ex_-w__,_,,h,___,!- � -* ~ H the contract between June 28, ad October 6,

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ebeete as of -tin following datecc .4 .. - -199 " = 9 - .+;: --*»~;»=."-»:: --;'=.-.-1-="*�=;"". �

~ ~~*-� -~-.-5:-r~~.=~:-:.~-_=+.�~-I===»=1.191-9 9. .._ .June 29, 1949 -1 "

H | �- w ¢*" 'July 13, 191.9July 31, 191.9 -

.- Iheee �nancial etatemente were certified by

* �meee balance eheete eet forth the __ __in capital em-plue of Victory on the zeepective dates ne follau

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3 393,215-50 'ea3,2s7.so .

1,699,352.50 �V

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the fin of Arthur lode-con -

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. - ' me corzectneee of the above-noted caeh position: ehonld _ __jbe detenined and also Irhether the capitol lo:-plus Ice cctollly

-'____ T into the cmpeny. iheee fonds should be followed to determine 'tbeirf"�-"original eource. IBPC will probably be eholrn an �1e.eo92:rce. If bake . _k

Iii; -,1?-:_,; 1. are involved that was poeted as security for the lune?! _;_"'"'I**?<';!:-,f'.�§*�. . .-' V . -. - . - . e - .- .1 "5". ".- -.1� -5-. 3-��_ ' ' .' -1'. ~ �. _ � � _ " -�y _ .5-' _. 1 ' � '_ " � � _ � 4 j--;-

._. . . . ____ .__ . ,5�,-; . ., -_ ."" " � " �me incoln end dieharlcncntl of Victory -�mm eve;-.-#:;#.;;.»1:»'».e1~*1�<*:7,, .,'_�r__:..';L ... ._ --, -.

'_ ' $5,000.00! ebould be obtained uni edieeuiea for the pe:-1oe,_In_y ''5 7"� '._ �O 15' .;g,;:.�~1§=.�_.� � I "L H "é_.�..�___ " � '1�. � ' 3* ;-"E "-

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_- ' large uwunte between Victory end ite parent company u- 8i.IpUj.'!f;fi¬§ Spence In! hung during the you-e 1949 - 1952, inclusive. 1 check ..=:.I*�=t;

,1.-" _ . . f_cf mounts over 8100 000.00 ie cuggeetcd. 7

M �I _ =:__;-'.'..�l -; -;.|:�;;.___e_"._.* It-___ _ I _. , _- __F.f ._. � 1. 2:4"-,,_-_ .: §,;l',__ .f�,?:v?I_é_5?_�}i-¬&§_~_,:_.3$�92§_ _. , .. . ._., ' 9 - -- '- .1 ~-

..' §. y _. . "_f=»._..'_§§'-dz ,_._- . if there yen any other exchanges of ful�l _ 7 1 F�? _-

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;-.-F-Q" " ''- � ~ 6. Determine whether the charter hire en the ee1'en'm-.=-f+%~�- ;;-T.�l-_-'-�~-

Victory Ships was promptly remitted by �B-aneatlanticie to Victbrji.� ..Ii� not, were the charter earnings or theee ehipe committed 'to_,'lhe'-_-repayment of any bank loans. Iere the payments ude direct to" �'-Q". .=-,"'.'

-:. atYictc or to some bank . , . .- - .- 4-�f-e. W� . '. l.. . . I: ' - -->-.-..--.....:- ....1,¢,.,,__..._..-�,.�i,. ...,,,,;.i�.!_,;-$!..<..*�iz:.�.-'=a»j:92....5..,..- -.�."._._1..3-"3 �".�._- �Q9:,1. ..- .1 .-, -- _ - .� -_:-� _-*-5'"-1; -

- . .. . __t__...-Zr;-*,,;,% 13,1:JV-F 7. Determine whether thereiere any emchangee or mien; _in 1.-dig. amounts between Victory Carriers, 11..., and Paci�c 1.1.1....-e;i§.-j.=1_'.1_"-z;_;»._§.�1..Inc. leatern Tnnloere, Inc.!, Oceanic 1'1-aneporttrading 00., Inc., or Ocean Trading Company, 1'.nc._�. f � � '. .. �T . H_ � __ _ _ _ __ ..__ �_�_F�,_,3§F,;!_�;,;',,_e-._,__ F� _ .,>_., _-*.-,. ...

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� 8. In July, 1950, Victory Carderakbhrchaged _etec£_:iPacific �linkers. �me price was 81,877,000. �lime down payment$800,000. Iae this em ever paid? Iaa it e cash transaction? But .�._e..:�-.->;»..,_-

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- _ 1 _ �Q 92 , 5 .92 ,.92 � . . .. _ A .�.1-,--w -�,_..._ , ,, 4 ..

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was the source ct the tends? Has the balance the on the stock� . - -".= -:~ �- .~-. .. -_ --�...;-=..� � -

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� .-- . -.../r�.�. £5�-~'r...~.-._ �:1-2"

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I-1� There is attached hereto Department oi� Justice mclosurelhmber 910.96 '" inQ "r

[I {together with exhibits pertaining to this enclosure, which were forwarded 1n_�_'_ "_,--: _.-..

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receivable sufficient to warrant Victor! withdrawals. =SSY records also reflect Victory, as separate corporate

�] - 1 L, entity, had sufficient balance to warrant such with- -.Ii',fJ$_ F5/" drawnil. S$Y partger sate: ggl�ii ha? 151�; Zigiht towithd aw funds on epos a _ regar ess o a ance$.75� of grgu as package. Victory $750,000.00 deposit of -

12/29/$3 debited to cash and credited to SSY account_ ¬.,,, ,l»r receivable; included in Iictory ca:-_htba1ence�c;]f.,12/31/50.

E ' RIONA not ind bted to _V ctory. c 0 non .-"t Jim /!s�§1nan¢1a1 affigavit for period 1,/1-31/3 appears valid. %1410- £1 Victory cash positions furnished to USMC checked and,

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Surplus Account reflects source of funds" �US?C�3"'i-T'95�"""�"*'�"*%"�;0 - was $3,306,500.00 of usrc investzaent of $3,607,215.50 ,

.;.i'n Victory Capital Surplus Account obtained from USPO 92£2� bank loans secured by ARIOHA collateral. Large transfer 1

� of funds between Victory, SS1�, USPG and affiliated * _6�°'g{/ 515 companies set forth. Victory paid cas on installment ;1| | basis for purchase of Pacific Tankers took n mount - ;

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memorandum dated June 2, 1952, tothe Bureau from JAMES l!.- =?"<-,-�**.!»:.%"-"-_;3f_-§-"�='.'=-MCINERNEY, aeeistant Attorney General, Criminal Division,� ;;;_"~??;.}-1ir;, -ff-�~Department of Jueti,ce,_ which memorandum refers to item_5' _'_.,{,§,;'°I'=,,Z'f-1,�,--'of New York report dated H87 10» 1952.�I"=*"""" 1 T - --. »~'»=5'T'¥�--�»r"""-*"'?'1"~ Y"�*

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� _ _ I :_ __ 4:� , _ . -_, ":F_?_� L...__:..--rt":- um; memorandum states £11.: 1c�e'ppeér= that Victo '

Carriers Incorporated Victory! in order to qualify financi:Ily"'}"**�"for mortgage ddunder Maritime regulations, bolstered its_;g'.j-;g§";;;~§;,1g-�gm;financial statements by deposit of a check for $750,000.00;..�,__,.,l,,:,_-_,..-L--_»_that immediately after the close_ of- the period for which the,'5"7_7.fL'§'f'.'statement was filed the money deposited was returned. �T77

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p _ Instant memorandum further states that the use of the iwjlj.above device may have affected other financial statements filedand may have been repeatedin other instances. This memorandumsets forth eight different items to be covered in this <.-=.-,-2'5..I'�==»�-"1*"#--.=~.~

'92

3 items is being se'_t_1�orth belowunder appro;pr'-iate caption._QiEf§I'§Tf{f-=?f'"_.' -_ _ _- -, -1, �,;._..:_-- :o;fo�;_:'V1f.'*1:;;,'£;A,; :3!

gash Position as of _December}l, 11:52; _t _� �Q�__._ _ , .' 1"} --_~_.r:--- . -,..--- ,_.- _ . #_.___._. .AI,_ ,_

it be determined whether the $750,000.00 deposit was included�-,'1'§'j;-,in the cash balance of $l,l|2l|.,360.3l' as of December 31, 1950;�-j:-""15-_;--;¢~or if it was credited to miscellaneous and accrued accounts -1.",-g-:�__-i~":_."'._';_p-,receivable. This item also requested that it be determinedwhether Ariona was indebted to Victory since the source-of;~_gi?;i§$;-i;'>?"<,§*$700,000.00 of the $750,000.00 was Ariona._'-;_¢'1.<; -_'-�-,-7-F-_-_*:'-';_'§.¢:-.~�L*l-.":'*."~_,_i'-f1?�:�"f5�§5�f?_

, , , _ �_ ',~ _ _ __ * - .. '.-=.....--'."*O--92-"1.-T--�"-3-"""""*�1'~"""""____ ___ . .._ . _; - - _, . .. _ �___:�._-�__n___-_.- __-.

In connection with the above-mentioned $T00,000.003,;i?;_§-,¥_¥.i�%=�4*it was requested that a copy of lrionaie memorandum to Simpson,'£�?»¬�?¢-'=-?

_ Spence and Young SS!! be obtained. It was requested that it�-{';il'f.§5?_*."-Ibe determined whether the balance of $50,000.00 was made up by -"4BSY, whether it was a BS! loan or whether. SS! was indebtedga _t_o___§*[1]'-92j,f;*�_;T-_;;

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on December 23,�!-950, December Z9, 1950, and December 30, 1950, "e".4=6{

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investigation. 'Detailed information conceming each of �these

Item Io. two requests that the cash position of IILi:tory'-§,~;=;;"':.q

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='.- " , ' 3:" �¥�¥7*' '25 ..'lj}�i' '.;1I--~- Before discussing the results of the investigatik¬$nif�_i-ii _pertaining to items Ho. one and two, a resume of the method of"*?;5'handling the SSY account as reflected by the Victory accounti��records will be set forth. . . 35- _. 1 ed .. - , . - .-.. _. .a .- �-. _ ., . . .. _ u. . -- n ' e

- __ _SSY acted as disbursing agent for Victory. In .u¢n::;;--.capacity SS! paid Victory accounts pa;-abl'e. �| __, --__ ;_'_f-'""

The Victory records reflect that the sex account�-.'iwas carried a__s e current account receivable. When a cashpayment was forwarded by Uictory to SSY, the SSY account was

- ddebited by Victory for the e.mount- of such payment; when e ces1:'r.'.fpayment was forwarded by SSY to Victory, the SSY account wee" -

� 92-'..

92 credited by Victory for the amount of such payment. In addition

. paid by SSY.Victory credited the SSY account for Victory accounts payable fi

. _ _{_.- _ ..

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ihe Victory records reveal that during the period - ~August 31, 191-|-9 to

, r _ _ 92

7 ; . During the- revious investigation regardin -. -States Petroleum Ca ncor orated usrc!, se e!=1*92e_xamin d _r ds _ je t e ecor of --:

and compiled uata concerning month ending oaiances of the VEEFC ._group. From this information, schedule A was prepared showing i .'

May 31, 1952, the SSY account had monthending debit balances. ' _ _ _ 92e . :,_g.

- - - ' ' - *

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the month ending t�ances of the USPC group from Hay 31,-19l|.9 7--s

is attached hereto.

' -' '- . as shownbalance during mostVictory had sizablel�-9149 thi-oug..~�~ Hamh,during most of this

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' as set forth under item 13 on page 38 of New Iork . .., _report dated Ha 10 c was suosunnms, Partner, ssr;-V--�*";,7,,advised SAM!: that SSY regarded the balancesin the USPC an assis group s package in determining whether-:._or not there was sufficient credit to cover specific payments�!5'Jii-"f"'"requested by an individual company. : _ Y .-i_*'.'.'=�¢'»�4§"�-:��?"-";;j"

' ' . ' - ' . � . , .. . . .~�-' �-H� ~ . . -..'- -'-�"-8-P-�~ -'.'<1� ,s-'3�-�;"." '5_,, ,.. -_ . . � . ' " 1-; . _ .,' �F. �92�i,,.�v- 0-""f§I~" -.�. _' _ 3 -F� ' ' -' 5 '; ' _'_f'Z:~,_.-.-f' .'-34-'-Iva,»-_;,--':e -42-�. ,- A 92 .1 I_ -:-1. -19" ',. i;~-- ~ ._L.j¢--._,1-'. 14. .--.. �. - .�-~-.-.-. -- - -- 3 0 "- - * ' -- ' -4.-.,.-,._---,-. ---. is _ - V - -- ._

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through December 31, 1951. A photostatic copy of schedule A - '-. � of �.-,__ . . 0 ._,_ :-_v- _ I -I _ Jr_ .___.-he .p-- _ V __ "'__ _-_

on schedule A, the USPC group had av creditof the period. Schedule A also reflects thatcredit balances during the period September, ."°"" §�o.ia schedule also reveals that -" ._J-7JLe _� _ _period USPC had sizable debit balances. __ _

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- ' " � :'-xs; -.12� ---;~:_, 3;}-->>..� _;,y. --�y-�:5...; .. .--_ =*..4�.fj�5q,�§i_"__,~____.oi� New York-§.;-gwqgfg=5,-. . s se _.

52 cums AUGENTHALER and nnnmotomzw -f*-;-*;;=-;-report dated Hay 10, 19 , , .,,_,,-._ _,. _�DUFFY: ssx accountant, were asked by SA A!sF

�heather the ,¬?00,000.00 receipt from ...r-or92.e on , .-.:.-,',¢~,;,,;rh._¬,f;@:->r�4}O* ,5; ,,.0 n ceeea tor SS! to have paid the . ..!ecemger 29, 195 was e ry . "-�:.-...�-;�~""¢._-'._-.-._~.'.

G 13 LUGENTHALEH maintained--93,;$750,000.00 to Victory on the smne a e. 1. _at he bed no knowledge oi� the �matter but TUFFY, advised thet__f§,'_;;f;'_1_;;_�?f_�"f'-

ni ertner CHARLES WATERS, who it presently abroad, ¬.;5_._-L.~_%_'y._.__i..:_%_,.;ththese orp , _required the said receipt or $700D00.00 because the group -j-;"-"-5 -_~_;;-or companies es a whole would have come into e debit ba1e_nce�,-_-f-�_*1-"_¢z;'-';~1'j-"i

50 000 00 without said receipt;-�~�#1@4-�%-»;-.-;-;-i--upon the payment of the $7 , '._ _ u 7 _ H fa--. . re _..., . _"'¢-< ___: . - - '-, _v

ash separ:-ti: Shit}:

-H� 92 .-'-"o-' :_�_--- -»-- �"c'-o-1' -...--.-;-.¢ ';-1;-.-;;¢..;;-e-;. 1-;_£1;};p that iieceg-':;".;;-i;;;~_7.-.;..;,

sufficient� funds to warrant the -1=;'7-�-5-%;>;:�;-T?-§S§=-=:-*i?�=?-rwerding of $150,000.00 to it by SS! on December 29, 1950;�?-:11 -;}=?~*f_1-;�;*'-.'-t 11 - .. .. .i . concern B 16 thro 120 01' New _!o_rk_l_._i_'- ;fo

De in SSY'S method of handling this transaction -._,;-;.;.»..--is set forth under item 51 on pages 1 _ �ugh _ _ W _~__report dated Hay 10, 1952--_ -. 7- ' ' _ 1-� _--_

'- ' 1;� to bellnoted that the we ss! cnecn dame1 0 in amounts er $700,000.00 and $50,000.00December 29, 95 , 9 -- _, .

that 1-acre tor�-serded by 55! to Victory were debited or cherged_f.'".�.; , _. . w . -... . ... . -1."!-., at .-_'._92=_-,_;,;,-.-=3-¬__ -,5... 1:.by SSY against the Victory account; .. . . * .,_;, -' _,__:

. 0 not F. mu, Controller, SSY,"'tu1-nished SA A!g$_?¢_hotoetatic copy of the following memorandum d�tc_I1th I p

December 29, 1950, which is being forwarded as _enc1_osur�e_ lio�.:_gjn_e_.y._:._v_with this report:_'- - . _'y--9 ,_

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Simpson, Spence and "Young y . .

' " Attentione -_ Hr, 3. ,;...£,;§-.,>.,_- � ' - soc. no.1. F. mesa ;_-.f,j

,_ y . Am. EXPENSE no - __;.,- -J1;-__~ .~ "-- *--~ _ _- y . �-'Y;..i~'l-$_l:gR{§,,,-'§.'»?='>;;_-;'3:¢a;?v'_

_-_-;--,'.,j;_-; Please credit the attached eashierie check of Eitiona1__'-L2,;-._f';;-;_#*�»_;,'-""�=c1|;; Bank of-1,1,, 55 Bali Street, Iew Iork City, .10. -;l?!l',B551§3_;;'

' 0 drawn to our order in the ano92::92t_b_{.,-,-'-I-=-.?~ ;i:'~

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dated December Z9, 195 e I �dmininrauon nIp°n',.�§H___ J-- 290,000.00 to Soc ._ Ind. ll. F. Lriona, _ _ _�"��; gfza '-{�-'*' c_"�--- - --».-W -- " -.;,;.r»'-.- - - ¢-'~"i.i;-=w"' ' -'-Iéi� 531": ;i':-'=A- " .' - - --�_e-'__' -. - �> -.->- ._ ..-"' 92 �. _ ;;._'.,'¢ __" "1-~ff�' . �-�.1_"-_.--92-'1-_ -"--"._ � ;-> _~ ' _ -y --."_ ; -�-_ ._- �F�; _ .,�1'_'",,-.-; ,;¥?"'- "-5 ~',- ;-92,- §_-'-_*$,§_-5.5-� '7? ;�;,;E.',>,' "�.§§1�;�_§�.�-¢_'~7'.�.75r".-.-.,~':"1-$:�_a; "1:-:,,_,_ ', ".__ V _ 1% e �K ; .,_- . .l'l�, 1,. -.. -->14�: r:,._p ,__J;~_""L I 5}._ . __. ,._;;- . ' . _.- _ ;-_; _ .-_.. . ,_ ,-.__:_--,__ _ -, _ -__-__.-._ .¢ ..- - . ---- ��V_*3--~.' rt, C -;; ~..- .- . ._ .; . - .'7' _;i....?_!_3.", � _'. _'.�L�;-:'*_gi.;.'l.".:.~."»_-_!l .1?� -1 ,;,- ��_

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Instant memorandum is typed on a blank piece of_.-f-E2 o- _ � stationery and is not signed; however, this memorandum" -5;. _

.;_-_,g- - fgieontaina the initials "G0" and "PS" in the lower left-handi �E- 1.7;_f' ~ -1|corner.', . .- ;-- -.." '. .� ' _s " '11.. ' ..;._2.';':f.�,�.��;sf�§-If-'_-'_ _A _� _ .__, _ . ..- 4_ . 4. __, it-..,�| I.,_ �.,7_s , �p��*I._ -

"6: . .-5-' �.'f-~'..�-Z-�Ii; "'f� ' ' ' �b -"_. :5 r:-' .' ' 7� 4'. ' -' " 1� ';- "J." L" �V; " -"'1P:��I�L"' �.� ~�-1:�?-'.:. "2r.:.~.i~ "'2. 7 �.' �E.4 1 - TUFF! advised sA a2_Pthat these initials are B-'7

i -92-_7.'_" those of GEORGE GOKIINIS, fo accountant for Central ._ ¢--: 5.

it�-If . ' American Steamship Agency, Incorporated OAS!, 655 Madison 4?T1-;'}_§,7..§ _ - ' Avenue, New York City, and PETER SPALDIHG, Vice-President _*-j.__:';.-;~I--=

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� was appointed assistant Treasurer on June 2l|.,.19l|-9, _and elected

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"-""3. . TUFFY advised that csoacs comma is not located- ' - care of_ Panama Maritime, SA, 31 avenue De L'0pera, Paris 2,*~�r=-_=_-1-.";~§.-f"' France. He stated that SPALDING is still employed by CA3. YI -_

' .' .' .- ' ' '. __! J ___ _-_ ._ _ 92_ . .1

" � '. ~ _ The results of the interview of SPAI-DING will be _�I set forth subsequently in this repc_rt.. =�. ' -�--#-'.lf.'.¥"._*_'e_'.-"!_.~ . ;Yf " '- -' ' " June 30, 1952, AUGEHTHALER was interviewed by ---._-__,: SA A!%uat the SS2 office, S2 Broadway, �ew York City.-f

.. ' He state hat to the best of his knowledge Victory had a --»i.'-�.1-5;...-.;.-Y!--' _ " ' legal right to ask for the return of ihnds on deposit at 8SI_?-_£

and SSY wouldbe required to return such funds. He added, however,that this situation never arose. He stated that there� was not-Q -agreement oral or written that Victory or any other nemberol� .--

,;:-- . 1 . --.-__-,�. -- .l:1:'~,�;_-_-5-:.-=6--se,-.1, f:.,T,a - " i ': "'1' ' i" L�: ".:'��;_n 1 Tho: rt-Y f= 2�-... _ =�'-ET ___ _- -1-� -_"-':=~_.r:-_�¢ A17 i, ,.~-._.-�$....... -....1&..-1-,7 �_t In

_. financial nature with the USPC group were discussed with HaBOLD' "--.--� 0. BECKER. He stated that BERENSON and NICOLAS COKKIHIS all _ ,.. 1

. 7 handlesome of the financial trensactionl.__._'-'_- ':§'_._.?!g?-_??'.=_�'E,; I ' " - " W _-_'- "' =_ 7" '��.�"'1,v"-:'.'.'" 1"-�f �.:":",5"'-I� 7'2 £395?"

' � aucmmma also �stated that he doss� .;.'.'n.-.'-1..reason why some of the USPC group had high credit halances �while

. °*h°=" 1° .*h°. �SP� 5*�°�P-h� �°�°1".�?�1"�°°'.�:.. .4;

' �lbs Victory minutes reflects that nanom to.

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_ - .-- une 23, 1952, Emmott.114s;14e;;e�a"sysxm-1- nd the writer at the Victory office," -- ~~~~ -~- =- m advised thath ",$;�ie;;c,_ }=,E-G.J.$U.'|T'i Avcuuu, He. Y�rk R 3 _-� ;'.: fl �?-:1-i,",:_ becs_upe,afi�i1iated with Victory and the USPG group on July Il,",.l_,,,-;.},;,¥._E,�§-;__..

' 1911.9." He stated that_BOBEB'I' L. BERENSON, Victory and USPO f:-�Vv:s"':President, instructed him to maintain as high a �ance as--i�--.1"<"_-j;-=*"-=possible for Victory at SSY. _-- __ 1 ._.... -.~-;-¢'.�.;',-._;»j,».'_='-::;,;-*;-:31;.3.-.;+;i;._-fg

I . ' BECKER advised that he carried out BERENSOH'S�.'1'¢f%'c2-§Z.�§5¬*;

instructions and maintained the Victory balance at SSI at �j,;,;t<;2-;;-'.-r.'.._;_;.,high figures. .. BECKER claimed that he never asked BEBENSOH �Qthy he desired Victory to naintain high credit balances at'-"�-e-*---'-'-'-='5""""_SSY. BECKER advised that to his knowledge there was no 92v1'ritten�,§.�f;?-'-agreements between SS! and Victory or any other member of the _T;-j-.�=;�.�-USPC group. He does not know whether EERENSOH had an _>I'l1_;»"�;__",-agreement with SS1. . - _" _ ,_ _ _. ' f-__'_;'!._j-j_-' -Q,

- - - ' A - a '7 - .- 4 M. . ' � 1 LA. . .. _ .

- 0

' _ ECKER stated that he issued instructions to 3sY_'51:;"'1f7_�§-_�;,;'_' when Victory withdrew cash from SS1�. BECKER stated that he � - *�;*'j-�

regarded the Victory SSY account as a current account r'ecei1rable;";'l;He advised that he believed Victory had a legal right to ;=¢--;�:-�--->-�;%_-"--withdraw funds it had on deposit with SS1�. BECKER advised that,__f.-,..5.in most instances Victory withdrew cash from SSY to impro1fe*,I-;"?-;@'Tf";�its cash position to meet maritime requirements,-_.~_, .§,',:_;§.;;_..7@._;.;';; _.1!�

.|..._.

'4.' II -92-- J

- '- w sscxsn advised that during April, 1951, BEREHSOII ~informed him that SS1 required that all members of the U$PO_,,;~__group maintain credit balances. Schedule A reflects that__�_';>-since April, 1951, the Victory credit balances have been -�%"?».¥§.-*=-nominal. _.= _ s .. .. - �_ is . -s_ ye w,_,7.;...___..:.__-.¬.,,_e-.,.,.>_

r

~ ' . s '" sscxss advised that� prior to lpril, 1951, he snee"i'.rfI;?_;-ealthough Victory had high credit balances at SSY, USPC had _:. ;high. debit balances. Be expressed the opinion that SS1 conJ.d__notlegally offset the Victory credit balance against the ssrc:;=�;;;__;debit l�ance or any other debit balance._e_ ,1 _,, I'3,-;"-';;_,;;_;,;-..;

-.._..;'r

said that 1:15." thought� the Victory creditbalance at SS3� could be offset by a USPC debit balance, ,he_�-__.E:<-___;;P;_.~4-5'_-Q -,1�certainly would not here eertified Victory balance eheete ,j_;,,.L;.,-__;_;'which contained the SSI aeea.as_a current account receivsble;~:e?'+;',f , ~ ~ . . =4" ~ » ~~ :..- ~ --~=,»-.e-eeetc:¢f--I-'Q�92

- 3 92

""'- .1-�t ring ss! credit for the $150,000 co that was gecel; Q,

-, 7 ' �-1 _ I. -_ -.1"; _' --_" 71""--e-3 C? ~ *"i � 33". 9?» . ~ _l1i' � Jlictory records reflect that as o1'_Decenber_31, 1? ,

- ;�1:_5'ff?i?�;1�>*;' ».�|ri'cé�:-1 en December 29, 1950, cs. sister-;'ss!:see'enee_"1;.g"§ Q�

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. ', -~ c -. ' . . � ---s-' .. -=1-.' &_,-- �-0, :.1'.,-->'- J; ,,-. ' _.' - r� , .. - �. -.� - .'-1 V,�I�,�u5-,.'p.--�-.�_,- , �-~°" " J.,.__-~-5,; -.1.-l <w_. .92.._.>'~;- ' ' °._. M.-c� -- .=-- --,.�_ _�','_; _,__ 92 ~"-_i- _�:-._�:.-,,_ ~ -92.'-4----'- �- - -e'¢.=,--'--_ .--,¢§~.~.~ 'f=--- .- -.1-1. -_ .' -'.- _ _. - � -'.- '. -~- ._-� -..- ,. 92"' '-.-.- --; _ Q--: _,,_l_:__._, x. *3 3-__;:1;_�*;-�__.::-3{§:',E.i».;,-;t._-:._?__�$-'1;�fl?id?,:_ ri__ _"-.. 92 r -. ~.___ *3. ,2.�-ea; ___':92 _ ,-_ 1:5,� e A. .?>¢�_:.|�,. :�-:1 :,_..J 1

., V -1- _I v 'I- I.� �ll �_. ._� lab?-�.:� __: �I ,-- no.1, ,. 4' -er-' ___ -"_a.-_- - _":.-'. ,' ' "_ ~ *-~,_ _ _ _~--_-,1 ,.,».,¢m _ ; -

.�- ' - --If-----'-.-_~. i-"'., ,____.

ti ~""-'-_'*~< ~~.. " ' :,_ �- - - __ é . _~,_,-___=�- - .- ,_ , '=- - 92 ___ : y .,-. , ,. 92h 5' � - 3 Z, '1'�?! .'.'g-�7_,"'3 "?';*, '<'!- k. .,---1 _,:.�_ ,.____ �

1+6-25°? _ s _, . .70.� _-j .' _ " T "'¥f¥'-�g�-�.� �Y " � ' ' - - 0 -» »»1 >1-_,.-.<,-.¢ta~.""li%.-.i;�,-..-=.--D ;.j Schedule A reflects that according t'o the SS1: -;$e~';>;:;=~;;-;-~j.=.,-'

records, Victory had a credit balance of $6?T,lli2.13 at,_S8g¥.;f-§:_!§_;j'nf-;�f§_?~,,-'-_�as of December 31, 1950, after the $250,000.00 had been ,_1;-�.-111,-J-7..-. __+-forwarded on December 29, 1950, by _SSY__to _

- when the amount of $750,000.00 was returned by Victory _- 'to SSY on January 2, 1951, Victory debited the SSY _account'-;~<_';,;,.--.~.._receivable and credited cash. Although. this transaction reduced

- the Victory cash position by $150,000.00 it had no effect on_,"-�-f-r"- _;;-the Victory working capital since't�ne decrease in the curren,t,,._<1<-asset cash was offset by the increase in -the current __a_see_t_ I _ _accolmts receivable.-._; _,_ , " *",.f'-'"_»--_'.�-.=.--"-- .--'-~.-�-?-;*_;=,~'-£4 �bf;

V . ' - _ . - . » _ I;-. _ _ -» ;�_- r .. I", : J; �ff �- 1 -�In-I-_ .'.'.'

-I

' �mere is set forth below a schedule showing theopening and closing cash I�ance of Victory for Decenber 28, -1950, December 29, 1950, December '30, 1950, and Decenbq';-.3;|_.";.

3 - ~ ' _ _ _92 _ y _ -- .-=3 ";;.� .r _;,' - - � . - - . - V ,, '_ ~_'-- = ,- '-_-5'4-.�-f -,, -_;'._,.� ;, ',"1'V . _ . __, 2 ,_� -. __:_.,.,92_ TI� �;,,�_.92. G r. . _ ,

CLOSINGBALANCE

-- _ . _ _ _.- -. ., 1 ,. ,92__-|s|-_;_�..� �

ormnnc -- - = ' �F _Bemmcs -. mzrosn-s� s wlmnnawam -___f.-fa:-5,}-,-

§» 7 590' � legs,-G360-e 1e|-I-3141360

DATE

' 12/26/so

12/30/50 1 14,360.61 _ Adjustment _- - JP12/31/so m2u,3eo.31 -o-- - _~ _ _ -_-1.l+2h.360

0 - The abore deposit in amount ofDecember 29, 1950, consists of the $750,000.00 received frost ser-plus en amount of $l56,162.l|.6 in charter hire received�'o;I|.,;;=,_*_;g;-=.;»'.-fTr�n�ltllntiel-D I _ = - sac--{.2-.»:;»..;-£;;<'¢='._'...---.-.. _ _- -_ __ h '_ L lb.� '1-_ .. .,_ _- __1-__ - .;:I. _. _ �_/_-11:14,,� �I ='_-j _�..-; -

ls set forth on page -117 of I York report dated "- nay 10, 1952, BECKER advised SAN! �end the writer that.th u ose of the 1�»?50,000.0Qdepos _na on December 29, ��i.-v-.=1920? gs to enable �Fictcry in .".!'.prQ�!e its cash pO81t10n__i-I. 7December 31, _1950, qualify for maritime�saortgage '- "

as shown above, there were no deposits cr_withdrswa1s_%;subsequent to December 29, .§950._ 'l'he__on§.§'_e_nt§'_§__11_1_�i-1392§_�5'{-5:01�!cash account subsequent to December av, sym In m_-uyn-"fog: __

. 9; ,3o reducing the cash balance froze Q1, _f.-._.,--:._g,,_L>,_,;:___.-,§;,' ...t1.§2u.360.31- - --' " --- i,";;� ' Q �--"1. -"j*.-1-..�.f»�§'".'.'-"�3'<,�e~F'lf'1,'I-.�.l'--£,=.-.--.35�;-'.*;.2r-_1..-pl,-é�.-9,34-;.-Z�-'. - '_;. 9,�,

gig-ilii'� - - �;"�.=e�-';....'--1.-~1-'".~e"--ei� _"$_=_h_e,!i9'§9!Q��_roc_ord,s_'rs1eai.el_ _ I _-�- antes was not indebted to Victory. D1 .*' '-" ~ - c -. ' *5" � ' ' ' ~'I -O 1"�' "".!' �I:-T."-' - __ . _, -,1 - , _ -_ - .-. _ .. 7 _ , _ '- - '-g92!|£;�< j�_*'.lt_;-_f§¢ e... - ;- n -� . . -' Q -:._'__ 2 .. 2}. "L -.° __92 .. _-_ a.-I __. -J; _92 .-'5!»-._ _,': '__:'_-.p- , .:_.--� _ H� '- .

4 . .. ... --..=...-..�e-. .= -c _,--".-_?.<- =.._ - . ._."�-"i"�.~.~ - - "§m.£7'."1�<"'-�'s~»'».=�». . _- . . . . _ ~ -. e -1 "-; 1 �"1- ',� -92__f H '$;?"+ -_ . -J, ""'-,5 1-�Is F113,�; -_ �_ F�?-' �M;-¥,I¢'7-I."' "Q-:-�e -pf�-;;J~¢92-_-y _� ~. .. ._.'_ - .-. * _ ' -G- ,.. - * - - -~ - - --*-~ --*~»--=- - .---==�¥5~�$>�-�+':f'-*5Y-:"Z~:::."�1---1::¥}5':E§;="-!�"'$'"� ..=, _. 1--. . _ ;___ _ F I - - - -. _.- - ., .:____ ., l

' "92'3!'!?�r �-1--=--5.�-.:..ma.-**.|.-3*.�-�_¢~--=* '4.-A,-'!�i�:'a~ * 4- "' ---.;__.~1-"M ,,- 01- . .. e. . " " '.e _ 92 g _i� F _ . I. ._� ~ ,�,_ . _ .7-it . J .... . .. _-_..:,...,..".�$. @,....":e1-'i-'¬- ;_v_;?§�§{#w_.:H}aj~;rr-;?-$~.!:a_,é-;_._ _r ' * -- * ~- 1 .,I � ' u �I jg� A ._ - 4" u. 1,. _. '5 '1-_'-'* '1-~'?1'=T"�*3"1�-'1'.*'¢"�§"�T?"�~3-I7l»-�Q1 -I-"c'l'1f5"I*:'.:�=92.' e.-.-.'-.....@;--»"=,»-.~.1~�,.'e-_,'I. "1 §';. .41.. ,' � ~ ' '- --~s---=-1-'i»~ .»~- .~ 1-.»":. - e -i -'-~ --- =wJ' *-wvii� L» -;P�}k.:,"*- "1 <'*',;":�. .-'* -. '9» F"-''" - .. -.. -' ... 92,-.,'__ - _j_-,� _ ,;';_ ,1__,-~_';_-.'_1';:_ r_:-_,"-,�.a~.---f,_-_*;-_-Ilfv-=_5_f~'j�.;.|1I92I|i_-§~L92-¬3,s92:§'.".-;-;-Y E,»-1�, _._ � , ,

'4-�£""~.-.'£-92"£-¢92"'¢""-'3'3'"§=92!"""*�""*""'-?"�"5"3?��'¬=**�-Y-1*?"-I�.§.. .L.. ._ .- . . '1"___ H 1 �_ _ -rs 4 2 -�_ H I-4 _�*5 -�-"W "3": - "= "�-�.-"K "� "' f-#}"]5 -:-�~11-=1-�Q�-14-:-~|*� 4- .=i.-�:1-'1�.--5 92."?P �<-3».-_

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Vig§0ry_Affidavits: _ . -'. »-§f:;§_1._,_- _: pf � �

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. ' - . ' P .�#¬1L� ' _� �ll-.. I . -£134 . . :._�,

;e; 3,9" Item three of the-Department memorandum states Q�;iTH?Jthat on page 115 of New York report dated Hay 10, 1952,,-§§ng=;s>the cash balance of Victory as of December 31, 1950, was _ _$1,h2h,360,3l; on page 120 the cash balance is shown to�1"a�phav� bash $513,267.19 on January 15, 1951, before issuance ifof any checks that day. 4

Item three further states that this would seem. - -to indicate that $611,093.12 was disbursed in lh days. It .was requcsted�that it be determined what these disbursements p

a were, their nature and to whom made and how instant disbursements

affected the validity of the monthly affidavits filed withmaritime. . - '

-e� - ' _ . ' , -

; ' _ Before commenting on the investigation conductedahnderitem Ho. three, the following infonnation is being set fortha.�'

' In connection with maritime mortgagee:-3, Victory was 92requested to submit monthly affidavits form HA-46] to the ' �United States Maritime Commission. A blank copy of form HA-H6is being submitted as enclosure Ho. two with this report. A

As set forth on form HA-b6, Victory merely executed :- the affidavit unless said transactions set forth in paragraph two

had been consummated. Faragraph two is set forth below:

�That during the period from ----é---- to -4-4----Lia,both dates inclusive, no capital has been withdrawn, no sharecapital redeemed or converted into debt, no divident paid, no loanor advance except advances toCompany! made, either directlydirector, officer, or employeecompany as defined in SectionCommieeion=s General Order Re.

cover current expenses of the saidor indigsstly, to any stockholder,of the Company or to any related299.l q! of United States Maritime60, as adopted by its successor,-

the Maritime Administration, and amended from time to time!, noinvestment made in the securities of any related company es ~ -defined in said Section of General Order 60!, no indebtedness to 'any stockholder, director, officer, or employee of the Company, ,t;or to an related company as defined in said Section of General*�

.é,_'..;__-_-;:»;* -._ .15.� G�: P!� 1-,"'-~

'5 ' _____ _._,,,92.

s - -1 �W '- �-» ��

0rdsr_60§,.which was classified as long-term or noncurrent in anybalance sheet submitted with the application or amendment_;her%&$!

" 4 - s 9� 'L�?$5é$?E5@*x" � " "" "' '~¬* ~+- ~-a- -'9 ~" - "h¢�- a--fijzfsti- 3- 1

__ �.5-..�I _,:1l,,.'5.:.�

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" ;-_-- -_- "74 "=1-.a _92_:-E-_'-3 -__*"t_."_? �*..�-_'."�;,' . t D- - -_ - _ _ - -�:. 1- - .'. -, �- _ ,. -____. -_ ' .. _'-,=.,-.-,, L.-1.�,-...,.,-r. .:-_----_- ., -_ .7 -_ , -_-.>-,___- _.7-.----. -.:_e . ---- . - �.;_.- __.r �~-�~-, -.7-1, -92....'.-'>-|- --s-'.�.' � _-' 7-� J �_�-'--C .1�-"¢;"." _ _ -' -I _ , _" �_J ' .. '..' . ~_ - . ,- . . -- - V� - - . 92 -~ - .1

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�" _.' 1; .=;;._.1;--...1§=._ ..* ' ' _.. .. ,, '-- s : - ~ ' -. A ., _ . 1.". - H - _p ~-- -- -92. * _ ' ~_; � �j V .-. . ., . . .. 3. ,_....._t__ 1.1., _,.'- .. - _. _ _. . . ,_- i92_. _ ~

. , , , 5 -.-_�,_f, 4?;-'~ '.�-.'--;1_�"§�.».�,*.--tf " * - _. " _. - . 1-_~1 � , ..-us. .-<1� --* --":--�A u'~ _1><.v_. "'. _ . . .

_ - - -- -17- ';.'_=.-' ' - � . . - I '-'. v " t� �-.1!"-�'f'*" '~"�"�1§.','.'-.� "�

_ _ , . . ., 92.g,. .�__ -. .V; .- . . ; "�- � .."-=-*" _'-'2'. .__ ,____, �,4. _ ~_92_ ,,,_,.., . .'.q._._.... .r ~-~_-_.__ --la-1 4 _f*- ' _- ,1. ._..2 30. -

F1� |.|.6...25O'I_ _ . .p___-.�_ .. 2 _.'-in . :..:_ 5 ~ .13: _; _ ___.'-�_:;'___.{_ �_,�__,;;_'�'§,.-_:7__,l._.;' ~_ - . - 0 "' .-. ~ 1- -5:" ;r.4* ~__ to _pur-chase or chartersny vessel under the above contracts-,"-�§§~�,-1�!-;.5~'has been repaid in whole-or in part, and no salary at a _r_at_ef�T~Y@f~�E�§1:fj;==-. in excess of $25,000.00 per annum has been paid except as".�f=6tT"�-¥.'-f§_'E,"?_Ei_Tj, 1

shown in the attached statement, deg;-¢ ========='s92 I. 7-.--If: r*".'%'-'.:I"5-";-.r.»*-,*>"*-? -. . . . ,1.-. .. ,... .-st..._ . 'y_ _~ _ _ ._ _ _ ._ _ ~ '1 .-.._.,.§ ___ _.�92: _ ,4,-a ",~_9_�_:_i _ . _ . _ ,, ,.,. . � � - . __ .._;.-.. _ v.1-�_,e'-,_; -_ ,*,__..r. p.¢'.*._;_�é-i 4

� ' ' ' If any of the transactions set forth in paragz-aph_�.,-.-_*_',-..@'two were consummated, Victory was required to attach astatement. 'setting forth the transaction cr transactions that were =.=;'j~'_-'j=j-_,'§�.j=j:iconsummated. It was permissible to consummate such t'ra.nsac'tion_s;j'j*provided the net worth and working capital �met the _n1aritis:e_*-~.?'j"»'.;j�;-_frequirements after such transac tions. "-:--'%~"--; _ -�*f~�EF

'i'here is attached hereto schedule B shesing'i?§Ehtory_,,.~_¥_1-,.-.cash disbursements during the period January 1', 1951 through t~'.j;-§1_'T:F. 'January 31, 1951. As shown on schedule B, the total amount�T�"'¥7;"j"'¬i;?cash disbursements was $1,516,603.67. Schedule B also reflectsf;that $1,295,000.00 of total cash disbursements of $1,576,603.67- .;._...consisted of payments to_ SSY. - A p ,5-.;,.j_,,..,.i£'-.;;?�;j""

. - ~ -. , -. .. . - .-M:-~o ,_ ___,

-.. . ___

_ . _ J __. 1. ' ."~.-:.. ,3� u~'.

as shown on schedule A, the effect of payment 'toi�3S!was to increase the Victory credit balance at SSY from §677,1l42,1Bas of 1_!ecembQr 11, 1950 to $1,, 123,611.11 as of January _1 Ii951.","'"'j'

_ . _ __-,_- _ ; � -'..._,-, -_ . - �- -_ ,~' _�.'.|� � 5-- " " . �_ '___,._. . . . p .4.- I In examination of the Victory affidavit file reflected�;-

that on February 9, 1951, H. D. BECKER executed the nonthlyiaili-'-is-'.,'='.,�Victory affidavit for the period January 1,1951 to January� $1, Lag:

~ ,_ 1951. In executing above affidavit enema indicated that noneof the transactions contained in paragraph two of form 14.1-11.5�. _,_-1-j.';_ij.ff_' _had been consummated during the period January 1, 1951 tq,;.,;�;,,.;;.,";-�T-January 31, _19S1. _.; e - _;, '- 6-� "j

- i -. _ . - -- .- . ----_ -_ _ -~--.---_-.--<5-�-51'1---:-5 .;._

_ An examination of the items set forth on schedule ,§i�2"7§#il§_1.-reveals that none of these items involve transactions, sst_forth_.�1:§ 'in paragraph two of tom HA-I46. Therefore, the above-nentionedfpVictory affidavit appears to be valid .~.&;_l»+ ',£'#"'If -' :1:-.?�i='?i~*'i*é1~*~�_ _ ,4 92 _' . . - �._'

_ - '. ..-- -1 -.._~.w .~ > -"-j5!~"'___1Ji_1--'-._ _ _ . .___ - ' . "., ' '. 1.31 �-'1"-...=.---?92;~p *.j-,=.�§~f92-92.

_ -�-- It is to be noted that there is nothing contained'on';},--1 fom HA-1+6 that refers to cash position, working_capita1_ and

. p _ net worth except insofar as working capital and net worth wou1d"�==F+~.Y"*"4- ._* .___ be affected by transactions set forth in paragraph

. ~ - .- .0 .. . .. .- r -_ - -- ~-1--4--~-~<�=~"-�--=.~¢I--Z¢¢'*4§§_13+:

jictgry Cash Position as _of Ijecember 11, 19119 Jgne1"" .. - -' v - ~ -- ~='-r- "�- "3"-"_& 'L¬>i;r.� '35�!§;;§, ' Item four states that Victory f11o<igenOIf8_1"1'_§1|_�lne'i

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gstatemente with maritime.for the periods January 1,

J =» . Cash Balance ' ' '

Ta/"'->� . e I" T

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a . _. _ -- .; . 1..1 ~ 9:.-�_,-I-if."-1-.-'. '92�§=�� -' ,�- ;_'*v' e. --, _ 71'-'-'1,-.-1s_-�-...-.-.;. rr11'*--�-:-'- "-"- ""'- -" �-LP} ~:. .~ -:-=�~"-�*1?-�r-.4l";.".-Ii; � "

'_�?, "" [F ' - �.'- 35".�; 7.-4-*'t, 1. .--. 1- ..."'..,. "'-.. - -11- 1' �=',-r�- .-A Jr -:-'.~ : ~+.:;=- .~. r. " ' -3"-*' " ' " -. --'~*"'~'h� "" i'&,s ,_._£_,;,,,_, _,_ . .., -. - .. .. . ,. � _. , >..-=}.,_,_,-- -:-= .~ ' ._ __ ' .1- $1?� �iii�?-r a * � . - . " 1° " _ . - » "~'-�.3� :.:.-"-.~;'Ff'1Qr"5- -"=

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191!-9 :-yto December 31, 19h9, and January 1, 1950 to June 30, 195Q;i;$gy¢;"showing cash balances of $1,167, 51.96 and $1,113,053.88._December 31, 191,09, and June 30, 1950, respectively, It was?:-,1.-_g.;=.1:.:';requested that the accuracy of thee cash positions be checkeduf sf�to determine whether the same were_bo1stered in any way,;n:§a;£k+;

- . _ - -. ._ . , ~ �., -.- ~r.: 1, v-- ....=1r. ':-'1._ __ , _ , _ ;__ _ . _ . I .,. . . I :1 _. __;,.. .f,,__1,.. ¥_:-_¢_;§,:.t?_;_�f¥é&_::,,�__�:.".:',�¥1f:- �:5?

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' ' , A__ _____.I__-.s.1_.; 15' .s_92._ 1'1'.|..s.._i .._._92. .._..;Q.'.._A. __Q.._"_ _'-I"$',"_*-- 7 In a1lsmJ.n&I;;|.On O1 UDB_ Ilclio CUBE ucgouni 1'°vQ�l»Uq>j;�,f;';_"._'I;�-"

that the balance as oi� December 31, 1919, was $1,167,151-e96--kg!"--;i§*-An examination of the Victory Cash Receipt Journal revea1ed_,__'f _ _that no cash was received from SSY during December, 1911.9. _-_-_' K� _

- - 7 - ., -. .'"=';+<---s.~-1£»*f:*§i'-'"=-'---�~�- Z - There is set forth below a tabulation showing .1-.1�-.1;

Victory cash balance as oi� December 1 19119, cash receipts .-,~_.-_~.d_-, 'and disbursements during December, 191.19, and the cash balance .as of December 31, 1914.9: - . - *' ' -,.','__~ i

_ V , . -.-._-- -.

� ' Cash 1.=,,c1,;,c;'1z/1/1,9'i='9- '9 H� 922.2164�1;fi.9ii.;.;"__�;.1 'Q Cash Receipts December, 1914-9, '- 39 560.

.. - . ' - ' - ; ; Q " ,,;. ,Cash Disbursement December,�,-or - .~ - 4�--"1-'-� 1

19|+9 - - e - . 9 66 "- 1.o i -Cash Balance 12/31/I19 $ -. _ _ - . |._. ._. _ .._�____A,_,.

. An analysis or the cash receipts journal rei'1ecte¢lj;.'f*_""�.that i323,0i+6.i|.0 of above-mentioned total cash receipts of -$339,560.51; consisted or charter hire received from Transatlautice.

9 Ln examine-ti-on of the Victory cash account�that the balance as or June 30, 1950, was $1.l+13.0S3.BB. -.. . .�¢- -1.

-;, e 1. .., ,;,m.,.1°. .* ¢i,;,ui;.;1¢;¢.¢.;,;;cash balance as oi� June 1, 1950, cash receipts and disbursements ..during June, 1950, and the cash balance as 01' June _30_,, . h.9 � � 9 9 9 �D Q 1'21: 1s1;'6Tl;l?+-a%a9;e,;

I 'es1'2e2.Z1-~ s, = _'v_-' . . e.

_ -4_ J-.1�.-:!¢,,;-V _ - -- ,I I .

' ' Cash Receipts June 1950I __._ .-. .:_ ._r;_ - ,,|_ _4-_?A.n/..92_>I1�I|-

Caeh Disbursements June, 1950- ' _9 _- -- - Cash-Balance June 30, 1950

31 9 6, 9.s;f.-5;;-.a::t_:v

1;» . M�

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92""§*-'-"-'- :-- On June 23. 1952. BECHR advised seen� ma9i£�;; Q0

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_ . - . -2 . -._-. ,--. . ., , .-- at: .-- v _---.. '. .421 -4 2 '

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. ' �-' ' ' ,.-_...-' 7 ..._¬-11--1,;-� 1NYM:-250? .1 - ._ ._ . 0- _�, . .. . . ., , 6 . � .' _ -1-, -. ', -:'r -�e £1 >

-er� ' -'

--',-~-,_,�._.~";;_.-,,, $300,000.00 or 00011 cash receipts of $081,262.61-15;}-é§;§a..~1* iapnsisted of cash ayment of $300,000.00 received from $»SI;;�_§,§f;_..¢�_*_;,;--:_*,,on'J1me 21, 1950; $312,320.92 er total cash receipts er..§6Bl,262.61 consisted of charter hire received from Trensatlgntica�chirins June. 1950.. . _ . .. = - . -�i1'i*;"'-";;'i."-�fl-.3".

$300,000.00 received from SSY on June 21'. 19$°s?*"f7.-,1-'~_1_�,'f�;;,';".-'was debited to Cash and credited to the Victory SS! Account_'._-.;;-.i._-;- 5-Receivable-.. P

" - Lntanalysis of the Victory Gash Disburaementslournalreflected that amounts of $25,000.00 and $100 000.00 were paid" _by Victory to- SSY on June 26, 1950 and June 20, 1950, respectiveii.Instant mounts were debited to the Victory SS! Account Receivableand credited to Victory Cash Account. e -_-=5 "

.._' .:'- 92~ - '--1._ 4.. ¢92..»..... -'.. 1,� .'~ "@'-' '

4a

4-

~':- . , . ,@v.._ ; .. . _ . , _;_._, ,_

.- ' : The Victory cash balance was increased in amount o1';"'f�. '$175,l_�0.00_as a result or the §300,000.00 received from SSY 0n_'_._,_June 21, -1950, "that is instant $300 000.00 iess the mounts of$25,000.00 ma $100,000.00 paid by hea-.01-y to ssx on June 26,� _.1959» and June 28, 195°» respectively. � ' =1.-; 0 ; .-

writer that the purpose of the $300,000.00 withdrawn by Victory"from SSY on June 21, 1950, was to increase Viet0r_y's cash positionas of June 30, 1950, to meet maritimew cash requirement. -'

- ,- I - - I1� - 1' 1-. ;,_�;1i.:.'.."-."�. _"

- and A ' * 3J-1-1_29._19L-9._ -I-=11 11- 1,949. _-I-11-111. 1912.1 5-11-1=§.:11_1�2_12__' Item five of Department memorandum states that under .

contract 1100 62235, dated Ea; 25, l9|-L9. Victory purchased Seven �-"Victory Ships from maritime under mortgage Q In accorddnee withthe financial requirements oi� General Order 60, Victory submitted

tifi d balance sheets as or the following dates:G I� -Q B , _ _ ! , .1 _' __ }�_ _ r Ln�:

1-.

0_. ,..b _V_- - - -- ' ' -. :-ae-- �.92- --�T-".� -~ '-�

�l�h� - . - " -5 1,e""-*~.- '33,;-'5 ' - --

19 9 7 _ _ - ., ;',,__',-LA: 2.1 -.1 - -e 1 1 --'~-u-n.�~.;F' :1�:-rz .-- . =1 . .h-.'r_-;_--:.- A�: __, - _,-_-2,. $1-ff; 'f";_ . _».,; - . .-- . sf P ¢ -3,11} -'4'-11,,� .~e'$.g;.v� * -

9.-...- Q1GURU CL,

June 29,Jul! '13»

0 , , I-Tu]-I 310 19'-I-9 �, . . 2. '.t' * A -_ ~. .-.- �~, 31. .' '- .. '25»-l. '.A'.§;';1$ 1..,, -.

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..:.._'. ".15.. '0_ . ¬~ r - 1 - ', ~*. _.,_.._._ f~_.7. , . "M � 1*: -" ' " 1¢.-.33.--.»;_.-� Instant balance sheets which were certified by_~.,__q§¢;=%.5;sg.-;

i ' - Arthur andereon and Gompany, 5? Hall �t-rest,-, Ea! York 1L!it;";';,_ff?_'.',"H-,_e;,;;§.'sgt'!'orth the cash position and capital surplus of Viotory£;1~�5'on the respective dates as follows: -I';:L92_:4�-;�>"',;�;_"�-I"'gi��f;�;;§r£:!::!;.15;-:¬Q;�{f_-§E¬?�

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Q_A.' 92.

r .c.-~§ - ' - -� e " c -A " .- - -r " -�-"'-*"�- -'.�¬-§'_;+"i.+.."� " It was requested that the correctness of �the above-='<�:�:�*"-'mentioned cash

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___ __� '____ ' .. . .. ,'. _._ - '|-er ,,__s¢--W. 3» -_V - . - .'_j-'*~:-~-.1___._;; -*'" " -I 2. :_

, _ . . __ , 1- .., -_ _ - __�,-__1�92__ -.1,I _.. __. ' .. ___ . _ _ �.=. _.__ _l':_,. �_�{_=:__.f.».4- ;,,_.___ - i . _ - __ - ' . - ,- ..-n ,,- ..L,..,,4,.�i.,_�.P.,.»_ . -»v_"' ' ' '- ' "" 0 .. - ..:<--1 1-.4. -

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e 398,215.5b= 5"» o� c 1,2ua,21S.50=9,s;?==:1_ ae3.261.so a - 2,025,215.50-¥¢E::§%3

case ;-,=;� 0» _ j eeimnwsrws

1.as0.5?6 9 -e~ e es. 3-602 215 50]¢;;ees:Y<J-.s633s927e|l923 -_-, _, _ 3s6°7s215e_5°_,�"T_f"�_52'5 ~,�1_"§;§'fT"-1.�_ ~� 92 I ._+- ,..

"�_,r» ts E-' .¢ ___ .-

positions he determined and also whether the .__�;é<,_-»,_¬;~,_capital "surplus was actually paid into the company. It'was'_�f,�-'_i'_:':_;_;,__also requested that the funds be followed to determine the_.?¬;;�31:,-if_:-original source. It was requested that ii� bank loans were " 1: -."-- ,:,_�_-�-,_~.:involved that it be determined what was posted as_se,curit;__,.-§¢,_,;;s;¢@*;-5f°=' *1" *""1* 1""-' 7 * 1 -I F »~

cash positionsand August '31,

'.w -. Thisosition as of

¥1!59?.I86?:.59'-W11 11+. 1949.

-.-- .-._ - --~-I -egg '- _,;__-_.r_- _'- .- . .'- _. r 4 . �I92' ,I I Ln examin. i "a-tion or the hiotofi Cash

Heceipts'and Disbursements Journals revealed that the aboveOf J�!-the 21, 191-L9,� June 29, 19149, July 31, _19l|-9, ,~_-,;,§*_~_�?19149, were in agreement with the Victor; recordsg},

J ' -Y L� - e .j

examination reflected that -the Victory easl1�_-�E-,,__.ii.Tulyl3, 1911.9, to be $519,362.50 rather thanf-,;i_,, _'However, the Victory cash balance �as oi� -' _

was $1,699,o62.>0. This discrepancy was probably-3;-=caused by including a Victory deposit of $1,160, 500.00 made �ff-_5_;=-*'July 11+, 19149, in the Victory cash__ balance oi� 13. l9l�. - _¢_ �,.-5. ,4 .»~"v..? �=11�-'- ' 1--0 --- - -w e ' .1» H Y.� -lnsxamination oi� the �Victoryrefle cte d that through July ill, 19l|-9. the sole source of cash ;consisted or advances from USPS." These advances were credited�.to Capital Surplus. Uith the exception of charter hire ilrthe 1 "amount of $35,22h.T5 received from Transatlantic: on_J�alz�|-§1,�5-.¢7$_:§-

m

u

II

1s6§9sB62eE° l _ it _ � 3.315.715-$0.�*.'¬5~g,-;-e§'~Z'.1�

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A - " *-'~r?92:-��---»"'--£~'- - 0 >0 ~ ---,0 = 0-�' i 1.�-0 '1 I-�J5 1" I �F H: ' � "-.."**"*¬*..�-, r�-:.'e-F-"-2.1.4-'1.� - -1-V u 1...; '=,-,; - 1,... � ' " '" H-'

in-31 �-1 - -;' .- ,1 ,_ _ ;,.;.....;.:"-*-.;.*;3§J'.-.;..:-,;e'0..?2 -_,_'.,_...@",,»;g� �:0"1fi-'?.;?;_-1,-,;_'l,�,�<_ .- ;-t�,_%_Zf'i--'.�_ _,�--.'_-_ -:.- _' _ ' ' __ _;"_ _,_�_ '__�. __ _____ "___ _ __-_' r _-_- 1 J2�-.-_ . .-I ..-_J%'f-.,,§,..-pt-- f --... , .-- .-...,.-.-_n_,,_ ..._92?,�_ . ,4 u. :1�, .:�3"-_,,.,.,,-*,;--3-�a�-;~ .-�-p:,1~é':g"92:-

�fee:

Q "-11- '--.- ' �;',17| -P. ._ !

- '_ - -_1r--'9" i 1' -|n - -�-»- "--. ._ , ' -e'- -...e. T _-, _r _ .- ___, ,,.v�*q�- - {|-e- - - -I I 5-2-~ -- -- '=~- ~TT-:1-~**.:.~;-0;.--._ ~ in *- --.-=-�,::-0--.._ . .

' == 1 -~ --" , .-. =~. '1": :~=.~;,__

. ,2 ' - .1 - -.9 1» p _.'-- _ 3." _"__§-; ._-'1 -.-1 J. - '.�. . ' <-' - 1-r�_.:< '-5 *0-;-'-1�: ,-.1�-=.-�-.l..�.,T~'.�-~= - .-

._ ,1. , , ,=_ 7 - _ <._.__.,T, _-__.;_ _. _.__. .__...,,�_.,,___",�___,,.,. p.

_ _ W� - -.-_-_1. ~ - -- -0 1»-. !_-.4-,-9 1;"-92.-._-.41..-_~v§1 -92

-t 0 _- = * - " " - ' -":11 -�:�*�."f}'-:f.s:.�._v_"_,�~'f'.�?;.'; _";f"'".-I

mr he-250'? . a - - 0 0- ~__ £53 ~ ' ' - - -I ~ ' . 3 -.'-.. '.'.:-H ~ ,' ~ r".~~.'- .'.;; - -;p.,§iJ;� There is set forth bel0w_a'achedule showing Vict0r1?f;".�

4ur1n3tau5u;t, 1909, and Victory caah_ba1ance'ae or Angust;§l£g¢*%§&19l"9:-�?."Q.-T - .-' ;_--' -�~=~- -' -- -.1 "-.- . -'0-�-"""r.~r' "-.' "'--I

':a_v-,�,;e_. 1_4~ su-. -_." 0.0. Balance August 1. 191.93-.-�T 0 1.650�.570.l+9_,_....- Cash Receipts August, 19h9;;_ --- » 1,3gg,g;0.9%;;3§;éh-' 0 '0 " '0 � " =s?v2a ?=|04v'*""""" �

1 : g 5, 000 .00Gash Disbursements August, 19l|-9, � �

0 Cash Balance August 31, 191;-9 ; '_ � _§ p

' _ $950,000.00 ot_abov,e-mentioned total cash receipte off-"¢.'{_$l,333,350.9h consisted of a cash payment received from SSY on �:' 'Augugt 15, 1914,93 $3'{8,905.l.;.l oi� total cash receipts-oi� $1,333,150.91;consisted 01� charter hire received from Traneatlantica durins

. , - _ -� . _..

'0 '0 0 'i'he $950,000.00 1-.¢.1.ea 0'-emssr on August 15,� 191.9, .�_l-_;-.1.was debited _to Cash and credited to the Victory SS�! lOGO�I1l'1t_;-".�:.{_'*�-R°°°5-_'.�.b1.°.� ' -:1�?--':*L:;r't| � a;".~.�1-~*';-='--4+:-.:::;r?e:£.-?:{§_{73i9E§ii£_�;Q

0 - An analysis or the Victory Cash Disbursements Journal ,-;~_;;-5revealed that amounts of $200,000.00 and $100,000.00 were paid� _.+.~_- *-by Victory to 88'!� on August 23. 1911-9, Ind August 25, 19159. ;r�__-;-'*'~-3-;j,;_respectively. Instant amounts were debited to Victory 88! __;=;~;;;�_,

' account receivable and credited to the iietory cash account. -' �1 0 --0,:

" -T I K ' ifhevictorg cash balance as or August 31, 19149, VIIincreased in mount 01' $650,000.00 as a result oi� $950 000.00 "'*received tron SS! on August 15. J-911-9� that is instant £950.00!!-00 _1... en. amounts of $200,000.00 and £100,000.00;pl.i<,l by v1.1=0q:,,;to es! on August 23, 191.9 and Lugu�t 25. 191.9. rs=P=¢_%1'q1I_@ '

PurpeieM �aw92~.! .

~---� 0-� . -�.~-

- On June 23, 1952, BECEB .e.1..a sung� andwriter that he could not ipecificillj recall}-he P'l.iI"Pvoi of$950,000.00 withdrawal from SSY but presumes it was for theof iniproving Victoryis cash position. _He stated he lmejw oi�other reason Vfor such withdrawal. *� . _ ' . " -~ ';1F-1"--Y�?--_�=�I;�-.f-3""

T-ea?�-gwf 4� "� - �-H�-_�*"-'§'-J -1} ~' 2 _ 1 . 3, 1';> . _

... - , - - __ _ �__ H _ ->2.� Q-U -, ,-._ ..--e-.7�: .�_¢--,7.� ,,_..r-_-,.:,.,.',q_.. ,� __, ._ _- e_ . 1 . _ - � ~- *_:_»._;-,-_--_:_-,_.-_-:,-�-._;-f.£,=_:E-¢§--.--.:.�;h-..._ .._ . IV I - .

'. "3'-1.� r}._-= ._? 92- - 1:.-'~ §_� -.4"-� 2-<-I92__ev----�~, .~_.._.,,,..: .- :;.r~_ - '.�-.._-,;¢�. I� , P . 1.0.:-. . 4 - . ' -~�, '_ =. -_ ".'»-4. e in."--:_ f.';'_-.-P�.:__¬�*_ 5' :.. v -, " I �pr. ., -.,.r Y�.3-. .. . _,.. _ _.._

_� ._ fr: , ;~=»__v_ 5 ;;- 3� _ "' -�-':- ' - - »'- - - - - ---- .- " - ~- -� -1---' "E.-0», _ .,-gr.~ ' - - -.-- . -- - - ' -_ ._ - . �_; .- ' ,--' 1. ~ ' �=5 lr �Er- .- '-" - -- . - .-.1 . . .

r-.0", .. --". »._~_.--we _

EL u- .. --.�

J �Je- ' r. - ' "st '-_,_-.- -- � >- ;_-: >.;.o."".45 5-#?�£'§-=.¢r a .

~ ' _ ��-- - -- - ~-"" - 9-.� . .... _- ,0-:_..;_--reg..;,' -I 'j�£�.,_E.-_._1�_":,_..-".1._,1*,5;',§»§�.92.*_§g.. ..1.-,.',._._-_.

_, -_ -. ,, _. V - . _ .. ._ _ , I ._. _ . __ _ . ., __ __-_ _f�92%$k"- I l V ' _%*�_ , . " - '- - -- � ' -.--�1'-1.." ¢ ,- .~'- " ."' '-�- .- 0- - Ix". �vi. - .'-_ _'3_ -e_¥$f�9-M. !__}-_4i_?'_-Ls!� - Y, __ ,, .� _._ T� �§_,,._7 __;._}_;J_-.'gréf¥�:%_§'f§_;___¢1.92i'a,,§.¢,,,,�_}}_;?:§- ,

-. � -..-_ ... ---_ -.- ,_.. _- ~-s�~.�.F '- 5�-0 *.-�~1'.�.�¢�:';P-'*.;'.'¢-f'-_�=:' 1*� �.*"-'." ;} $1,;':=?",'.-41'?�-I�-"$81l} 1*�.1»0§;3:s~_;-::i=Il-�%§-*5»-5 '1'-;'7r!';j_f-"'.> -__2-:1-.5-2->'.' =.;";;_}--ex -.~_ r3¢;<$.,-"_;f.�-_-,1�-1'-_'-�..92-5�e_-£3-.; 2..'-- -' H =*-- ---- 0'-� -..- ,-- - - - -. - -=-c - ",1"-2-'i0�~---' ' -' -� '--2 ;>.r.-*-_'-'1-*' '* ;- �v '-;~~.�'-:..--

"1; �-.'-"- -.-"� """': .�:"2"�- �Z-'-"�.-1'-":5 ' *.' :" T~'-92- :h':*--"'-.;.='~� -..'.----. 1.5.2.. . ."'.-L3!� � '--- "- ..-~ -:3"-'_'h� :'i�~' � 1*.""'-'.'_""�!:-�5.~*1-"3';"§,' �,.�.*-�I3 <3 " = -.' ':;92.-.1 ". T.� -5-;'-1',�-' "'4"--.-. " '-'.�=-..-K-�-'-�.~é_:L'-._--�92'-5",,�-4 P .111�?-.? f-1' -61-" '1-3"-e-4;.�-*-5: #7. ��-' "- - ' -- -- -'-_ -t-/IF ... -3.-1-.-;-"--.11-*"� "_<1i�"1?-"11"J'S'§:'=»'$�S.!�.;.-_.--¬~�¬-3?�.-'-'5�: ?-ii:--.._»J92..'=¥�i=�3-!;e'T'-'-'."..;»I-�.�é:1'=;==e?'=,:,"'

cash '0 balance on August 1, 1909, race;-�pts and diebursements*£§i1{fjg?§§�$if3;--

.,-0Si .'|;�

�

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5�;

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1 -. _. | ._

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Jjbm May 27, 1909 throughfJu1y_3l, 19h9, revealedcapital surplus wasactually paid into the companyThere is set forth below a iohedule showing datesof the capital surnlua paid into_Victory by USPC:

DATE

A I 9 1"I �-+1 I-I-1

6/29/k97/ ll./1+9

%§§¬¢t37/29/M9

�ef1é¬t'

An analysis of the Victory Capital Surplus accou�¬$§§§;.,�A_,�-

_ ,. 92- ,.�... -

capital 5urplue_§ccount5� f 5??,r. .-�

AMOUNT

t 552TUUO.oo' 215659

� ' 737,000.00

5 1,180,500.00

1hB,000.00235,000.00

B 00.00

lbtal 3 W_

iBALANCE

B52TUUU.oo1,208,215.592,035,215.50

3,215,715.503.363.715-503.598.71S.503.607.215.50

s. �_,___.,.,..-92 :~-5 _ ~_._A

Yictory Carriers Incorporated _ _

�f

s

*=1=;=1= *h~.n@§.a-en .by �U326-,____._.,+.;.�_r _ _and amounts �%r¢ -

..¢1*f?9?*�* r0.,' - ..',. v _

" 7- "' ' .-- .., .� ..

' _I,_ I ,--e 4..4 .

"F111"; I�I__.-'3' "�__1| �-- _ 'v-..- ... '.I "' .-v ..

r;',_..,"'.'l,4.. ..

-.. ,. .. -- m -- -

7-1: §-as92IMu- '1

. I " �

. '.". .'L"u.'a' ,_..¢'f~>¬ ' .

1 ls set forth in the above schedule with the exception �Qof the July lh, 19h? Balance, the balances in this account are inagreement with the balances shown in the Arthur Anderson and. _-Company certified balance sheets submitted to the Commission. 92

The Arthur Anderson financial statement as of July 13,13-a balance-of-$3,215,715 50�on-iuly:131�19hS,�r£$he::§<-H � 7?�. _ < ' . '..' .1 ' '1 .__ .' ' '_ I ' '1 _-.7 4. '.;_. _ ,

than'a balance of $3,215,115.50 on July lh, 19b9, ae set forth .in the above schedule. This discrepancy is probably due to the-:,..fact that the �mount of $1,180,500.00 actually received on _._.fJuly 1L, 19h9, was included in the July 13, 19k9 balance, �� _ ,V - -- - - _

' _ ' - _ . _. .;�_.,.

� An examination of the USPC books and records was index 0

Q I

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4� �-1?

, 1. �:4

. _»92

, "12.11.1�

1.1

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n

K-

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. .a_,_ »-____�,.. -_._ .

5

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kl .'.-�4

4a � .

.-,.__ '92'.0 7* ..

� _'_¢Q-.'

-.-u

. Q5. -.

. �~.'T--

1"�-1!

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. ",- -

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. 1;,

. -"92'.. BC�?

.- __�:_-s

92.. -'.~,,.. . .1.;- .

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s

I "_.~- .;-_-.¢

_192. '1;

DATE 0� -

r.

,.-.. ..

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is �F .

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is -it �

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'|.'.'.- -'-.91,._ . .

-v

,_ __ . _. _.~..._ ._ _: _ _.,'__. V,4 ' -_ __ - -4., ___:r,a Z1�; 3__ in hé-2607 .. . 5 _ . - '

_. __� -r I I .._ . .- . . -.- .-._s.» ._ . - ,--.- - - .111� - - _- -M»-_ - I - __r_ p

_, .1

' C

�'92- ' I� <� �r �.92..�-i~ -z"...

� 1� ' . ' :' _

,.... k 4- : J �._ kg --,r- , �H,-.A' .- _",92_�"' I V H I ' l .

'_ , , , J. - -; . -..� Y . -'.-. K I . . _, --_ -.-. ._.;._, . ~.¢-. 1A .'_ � 7 | Q "'__. 92 ,,.._.,.-» ,_, 1,,� I�,V . Y .r. 0-. . -0 -. -- .1. .-92.e - T - 4' 92 1--.~~-P�.-"'0.-� '-

' .-' .. ., ¢. _'..'�,-�.1 $.14 I;-'.,.'. .1-j-. 0' .¢-Q�, -� a _, ,:--.-_,�.|_u'--1,'~_1 5

' ~' . _ -� . ', . - -u»,p� _' u Y1ct0§;C&rri_er§iincorporated Yi 5 �

- -, _ - . ., �___ . . __.>.

. _ -. ' 1' .-.'-_- ." ' 1' '--�. 1-92 -::-~_---k -1;: �H '- '.. -. f _/-__-',- ,__5..--T�

e§§§t+*?=*E0xa*"+

't_�8�i/Q� ...1¥' .' I - .. - . -----~»zi¢rl¢a¢ - - - ~. - - - 1< ~»~. r1 '__'&-0!.�__ ' ,

� _.

_! _ ..

.-~

5555331 ' $553013

1/28/av*5: - 7/29/as 'F ' 7/29/W9

'* '1 Total4 - '

;.

-e

Q-.. '-a.-

'92-v'_' , � ' - ~

$

;;§:a;;�-,,.¬f»_qurce__o_1l_USP§Funds forfcapital Surplue lnjeetgaent -. -»_g.-;';,>j,-;,-;fv,,.".',�¢¢-_---�».~- _ . __ ._ . ... __

-' NATIONAL 0102 NATIONAL BITY.- »-1~;-1:;=;r5¢0¢* -BARK LOAN 0F.e COLLATERAL �

_§Z§1[k3_;_;_

Q L av �L pan� �-- Q; '0 £r.22£:.2.._:i�2 .7 .LL|_____° U�-�'99 _-

852,000.00

2%3, 500.00u_7,000.007;0,500,00

it .Q-|;2;§Q0.00av-#1 -v.-.... ,... e

UU

On Hay 27, 1911-9. �TUSPC ;. entered into an agreement with- the National City Bank of New York to borrow $2,800,000.00 for the

Purpose or enabling Victory to purchase ships. The proceeds 015.2�--'-... the $2,800,000.00 loan were to be made available on an installment"

hasie. the USPC records reflect that USPC borrowed a total '01" --'- �-$2,556,500.00 under the above� loan agreement. -. l -' �--'+".- r}"".�..*.

_ __ _ ._ '_ , ;,_.e . .-.-.'-,, _,_"__, ._'.. . _._ ,._ 4 -, __,�,,.,, _. -,.., .-'-@,q4�-a.-a-��~,

' '1'-.� � ".. .- ~._. -,. '; . .... .�- _--'.r W ..1£.'§1-- .. _- ,' - - . - _=. �_5;..�___._. _==;§.-'92�,...;;.-'__'92[�Z:-:.-�- _ -.

--".

oEREnAL.;;?.II§;{;._FUNDS�.;F_1T'TOTALi=�V Li W i" I

0'0"-1 0 ' = " 352,000.00

_ , .=r ;.%�; r .~ 767,000.00, 5-' Z� ' �---3-0"� .' " 13180;'_, _- _ � __ , _, , 105,000.00 ' 11,|.B,000.00, "_* " <p- . .;;.;.. 5 235,000.00" ' - .1; _e ;.e.5;599e99

300, 000 .00 5

!!

i :-00.211-50 #2. ¥'»<'>?..é;1Sé§@._- "1

.�. __ - - _,. -_.,.,,_;' '. ..~-- -#0¢%,0+~@=r=», .-

, .

u "J v 0 Host o1"the' security poted i'or this'- by Ariona. Detailed information concerning this security is set*-.._-

--u- _

,14� ._ _.4» . _.P__:grW,-_.. "1_1

l� I .- L 1 '_ �1

;,.__.. .._- _

,1 . ...a_ ., .._ -:.- ..- ;' -'-

�"93 .,._ _ "5'

§o§;h .on pages 109 through 111 oi� Few .�!ork report" dated lie; 10,,_-$5,, _9 a � L-~. .- - - _ -.1. _._*-f»-... 0'5» . ...-5---' . - ->--'-

' .' _ A_ ;_ ";' _" 92_ .' -_::,:_.r?', ' .

Security tor the USPO collateral loan at Hational�ityi ;-�

- . .,__ .,. _. W -9. .

.�-' .- 92

_..._ iv. 2 31'-0' 1� J 1 I

,7 . ' "n .14: _�. .

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E-$1

3

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1; 1; .. .Inn 5 row� 8 a btained and scheduled tor ~-1:1" *. 7 l- 5-_�._. , "' __

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VICTORY INCOME LIED DISBURSHKHVIS ' '� _� ;f:_§�§§1;.;.0;§?~§»'Lj7-g;;�§§f;,'»'. momma ovm $5,000.00! ma muon Aw _ _¢,_�_e;. .?£14! 32 1m �!�°. LAF"A13I-1E,. 135° ... 1' ; T '0 .0 .0 '2 + ii ;:;::;;i.

- ' . y -. e > . ~ - � * �P ~ ' '.'-_.-'-".-- ~.:'-1. »£l'1;:�":".�_ 0 A? V -0" " ' A ' h t the ineome end disbursements

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' Vi 1; amounts over #5 000.00! B9 0 _ .__,;-7;.-_--,.-._-_..eth: :3-ice my 25, 191+�; to annual�! 15» 1959;�! _ , .;-_-f-.*-';- :1-;;;',-;~Ij{:§'-l*"§'=§-;-

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. ;.~.~ g f th V1011!-LI am; an at up -1 -____~;_:.":'__:__92_n '. or 1?: PHI�: 1�-h0,1&i;tO1"l I-000111153 Pillbl-'6' "ildib einegent1�orVe ry _.,.;_p;~:mu11;q,81<I_.|,9 through August 31, 19149 Victory did réot- "MlL__.- 1- £1-92Q �Qf92B'I92-1 1!9292'lI'I'I�1� _I-Hm» -w» '-H� 5"-""'*"* """"""" � iaterv " ~ - -_... ,...--

� _ éiqtory maintained an eecounte P1715]-° 1"°B_ � - .. .,,,__-f;_.,. .__.,.__� D t examined Itlie Tictery �general jouinell 0.

account: payable register, together with the SSY monthly etete-' . f' ' d h d 1 e iietin ifietori iteini af ever

:%n?�5,3Edtg:p::;e K13 ;.SS'I. Itsuae neceeeery to examinethe SS! monthly ltetemente in orde d tennine whether e given >1--* -um y�� getuallj paid by SSI. eleo examined-the Victory

1-.-- fja-an -Biabur.aa_i§*r@§=e'l1-Ft?-1-'1"-=1 ¥-F�-@102!"-�1-�¥P..� #014!�-� 9-� 3°�-��-"5 �-1"-".�*'§'-'37 0 0.� FTh; Victory disbursements to SS�! rill be eet_fo1_'t _I921 "Q0 _in this r¢1>¢1�h ' ' . -� I �- -I "'3 u ' -' 5'1?"-i-::;:-�P.-_?*iia1t-:��**�?:f%5�:�5 '

-..?.'¢;..-'-:-~.~-"�'--�<-�..' mm-o ireetteched hereto 1>1w*=°'i"*i=i= wvi� ff ,�vhg_�vi schedule! vrwl�d hr �_ - -- .- - =1:-L1�

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�*1? _�i==-=-�*1 -3.; the writer examined the _Vieto1'I �llh B'.==11=tI 0.; " 1-'1-�+.as.,.-1-iea 1�-iii 25. 1%? at :==-�r: 1% 19§@�§Q§°13P'°§�a§,~--' -_-3' -4. aehed 8 I� lilting eeeh 1-eeeipte in mounts 0 , - a over gi-� inltant Period. A eon °f 3°*?_°��1° 1' 1' 1*'_=_f_§1='

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_ e1� Ceeh i>i.�nrlmente_in excite�"�-'**��" Schedule 1: - Schedule V V

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.,. . . .¢-.- - - . _ _-. - ,.-= .-->- H;-£7 .1?�-'..c -.�=:~J.._V-ii .. _."__-._= ,_. . 1 -_l -_¢..:- -i�.'-'.. '.. . 1". �.:.'.�; .51�-h~. ,.' � am" - ".1;wY»1»6-2501 » � 1 a. I.

;.__;.:E�i.;,_-_i�¢q�!§;{z'Z":-_'; ....'f..__;.- _ _.._. .__._.,...~.;.~.:..;.-.._a:�."i:;..=;§»§§EICHAITGB OF FUNDS BETHIEH VICTOR! ARDQT1: ' ._, _ ._'.e.,-,1 -,-5.-..~;'-5}�.-.e';,-_§sr,~ usrc AND AFFILIJLTED go:-qualms =--1"�-*-r'--;;¢ =21:-.-»=-.-=-=;¢=...»:>;.;...=.~*:¢?§'§i¥�i+.=>-3 1�? - -Y --; -- -�-'-°'-'-"'-**-=T�*�'�~'i�."�3I�~'?92*i*'.'_.J --p1,;-�.5;-' Item S requests that it he determined shether thers'T.:§�1';,_'§-é;-.,were any other exchanges of funds in large amounts between_07_l"'�.";�_'}i.§;?�-_i:F:'-YVictory and SSY during the years 1914.9 to 1952, inclusive... A -�-"-'-=*'--check of annunts over $100,000.00 was suggested, --;;;;.{;,..:-_;i"-=�¥*'~?�%,-"' '

. . r . _ _ .- .,_ .- W; _.,..,. ,7. �$1. .11.,� ., -.1»;-.--. -' _1-. -.-- - _- --_ J»-. ..'. _-.__.---¢.--V I-I-_.-..--~ ... __ .. .-1 f-97¢;-',.:o--F-=-<-.ga:n-J--F? P.� hu�--V.

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Item 1 requests that it be detemined whether there;-.-fe-'-=_;-;_l;,...-were any exchanges oi� funds in large almmts �between VictorfindPacific Tankers, Inc. Western Tankers, Inc.!_, Oceanic TransportCorporation, Marine Trading 00., Inc. or�0oean Trading Oompan1_,l:�§-1�I.;�31». " Sw ._ . --�K . . - --».. ¢- -' ;-" "_-" I." fj Q ' -.,-:.�*- _ ' ' An examination or the Victory cash disbursements andreceipts journals for the period Hay, 19149 throng: Hay, 1952,?-5;;-l?.fe?;%'.p1revealed that there were no transfers of hands between Victozy �--;_-and Marine Trading 00., Inc. or Ocean Trading Company, Inc.',_._;_;~'j-'

' 1 There i_s attached hereto Schedule G which lists thecash in amounts of l100,000.00 or over Ihich was receivedVictory from SS1, USPO and at� listed companies during _l=�I:e".rq;;;-5:-'-�.~.';;_"£;�T__period KI!» 191;�? 1'-hrwsh Ha!» 1952. ~ "

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- There is also attached hereto Schedule H which lists "�_i"1'dishnrsq11;m_tse_:b7__Victory t_o_S$Y, USPC _and affiliated u�>s;>aniestg_t"_.+-_ »��_in amounts oi� $100,000.00 or over during the period Hag, 19l;9g -»..j._,¢,,.th1'°1-IQI Kl!» 1953- .- A - '. A;- *.-'.-"-'.'"-?."=-�" .""7.""'-1.' r S '

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- . ' The following comments concerning Schedule G are set ,1,--..;_.torth below under the nane or the company that furnished sash stop?"

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� The records of Victory reflect that all cash received�from U8P6,92dth the exception of the $100,000.00 received larch 111.,--1952, was credited to the Victor; capital ea:-pins account. - .Ths_,_$100,000.00 received on March 11;, 1952 was eredited to 1cconnt;.3�-$2..01$ - Holding, Subsidiary, ltfiliated and Associated Gospanies; V-;___

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'" " Information concerning the $950,000.00 and $300,000.00� *5received by Victory from SSY on August 15, 1914.9 and June 21, 1950.has been set forth previously. BECKER was unable to recall why-_ ;-Victory requested the sum of $150,000.00 that was received on July19, 1950. He advised that Bmounte of $750,000.00, $750,000.00 and$100,000.00 received December 29, 1950, February 15, 1951 andMarch 30, 1951. respectively, were for the purpose of increasing_Victory's cash balance to meet Maritime reqtlirements} "- "- - - '

� .,, .." U .1.-,

BECKER advised that the $500,000.00 received from SSY 'on July 2'1, 1950 was for the "purpose of enabling Victory to makea down payment of $800,000.00 on its purchase of the stock ofPacific Tankers, Inc. from US-PC. Further information concerningthis matter will be set forth subsequently in this report under "the caption "Purchase of Pacific Tankers, Inc. stock from USPC . Eby Victory Carriers, Ina� - 5 '" '1� "-

BECFER advised that the

on April 3, 1951 from SSY was for _Victory riarch 31, 1951 balance of $1,015,233.05 to fl00,000,'00.This was in accordance with Vicbry's policy of reducing the balanceof its account at SSY to a nominal figure. - ' T"

- 7- � 1..--. �_

It is to be noted that Victory, as en individual.�corporate entity, had a sufficient credit balance at SS! towarrant withdrawal of funds set forth in Schedule G. . .

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the purpose of reducing the -

Zacifig Tankers, lnc._ 0 =='--~ _.~ .- '_ ' � 1.--- .0 ... .

sscnan advised that the $225, 000.00 received by Victory-from Pacific Tankers on January ll, 1951 was for the purpose of 1 1increasing Victory's working capital. The $225,000.00 was debitedto Cad: and credited to Account Number 5141 - Hon-Current Payablesto Holding, Subsidiary, Affiliated and Associated Companies. Thisentry increased the Victory working capital by $225,000.00 since '"the current asset Cash was increased and the credit was to a non-eu;-;-em; rather than a current liability. 4 1 _ . ~. 0

. . 5 . . ml,� 1'! -~'- -|.�, .� -"""�*¢_�-'-*-'5""-'_","}._'-- _.=._ ~ . as - 0 ._-.~.,.-...'E.-'».<-;.,,,-_1;_n,.,¢;1,.,._�_.0_ -:.I'-'1.,- The �victory records reflect that the $150,000.00"-reeifyed

'rrpe1'ree1r1e Tankers on March 5, 1952 was in repayment er 000,0eisva�ees by Victory to Pacific cn February 19, l952.,?"�Ti-"*'.�-�-?.?.¢'}_¥*3?�§i§f_-�,_:=__.i'- 4' __=r<.~rv~- .. . .- - . 1 - �r�. 4 . .1|.� .. �I it y�. axkf-'-. _ . . �:_. A ,._ _-: , ._ __ ' c . 1-." v . _. 5 I :1}. - .,_,,-. 92* '_ ' ' 'e,'Q_ ',_"-'.-� '5" --;'_._-'-R5. ' 1!? lk � ., -*3 � " .;'.. ._". -� � �."".�.'II�."'-' � - . " 5 ',; ' . ;_, ;',£%'_§E'-.g§"-.f 2:1" ._.e'_a._ . T"£k§

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.-.--._ BEKER advised that the $100,000.00 received by nae.�from Oceanic Transport on January 11, 1951 was for the purpose 3increasing Victory�! working capital in order to qualify for f -__Maritime mortgage aid. The $100,000.00 was debited to Cashcredited to account Number S141. The effect of this transactionhas been described above, _ A, _y . _ _ , ~�;2.,_..g�-;;5;;;;;_A;"'j

' BEJICEH advised that the $300,000.00 received f:'on.*:;"._Z§?_"-:;. .Oceanic Transport by Victory on October 9, 1951 was for the pur-"�pose of enabling Victory to make an additional payment to USPOin connection with its purchase of_Pacific Tankers stock fromUSPO. Further information concerning this mtter 18.11 be setforth subsequently in this report. I . ._ T -

II-I'_lI-II _' I . . -

,.. ~ _ . 4 "_ . 1- '.~ -,_, . . _.n p.92,., r _., . Q... .- ... - - -e -� ----

The following ccmments concerning Schedule H are setforth below under the name of the company to which Victory madedisbursements: ' . . �

' . . _ -v-,_ _ 4-. ..wI I .I 4

Ho special comments will be ands concerning the in-dividual disbursements made by Victory to SSY.

BECKER advised that the purpose of such disbursusmts 'up to April, 1951 was to furnish SS!� with funds to pay Vietory'eobligations and in maintain a high credit balance at 88!. BEKEstated that beginning April, 1951 Victory merely advanced sufficientfunds to SSY to enable the latter to function as Victory's disburs-

ing ___ .-_-..~ _ , .,. »-~-_.r--';|_.- . 4 --. .-an-'1�;-1e:-L.-."rI�~¥--~{:' -Ie

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- an examination of the Victory records reflected that pay-nentl by Victory to IJSPO in amounts of $00,000.00, $3T!,955.5l§,_ l$300,000.00 and $100,000.00 made on July 21, 1950, �ay 1, 19§1*,,e-in-._"._j92oetebeg-__9, 1951 and February 1, 1952 were for the purpose c_f_¢na§ing

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"payments against the purchase by Victory or Pacific !'s.:11:ers'f,'_=',�,';i-�-;§-,-',_I1;_§',';"-_stock from usro. Further information concerning this matter -*--,�"e-._-r.,-, i -will be set forth subsequmtly in this report. -.' .,§.. "-.1.-;j4ff.}?-¢'<3-'3-f:_7,';"�-1�.-:"7.'-�T 0. _ , . 1 �.s I

. . - . - :.� .'.'a ~_...- .." � ' ' ~ 1. � �

-- '-* $100,000.00 oi� the s200,000.00p=-qaeat Ema. 1-.15'i- in; 7,�-_-g�;-1'1952 was for the purpose of paying the final installment on thepurchase ct Pacific Tankers stock. The balance of the $200,000.00,�together with the $150,000.00 payment of I-larch 6, 1952, was de- _bited to account lumber 01$ - Holding, Subsidiary, Aftiliated -_-.»'-:�.---and iisociated r;ompsnies., ~

_. .v. .. .. .- . _ ...." -...-_., ;'....� - -..,

_ _ .. , . ._ .. - ,_ . . . .. _ . ,. .-..-~-:.' -.'-�-'1 .::.;;- �...; =.-..-c'~;~'-t.-.¢..-- >-.- - - . . - -'. 1- - * -Vacific Tankers i' ' ' 0.._- ' ' ' -' '.� :__ ."",

_�_...._ ._ . � -.,---_--�-. '~- ., ,

' - The Victory records reflect that the $22S,000.000paid'_f';to Pacific Tankers on February 20, 1951 was tor the purpose of --repaying a Pacific tankers advance in like amount made to Victory_

on January ll, 1951. _- _ _ .- -- _

the --count e ..etor' to Pacirie �--Tenkers was an advance by Victory that was debitedior charged to ..account Number 015. as set forth previously, Pacific Tankersrepaid this amount to Victory on Harsh f, 1952. - ._ -_ 4.7; _

Oceanic Trans ort _ _ __ '_ . _ _-_ __ _ ..�_____.._*__H:.�§__:; ._�__'_ _ . a __ . -. __ .,_ .

' The Victory records reflect that the Ql00,000.00 paid-¬_-:2�by Victory to Oceanic Transport on February 20, 1951 was tor the �

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emcx rnon usrc BY vzcrom 0 -- -f , ,1, _cmmmns INC. o - - --_ ._» �:'. ..- .----= � . .�-q___ I _ r _r , l�� ___ __ , __ _�_ ,__._ �.,_|____,__. T�

Item B states that in July, 1950 Victorfiaurchaened T�the toci: of Pacific Tenkere for the amount of $1,E'>"?,000.00. 'This item mrthcr states that the down payment use �B00 000.00and it was requested that it be determined Hhether the �$00,000.00was ever P&1d,�H&l it a cash transaction and xhat was the sourceof the funds. It was also requested that it be determined whetherthe balance due on the stock has been paid. 9' 9 5 _ »

The USPC minutes reflect that at a meeting of the Boardor Directors held June 21, 1951 RJBERT L. BERENSOH stated thatveg;-nAl»1In¥92' Anal a_sA1IeQ eee92r|n-_ I.ssa1'r "Fade ihn -Q1- �lei! 'l'I§n� �en ITIQCIAQQI la. ,J-I-95%|� UL§UL¬ll§ IQ�? �J-J1� IE� LY� �ill-9 Y�? U� 92-'l"Y III IAUUUFJ U�

all or the stock or Pacific Tankers tor an amount or not lessthan $1,800,000.00. lilo further reference was made to this trms-actlon in the minutes. _ _ L, _ _ _ _, _ _ -0 ,-

A

The minute book contained a copy or a sales agreement _.dated July 19, 1950 between USPC and Victory wherein USPO soldall the outstanding stock of Paci�c Tankers to Victory for .$l,8�l7.9S5.SB. Ln examination of the Victory records reflected " =tint the enreheee price oi $;,8'_7?,955.58 hee been nee ht Uieterv�°�-739°� -' . :- - - - '

There is

and the amounts or

._ ,_ .

_n-

set forth below a schedule showing the datesthe payments by Victory to USPOs 9 - -

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..... : =T~.>..s-_<.- . As previously set forth, the source of the $BO0,000. _D_;1*.¥*;�¢§- "_. paid by v1=1><>1-; to usrc on .1111; 21, 1950 was a withdrawal er;--:11-;3;;,

$800,000.00 or Vict0!'I from sex. -0 '0 . " 1 e_ - . 1. _- - - .- _ � ¢ ;- .; . - -,1, _ _-P,,� ~.'.,_ , .

0 _ As set forth previously, the source of the $300,000.00,-.paid by Victory to USPC on October 9, 1951 was an-advance of "

1�� I-nan�; 92921r �an-amiss I'|waQan-nnnallv C-A "I -Alrpaugq Juana l'924al-eel-a-�_ Q "' 'q_!vv�vvv| WU� BEQW II� YUQQ-IILB JIIIWUIU U9� ILUKLJ �ll Quit� 1

1951. e as . s_

e- The -remaining payments came from the general fundsVictory and it was not possible to make a definite determination '_'concerning the source of funds used to make such payments» .-

. _-. 1 . 1_V _ _ . '1� .. ,�!.;.. ___�__-_4_.';0 ii"

!'!ISCELLANH!'l'B . B _ . Que ._ ___'., .. ., --- � - - ~~--~" ~

.�_ __

" 4=_-mt some on �nae I11 of Lieu 19;»: report dated 1-ny 1o,e1�.,� ' e e ed a sehedu e' 1952. BA r par Exhibit 11, 1 of the

monthly balances of the S group and the foreign group, together4 - with a consolidation of these balances. At the time this exhibit

was prepared SS!� had not obtained permission to mice available .2--rthe iecorde of i';'2"11'n�i�|'1.l'92R, a ienher of the foreign group. ~

- '. On June 21;, 1952 not F. 1111.1, ssx Controller, advised . 0:11� that permission had been obtained 1» make nmnmm recordsavailab e. SA�exemined the ERIHAMAR records and adjusted HExhibit H to include the ERIHLMLR monthly balances, which necessita-ted adj uaheents for the months August, 1950 through Febmary, 1951.

' 'i�here is attached hereto Exhibit H Adjusted, which contains' the data eet forth in 1"� hit E plue the inclusion cf the acnthly

balances of the ERIRLMIR account. _ p

-- rel American Steam-� ' ship d the writer p92>'1c»in the presence of his attorney, Eiia� JLTITSS, of Breed, Ibbott 4- �and Morgan, at the office of instant ccaspany, 655 Madison Avenue, _.

e I-w York 0111- .. c - 0

V �adtised um he_�became affiliated 11121 cent;--1_,>- _e in rican' §te shi agency, Inc. in the capacity_ Q ~_His duties s co en ave een mainly

H o c anager. Be advised he has no connection with _ -~ - goloanies in either the USPC er ARIOHA group. ;_,_-..;;f_;¢:-:0-_af?:�;p__

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- l.e.1+§<?5°" ' e . 00 ' 7'3?� He examined a memorandum dated December 29, 1950

addressed to SS! which requested that the attached caehier'l_.,*;�;e.-;;..,"

J |v~

'92

lower lof -hand corner of this memorandum are those of GIDBOB_5;;;y,. _0031513 and himself. He advised that GEES}? 00£HIS handledthe financial transactions of Central American Steamship Agency,In°O' ' -_'.., - -. - . I-:1 .- _. 1,».-'--. -2 -.- ._ V

_was unable to recall the transaction set forth 1,13,in the December 29, 1950 mennrandmn. He claimed he had no infor-mation concerning the reason for this $700,000.00 deposit at SS1.�He further claimed he has no information concerning either the"=¢-�IJSPO or ARIOHA accounts. . V y_ _ __'___M___ _ ,_

. On June 30, 1952 IICOLAS OOEKIHIS was interviewed by'_-,1,SA Ed the writer in the presence of his attorney,EJUA . SS, of Breed, Abbott and Morgen, at the office of -. »Central American Steannhip Agency, Inc., 655 Hsdison Avenue,"low Iork City. OOKKIHIS advised that he has been President of 'Central American Steamship Agency, Inc. since February, 19!|,'!.He has also been a USPO Vice President and stockholder since191}6. . ,' V ' . 1'. '~"__ ;"_;, 3' H�. - _V '_� ,:' _-� ' . .-

-1 _ __v Ji . __ _ n._,_.=.__ ._ " _ - - _ __ _-., ._. --._. _- _ __' ._,, -__. _, . ,__ *--'--"" "-' "'-;'��?'---_§;;; �~� '�� -» -I - I v'�j_-_----

J.dated Decedaer 29, 1950. He searched the Central American Steam-ship Agency, Inc. files but was unable to locate additional .correspondence or documents pertaining to instant memorandum. Hestated that HASSIS was in Iew York during Deccsber, 1950 and mayhave issued verbal instructions to Central American Steamship :ageney, Inc. to forward the $700,000.00 to ssr. COEKIHIS advisedthat Central American Steamship Agency, Inc. is the agent for the�mpinic� in the AP.l0!!.i groan. " _;- ' - - .= »

He advised that he eonld furnish no information ooncern-ing the purpose of the $700,000.00 credit to_ABIOI§IA's account at_SS: DH DQGO&I1' 29� . -~_.<7~~e @514;-_P -.._;.'-_.~|-i:Ay...',;1.-.-"_92_.'.-'7.- -

- A 00311818 stated he was aware of the fact that Victory-,-_o...�.-.-'__192 �" �

- -"_._.-X 4- s ... --.-�-1 a _- -.c__�_ -7 . ,- - _ .. _ �-_, �i -_ " -1 -_-~. I 7- ;.s. - Q. . .1 . _ .._, -~_ ¢ _. � v�. ' -¢l92;.w'�Y ',- 'q'392�.� ' �'~

� fa� -G 1� �- .f _�_�-"r~_� 4, �- � -qI~921 - ._> . -,1.-. ---g-.£_92,:~~"�. . _ . -__� "._ 34»-�vi:. - I-'. - .7 : '¢"-_-'--�. ..13:-�_�:�,' .5: i. � _ _.E�:-�:.:; .

. 1� "' r: -. - �..- : :- c --.-� .~ _ ,2: :- .,._V,._-_af~| -

'i_, . _ _ ' ' _ I - 8 Q _ ___ _~__~_t,,___.;__ _____ . _ _, .pF 1 .,_ .- . _0. _ . _ _. _ . , - . . 0 , _, _� ,_,_ .. -,1� . .._... 5-, .

A e~ne: �e92g-u-e�-u-1r'wr-�_-!- n""'$-"5'. ?'?'iI"�.92¢-F-r�w�1qrega~I-�I�-~-wewp�-Q.-.-g_-.-...__-,? ._... -. . .,',.'-,._.� J Q I - 921 _ ' 1 ... J .1 a J I � "'

' _ _ ., ' _ _ ' . -1 ' - Q_ . i - _ .- . - -- . I - .-_e - --' ,-- . -- - - . - ._._:92- _.. .. .= ._--'-. ~...» -. - .~""f�$�_�_ - i r : - E�. - _ ___-. ._. '7 ...__ __ , n 4.;;- _ -y. :_ �__r _ - -- __. v ,. : 9 s u- U}. - _q_-,_ -E... ._.s_.-_4, .

check in he t oi� $100,000.00 be credited to the ARIOHA "account. advised that the initials appearing in the - B79

Y� had large credit balances at 88'! while USPS had 0OI'relp0nding1,'_*?='-'§_-large debit balances. It was his impression that BEPEHSGI L,

" '~~ " " ' . - .. .- . ...=;~.-@:v.1-.1»-'t<.

3" so

i�_"�.�f}."'d" o0"xKnIis' 0s'£'a1-0.3a0Ei'n.a"a6�isaeisxeeclee er "nae memor£i1'd;0i::' -

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maintain e Ietcredit balmce at SS KKIHIS stated he obtain"ed7 155*thie impression from eonvereatione he had with BEREHSOII.--}

= ,:?-�J--. "- COEKIIIIS stated there definitely were no 92rr:i.'l:tet92i§r:e-"'f~*%.?».�nente between SSY, USPO or any member of the USPG group, he Tf�§'Iadvised em: ssz did not have a legal right to offset a v1eto£;",-"3"-,-,::credit balance against a USPC debit balance, 'He stated_thet,~ 1f+~�-'5"a member of the USPC group having a eredit balance requested 1�unda.L.inn 55!, 55! would have been required to honor 4:-hie reque:t'rc¥?f."tgardlese or the amount of the debit balance in the aooount'i1e5!i~s%>'*_»-'5;:'¢".any other umber or the USPC gmup. OOKKIIIS stated, ho1-rever,'"¥_--,�;'_1�.";that to his knowledge this situation never arose and he would haveconsidered it unethical for any member of the USPC group to adthi-~.-gdrew funds from ssr 1: such withdrawal enuld place the usrc group Ias a package in debit balance at 38! - .. :1* -'*=";-1""="-=¥»'-*==s - " "

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-' understanding that the ARIOHA group and the USPC zroup uould ea". 73considered as a single package by 88!. He advised that lost e£.,�.Ti-"~§z_T"..the funds fnrniihed by LHIOHA to SS! were furnished directly 'Y'_�.?�_i_i

� - ARIOHA rather than through Central lee:-iean Steamship A'geney,'j "'2"~ .

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/11,...-,,¢,%f two tankers by PTI to USPC in 1949 _ob__-__,~ri;,§-.¢?;_1§a;,-=1,1�;ained from JOHN A. moons and set out.;,,-i:i»;�;g._;;i;;;;n1.é1;-_;5,;,

ROBERT L. BERENSON, president, vsrc, 'certi.-rt,.i;-�%§§'Q?-_§f_ ;.;--_Tied that he was a citizen pf the UniteH".;�i?§i�2T§E"§¥;.£I§";;--*'nStates; that the president and .managing_e;i_=~*?§?!'

'directors of USPC were citizens of the-.>=:»'-�L .T3o_l"*.":�.1h-§'»;1£1,--�qrStates; that the controlling interestg=»*;;_,;'-f5¢%__}--_;-;;,_,

is owned" by citizens of the United §5.;:=�-;g;';�¢gi$§*f-c�-a majority_ of they

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L°§ F�gele�i Cal1fprnia,_stated that he had reviewed his fi1es".-j-and nan prepared the following written summary, the original ofwhich is being maintained in the Los Angeles file of this case -

n �.........,Pacific Tankers, Inc. was organized in May, 19#3 _

for the purpose of operating tankers being constructedV - by the War Shipping Administration. ~ ;-�- M

"The officers and directors of Pacific Tankers,� "Inc. were as follows: 3 _

Directors: S. D.

K. D.

1 0fficers~

I

NAME 92

Federal EngineeringCorp. Subsidiaryof Standard 011 C0.

K. D. Dawson 4

*_. �=;_,_- .. .- .

s. sl Fechtel '_. ,._~. a.

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some St., Sa

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"Los Angeles lifornis � �_- ~ J01? 3, 1-H� _-- -- - "-¢ -~

Bechtel

DawsonMcConeHannaSexton

Dawson

j Q ' �Under date of June 7, l9#3, the following stock was �T'issued: ,

£22B§§§ 5

w_.._..._.. ......- ,. i_.,__. ..,......_. ..... .....-....- --

222 Sansone St., Sa

I. Q. Sexton _ _ 222 San

155 San

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av_, -. ...

. K. D. , PresidentA William T. Sexton, Vice u�

President D A

Arthur A. Layne, Secretary VTreasurer

Harold E.-Hedrick, Assistant - -Sectry.-Treas M _

SHARES ~

225 Bush St., San Francisco 6,000 mr~�~< ":'£:~tJ�-at� N"-

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John A. Mccone 601 west 5th St., Los Angeles�-�H "'_ - .'. ,, .7-�-,-c,..~. V - '

i < - "The first vessel was accepted for operation on {i*¥f§}%y July 10, 1943 and between that date and October 31, 1937;? H

a_tota1 of 129 vessels were accepted from the war Shipping-fieAdministration or its successor, the United States Maria -'-ftime Commission. Operations were carried on under a GeneralAgency Agreement between Pacific Tankers, Inc. and the ~ -

- war shipping Administration, dated May 19, 19h3, contract ;»jNo. WSA- 9&2. e - --- �

_ __ __ _1____~__ __ ,,_ _ _ ,._ _ __._-...e.... ..-¢--_- -,---_._~_- - -y

"The peak of the operations was reached in October,flgh�. During that month, there were 81 vessels in opera-f;

I t on. I _ a _ ' : . .. "

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l ~ "Following the cessation of hostilities and a re- _� _duction in the requirements of our Armed Forces for the ,"__ '.transportation of bulk petroleum, the Maritime CommissionA5Y>

. made available a considerable number of war built tankers -;'to American companies who desired to purchase such ships T�funder the Ship Sales Act of 1946. These sales were started.T-

_ in July, 1947. As a result of these sales and a decrease =--�, in the need for operation of Government owned ships, the -ggéé;- size of the operating fleet of Pacific Tankers, Inc. ',� T

- gradually decreased. 1 - ~--~- "=~ � *-=

, "At this time, the Net Worth of the company was as -indicated in the attached Pacific Tankers, Inc. Balance 1� "

. , _ _ _ _ A . ._._._,_._...-..i -s-.�--is_ - I I _�ll

= It should be noted that during this period, betweenJuly, l9#3 and July, 1947, the earnings of Pacific Tankers,.�<;

. Inc. were about $640,666. it had been the intention of ~e'*'�"certain stockholders of Pacific Tankers, Inc. to continueJ W;-Lin commercial operations after the war and to that end ;;jT,QL

-,» plans were made as early as l9h5 for the acquisition or;f?jfN;,. tankers either by purchase or by new construction.r~"e~� *�*�*�J

.q--- ..- Numerous events took place affecting both the ownerg§§§�t4-

ship and the future of the company. Hr. K. D. Dawson; 'i£?4¢@w'

~ _ _ _ __ ' _'_ _, .; .-._..'-"....=--.-'-�- :1�-04v-..... as ~-_ ~- -~~~-A -.*w»� t .~tnzn». n - . » - __ . , 492 _

__ the president, died in 1947.. The Federal Engineering'*W teaser

¢ _ fornia!, owners of 60% of the stock, and also Mr. U. T.�3%?,,

sheet of July, 19u7_ . __, ____u_,,,;pH_ .,M-i;c;a;;&%�,q.-

. �orporation is subsidiary of �tandard Oil Company of ¬s1i�§§§§§?f

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,. _ 92._.92,

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LA 116-2051: '-'->1;-:5�-..�.-a.-.=-. _ - _ , 1 ..___,_..__.._p.i-Q _' - - ,,.. . .. 5 -. -P -�,"-".~3*-'.':.."-�:r.§-=~..=�-

. _ _ e. 1 . - :-. ~ ._-_ ;-*3� -:__l,.~� 3' '. .>'~' '----»- t �Q-'_ '; "�_ g g _ __ __ ,_ _ .- . ,_ _, F�-;>H___. �92 � *, - _1a�..,.'-.."'�'-;-.»-:' "New stockholders, including Mr. John M. Franklin,g§;:g3»,

_ United States Lines!, Mr. Edmond J. Moran Moran Tow-:$1¬¬�"�ing & Transportation Company!, Mr. Clyde E. Weed Ana4Y�~**iconda Copper C0,!, Mr. John L. Simpson J. Henry Schroder;E~-

. Banking Cor oration!, Captain T. Reiber Barber Oil" -*;ggT-Corporations, and others complete list attached!,�».3,,;;},. acquired various amounts of stock, for which they sub-;Qi;Q Q;

- scribed in cash. ' I � - - -" ��0 ��*._ .,__�<. 4». __*'_ '-~_�-

- _� M ___ r__-_' V _. ,.. ,,-.¢.A_.-. 7... .

"It was decided to acquire two T-2 tankers which�¥**f*��were offered for sale by the*Maritime Commission. HOWr3f¬Z*F�ever, the directors of the corporation were cognizant-»~a»~~-r-

Y-. of the Maritime rules concerning the net worth and working _.capital position of any corporation acquiring tankers, - .=

_ and it was then recognized that Pacific Tankers, Inc,, ~ H. even with the new capital subscriptions, did not qualif;.�k

"Therefore, it was decided to merge the Pacific ._;,;Tankers, Inc. company with Industrial Equipment Company,... -a company owned by Mr. S. D. Bechtel, Mr. K. K. Bechtel,">

; and Mr. John A. Mccone. _ _ ,,_pJ,,,

"After these transactions, Pacific Tankers, Inc._was -4of sufficient substance to qualify for the acquisition of_,*

> two tankers, having a net worth of about $1,850,000.00 <<;Y �-Y _ _ and working capital sufficient-to meet the statutory re-A_ _

quirements. ' "'" "

-u

' ' �.�. _0 _. » --.. _

-. is attached a Proforma consolidated balance ,_;;Q� _sheet as of February 18, l9#8, the Auditor's Report there-on being retained in my file, and also a list of the "Qjgj? ,'

-r~- ' stockholders of the corporation after the completion of ,._"�"' the above mentioned transaction. -

7� � �There

. _ _ . .._ .~ X�� _ _ . _.., !'-�- ��~l��

4"� lllru.-� _ .l__ --_... __ . .- - ._ _... - "� 'w 1W0 ships were purchased, the MONTEBELLO HILLS and*f5iH�' the McKITTRICK HILLS. The transaction was covered by H }-¢_@~n-

_ Contract McC-61065 between the United States Maritime_H,.¢ Commission and Pacific Tankers, Inc. The purchase price

._.,�;-1..O

_. _ _ --- 92-'

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f,-_,Lthe yeggelg wag 35 follows; - .- -. - - '- P� "' "' '. - '"'"'��"�""""'-w" T

.. vssssz. P _ " aa¥i&�:.£ runcrmsa rnicsl�-%?~1**is?"=*-1%'1*¥�"

e __ McICIT'i'RICK nms rm Hull isln! erwon $1,'ro'r.19a_.23?§;§§*§�

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"The McKITTRICI-I I-IILIS was chartered to Groupement'"":*'-If-if-_.§.-;.°�-�3'i?'=?'??--is" D'Achat des Carburants, a semi-official French Government_;g;;_'i_._-;;.1:_"

Agency, for two years, and the MONTEBELLO HILLS was char7;§_1f_-_;_j._,.;_;,_tered to various parties on s voyage basis._','.,---__

"About the same time the company entered into scontract with the war Shipping Administration to operate.i';=;,%fs?;;='e-�J-;�¬< �J1 ia fleet of Government-owned tankers. Pacific 'I�an1cers,�-=3L§;_�-=*;;t+'fl.i;;--faInc. was selected as one of four operators. This contract, .;I;1I;§.;-»--and renewals thereof, are still in existence, having been i;~;'transferred to Joshua Handy Corporation for reasons men�-if _1 ;1_j___tinned later. . _ ,_ . >"_-_'_:-.¢-_;

.- _ . . . ' -. - .

"Because of unfavorable conditions in the charter ;;_?'._=*,...;.�..-',..-:1,market, which developed in the summer and fall of 193$;":�f.:§�-ifi.;.'T;f.fdecision was reached to dispose of the tankers. The -;._;;__'=;directors of the corporation "approved such s sale and -;i.-�;,,;:_-,;-;_:?e.--f;

� Admiral Moran, at the request of Mr. Mccone, offered the-,}';�f;'5"'§I§':,.§,,tankers to the United States Petroleum carriers, Inc..-,;:-7--$1.-;§@;:"_7,F;-'-,who were interested in purchasing tankers, and who,was reported, had recently acquired ships directly fromthe Maritime Commission. ' ;_ i I _ __ f ;

� ' - ' -� � P�

"it was recognized that the United States PetroleumCarriers were represented in negotiations by Messrs. 001180818�-17}?and Cokinnis, in addition to Mr. R. L. Berenson, thepresident, and therefore, management and directors were l§T.;;f-&"f=~T='7§�-;�;T-}'.=;"-'-,;l*'concerned about the nationality of the purchasers.

�The purchasers desired to buy all of the outstanding�={l7§:%"�-f.%4¥i-stock of the corporation as by so doing they would acquire

- -- title to the ships, and. in addition, would eeeenal to the 'purchase contracts which had been arranged by PacificTankers. Ins. and which carried with them long term ship

' mortgages. - - - ' * ' �r , ,_ ._ ..--P _ _.- .4---~7i':|~.rw�I-�T-?'I:3 ¢ - 1-.; 1.-� , . .. --_-. -ta ----_,_.. -. -. >~- _-. -1. ~ - - -. ,

. . _ . - . ,. ..-ue.4~_-1..-qqpr --at; -..- i:-1*--.:"I¢l¬"�.'."l 92é�$'f�-73""'~"""��_""-v""Ji".�-ll- On January Ia, the firm of Kirlin, Campbell.

am ti _,ea ng gave us an opinion that the sale of stock wasI controlled by the Maritime Act of 1916 and they, therefore,?£._._*~*'I-;:_§.¢.;~';-f~-,%

advised us to secure affidavits concerning the citizenship,*;;_t;§5.,¢fe§�eE;;,i;.;of acquiring companies, and to present the affidavitscitizenship to the Maritime commission when seeking thei.t';_~;i§',*v;�_�;_",approval of the transaction. This was done. We not

p secured affidavits of citizenship at the time the ,_-V; "I *-

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first entered into, but we secured a �*- =similar affidavit at the time the negotiation was >finally completed and the moneys were paidfor our stock.

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to legal conferwere absolutelynational intere

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_ L92__ A_l.l_ up -n -an -- 1than tnis. we relt that in

ance, we wanted to be sure thasound from the standpoint of ourts, inasmuch as both the directors andcific Tankers, Inc. looked with con-ssibility of American tankers falling .f foreign powers, be they either -~- ~~iendly. Therefore, Admiral A. F. Carter,ific Tankers, Inc., discussed the trans-ral Smith, the Chairman of the Maritimesecured from him unqualified approval Pon. In the sereral discussions, the fact

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additiont we .H--_

1 .that the Maritime Commission itself had sold ships tothe United State s Petroleum Carriers, Inc. was consideredevidence of the Maritime Commissions's approval of oursale of the T�2 tankers. A ' '

"The United States Petroleum Carriers, Inc. desiredto acquire a corporation which had sufficient substanceto qualify as regards net worth and working capital, but

_ they did not wish to buy a corporation which had assets- in excess of the

Pacific Tankers,minimum. At the time of the transaction,Inc. had accumulated s net worth con-

siderably in excess of the minimum. Therefore, a portionof the stock was retired, using earned surplus for this

P purpose, and as a result, the corporation was reduced insize to approximately $2,000,000 of net worth. In other- -. -I Awords, the number of shares was decreased and then UnitedStates Petroleum Carriers, Inc. acquired all of the sharesoutstanding after the reduction.

"Other assets of Pacific Tankers, Inc., such as theNavy Contract, certain residual activities of the then .-i

,._dormant Industrial Equipment Co. were transferred, with 'the approval of the Navy Department and the Maritime

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"Following these-transactions, the shippingl 3¬.»iactivities not sold to United states Petroleum Carriers;3;@Inc. were operated under Pacific Tankers Division of. ,,.,Joshua Hendy Corporation, and are still continuing under �that management

J "Following is a 118: of the directors and arricersof Joshua : �Hendy Corporat

Directors

K. K. BechtelS. D. Bechtel

R. L. BridgesAllen Cameron

John A. McCone

Alden G. Roach

Officers

John A. Mccone

S. D. Bechtel

K. K. Bechtel,Allen Cameron

J. M. Teacher

W. C. Ryan

3C'|.310!l 9P9 �|£hE.'5£:

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ion

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President ; ~

Vice PresidentVice President a A

Vice President """?

Secretary and TreasurerAssistant Secretary

"The important considerations in the entire trans-

In the original purchase of the tankers fromthe Maritime Commission, the stockholders ofPacific Tankers, Inc. provided the corporationthe net worth and the net quick positionsufficient to qualify for the acquisition of .the two ships.- Pacific Tankers capital "*""structure was provided from its original' Icapital and earned surplus, substantial has 'funds subscribed for comon stock and,� =- --~l~*§finally, the assets of Industrial Equipment a¢",,Nco. which was merged into Pacific Tankers, .;i;i§7Inc. No stockholders� loans nor outside 7 _ §§§§loans were put forward to qualify the cor--qvgyjfhi"poration under the Maritime rules. - ' �alias

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In selling-to United States PetroleumCarriers, we were concerned with thecitizenship of the acquiring corporationand secured evidence that the acquiringentity was an American citizen, as de--fined under the Maritime Act of 1916. Wefurthermore explored the transaction froma legal standpoint, as well as ournational interest, with the officials of-the Maritime Commission, including thechairman, and secured unqualified approvalof the transaction prior to making it. _

Prior to selling the stock of Pacific Tankers,Inc. to United States Petroleum Carriers, Ia reduction in the net worth of Pacific

Tankers, Inc. took place through the retirement of a certain amount of the outstandingstock. There remained in Pacific Tankers,Inc., prior to and at the time of the sale,a net worth of $2,000,000, which more thanmet the statutory requirements of the Mari-time Commission as regards both net worthand working capital. Therefore, Pacific w

Tankers, Inc. met the requirements of theMaritime Commission as to net worth and

working capital at the time of the sale.

/s/'J0hn A. McCone

July 3 1952 �

M� Tereace M. LeeJuly 3, 1Q§2" ' 1 �"'�"'

Mr. McCONE made available his files concerning this

_ -�.

transaction, and the following documents were photostated

' - 1. Pacific Tankers, Inc. Balance Sheet, -

� 3' �.4-

dsted July 31, 1947. _ f�- . 1 -_- - =eoes~

DO.�

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ii_;£ .. /B/'BQbert L. Berenson"h*ark _

k_ __ ___�____, .,,,_;__-.._.~.|~-. ._-..----_.___--=

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1- Jn1 " '

2. Pacific Tankers, Inc. Stockholders of TRecord as at August 18, 1948. E

Pacific Tankers, Inc. Pro Forms BalanceSheet dated January 31, 1949." '-��*

.3.

4. Pacific Tankers, Inc. Pro Forms Consoli-.-.da�gd Balance Sheet dated February l8,_ _19 .

5. Stock Purchase Agreement between Pacific �"i��Tankers, Inc. and United States PetroleumCarriers, Inc. dated February 9, 1949,part six of which states:- - -- "

Fl . .Representations and Warranties b; the Buyer.

The Buyer represents, warrants and agrees that a!it is now, and upon the purchase by it at theclosing as provided herein will be, a citizen ofthe United States as defined in Section 2 of theShipping Act of 1916; and b! it will on the -closing deliver to the Sellers an affidavit of .citizenship executed by its President in the form�annexed hereto."

6. Affidavit by ROBERT L. BERENSON, dated March 8,19#9, as follows:

"I, ROBERT L. BEHENSON, President of UNITED nSTATES PETROLEUM CARRIERS, INC., d0 hereby certi-fy that the representations and warranties ofUNITED STATES PETROLEUM CARRIERS, INC. containedin paragpph 6 a! of the Stock Purchase Agreementdated January 20, 1949 between the stockholdersof PACIFIC TANKERS INC. and UNITED STATES PETROLEUMCARRIERS, INC. are true as of the date hereof. .. _7�

�IN WITNESS WHEREOF, I have hereunto sub-scribed my name and affixed the seal of saidcorporation this 8 day of March, 1949. '

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Carriers, Inc., dated February 9, l949."�k j§~¢??-

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8. Copy of Escrow Agreement between Pacific ';7'£;g�Tankers, Inc. and United States Petroleum ;g1a;?:-»Carriers, Inc. and J. �. UARFIEID, dated 7;+l+~¢iJanuary 20. 1949. - , '_.. ,-J~ y:;; Q3. -i; ; -

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_ to Joshua Hendy Corporation Pacific Tankers .,1 Division!, 9 - - -~-~~~ ~

___ ll. Copy of letter dated January 3, 1949, from ,i.1-w- Pacific Tankers, Inc. by J. M. WARFIED to" -,.

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.......Y�! Your acceptance of this offer shall __ ,constitute a representation and warranty that � �" *_

~ upon the sale, transfer and delivery to you of alli"*.* �of its capital stock, as herein provided, Oil .

. ' Transport, Incorporated will be a citizen of theé¢§;¢;;;United States, as defined in Section 2 of the -.4Shipping Act of 1915. Evidence of such fact willbe furnished to Schroder Trust Company as part of J-the escrow hereunder. And, in addition, you sill.furnish such further proof of such fact as may be..

,___ required by the United States Maritime C0mmission=w~for its consent and approval to the transfer of .¢-e .i.=e-

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-"I, ROBERT L. BERENSON, of New York City, New . .»,n~,~-York, swear or affirm that I am President of the UnitedStates Petroleum Carriers, Inc., a corporation organizedunder the laws of the State of Delaware, with offices at _52 Broadway, New York City, New York; that I am a citizen _of the United States of America by birth, having been -eborn at Boston, Massachusetts, on October 12, l9l3 or!by naturalization before the __, _�, for � -

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* u1str1ct,*county�br"§Eate�'_ Bate naturaIIzEd]"_? .�- -having been issued Naturalization Certificate No.that the President and managing directors of saidcorporation are citizens of the United States of America;that the controlling interest in said corporation is = .owned by citizens of the United States of America; thatthe title to a majority of the stock of said corporation'" 'is vested in citizens of the United States of America freefrom any trust or fiduciary obligation in favor or any -person not a citizen of the United States of America, and .¥i~that such proportion of the voting power of said corpora- _

- tion is vested in citizens of the United States; that through_' no contract or understanding is it so arranged that the F _mH__

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13. Affidavit of ROBERT L. BERENSON, datedMarch 8, 1949, as follows:

- "I, nossar L. assessor, or New York, New York,swear or affirm that I am President of the UNITED STATESPETROLEUM CARRIERS, INC., a Corporation organizedunder the laws of the State of Delaware, with offices ~at 52 Broadway, New York, New York; that I am a citizen.of the United States of America by birth, having beenborn at Boston, Massachusetts on October 12, 1913; that"the President and managing directors of said Corporationare citizens of the United States of America; that thecontrolling interest in said Corporation is owned by ci-tizens of the United States of America; that the title tos majority of the stock of said Corporation is vested incitizens of the United States of America free from anytrust or fiduciary obligation in favor of any person nota citizen of the United States of America, and that suchproportion of the voting power of said corporation isvested in citizens of the United states; that through no »contract or understanding is it so arranged that themajority of the voting power of said corporation may-beexercised, directly or indirectly, in behalf of any per-

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Subscribed and sworn to beforeme this 8 day of March, 19#9. /b/'B°bgrt E� Berensqg

/=/ §h:1=11laa R-e Ehrharsii"' Notary Public

Christian R. Ehrhardt, Notary Publicin the State of New York Residing inQueens Co. C1k's No. 133%, Reg. No.53. E-O, Cert. filed in N.Y. Co. Clk's

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19, Reg. No. 49�E-O, Certs. filed in' Westchester and Richmond Cos. --£;;d=

Commission expires March 30, 1950"

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�""JE°'".-.- "-/LC-RTH AMERICAN SHIPPING AND - - '-I:,**-"'==*}"�:»T.s�;--.-:.-=..'- ---1 "TRADING COMFMFY" etal �*"* --

_ __ ~-- -----__---v .- .. I 5 j -, =.,e,-"_-3.-�:1.-;'¢:-=,-_--=1;-=1; -,�G _ 1 , f,7 ' Re report of_ A! dated Julywza V.

at New York. - . . - _ L _. __ _. _ _

5 On July 21+, 1952 Mr. sum J�. mouse, Departmental�-ha 7�_ attorney, contacted the Washington Field Office and stated thate�=-'=-'='-

liie�rculd like to secure information regarding two items as Vo ows: - . - - -"�

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l91+9i and cash balance on Auéggt 31, 191+9, _-1. *.Of 8 $33,927-#3? that $950, of cash - --receipts came from SSY on August 15, 191:9. ~

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Schedule A shows Victory account with SSYfor July, 191-+9 in debit of $51,115.09 um ,,consolidated debit of $228 063.59, and for _1�8"=*»_l?�9,_= credit or 513.7%?-as. and 5_ a consolidated credit of $121,725.69 ~.;_j_=_'-,_~,QEBZ _-_- _- 1 ' - ..31.�~TG�.-T'-

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" where did £950,000 come from? When was it returned and to -_ whom? Did it come from ABIORA or what was source? -- 1-"=

�! On lfarch 311 1950, General Financial State- � -men. iiled ior {ear January» 1* 19i+9 to" -VF -.-.-.I._rw;_".

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Report!. This statement reflects cash lggagrlt of $1,167,151.f3§ as at__ December 31,� '

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31 191:9 can be provenl within the next thirty days

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- o - The New York Office is requested to immediate1y"»�1;Ij-r ' .furnish the information by report or letter so that HR. -KROIJ_SB;--¢:-'= -'may be correctly informed as to the matter her

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Director, FBI �16-11753!

sac, Ne! York �.6-2507!, i 52 _.sum-ct» NORTH AILERICLH SHIFPIHELAED

- TFJJJING 001l"PL.�i'!, .31� LLFRAUD LGAIKST THE OOVEIRRIEIIT

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- n. no 1.~.u-=1- to Bureau dated 1/2h/52 which mm um re-. um 1'. _ ,1IROUSE, Departmental At, rn would like to secure information regarding he f__ ;_11,�-win report. of SM� 7/2/52, lee Iork. � _ '_ i " 5

The tollocring comments concerning Item I1 are being eet torth: " i _ *--.. ->1 �

" It in to be not-ed that page 13 of referenced report also etatee anfollows: - . -. 0-., _*"..�_ L ~.

' � '1'.-J '�:1_ �I111 enalyeie or the Yict-017 Cash Diebureenenta Journal revealed first __7-

lnounte of $200,000.00 and $100,000.00 were paid by VICTOR! to S! on lngnlt 23,�~§19h9, am Lugnet 25, 19b9, respectively. Instant lnomt-l rere debited to new: ;SS! account. receivable and credited to Victor; each account. .

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"the Victory cash balance ee or Lugust 31, 19119 no inc:-eaee§l_in_§gmf._'-"01� $650,000.00 as a result. of $950,000.00 received tron $5! on August 15, 1916?; _if-hltie instant $950,000.00 lee: the amounts of Q200,00-0.00 and $100,000.00 paid

r- ~ a*�:�Victory to BS! on August 23, 19149 and iuguet 25, 19119, reppectivelp!

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- 0 u m ror=ohvv<>1=$=.1=~=!�1= H, 111- !°1.1.".1=8 19°�???-F PM "1 '1=*-°=r..-- 01.. est and credited to the Victory account at 8SY'd1n'1ng"'tbe' period s/J/1.9 �to :f" -

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Le e result or the above payments by Victory to 85!, Iictorylhal aeutticient ered.1_.t_be1anee in its _aeoomt._al &'5I to varrantjhe net receipt__e£ o__*;_§f.oatorenentioned $650,000.00 in c-I-lh tron 85!. _ V i F-�___ __|_ . . '7 .. _ .I__fv,._,_h,}T,_._;

""' It it to be noted, as let fort!-. on leheéule L, that l'icto11 Ind 0 -=-'*i={; -�.ex-edit balance of $73,710.85 as es! on B/31/k9. rm. balance 1. atfer neeaee , _ -o_t aforementioned net haunt of $650,000.00 by Victory tron 83!. .=

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. � ls ehoIn' on Schedule U, there Iere no Iithdreiel$100,063.00 or ever by Victor: free SST during ihe periodAgate� Icrkpepere reveal there In-e no Iithdruell 0! eeehduring thie pe:'1o1l.- - ._ .. -� - * " " -.:~92� ..i.___.;. _

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It ie to he hhhet the Victor; month ehdin; helencee eet to:-zth cu;Schedule A ere ether eeeh Iithdreeele hy �ctcry end pqnen'_t�ot__Vh1chc:7 Ilptn�ln-5w =sr- , q h ~ -.1" � -. - > 1;-1'

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In regard Item I2, ~1'o1ice1c'g

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O�ice I _h,/"¢17Z6¢iZ£7172_ -% UN1'rEI$ ;>"I�HATES".GO.9271�5.IV1?.I.i92Ii92=[�ENA�[�. _ 1; __ _ _ I ; __to , DIRECTOR, FBI �647783! - . . _ . _

_. _ . D111: .l11_gua'I; 6, 1953' ' - ..,». ..'... .,.- 4.. p ~~

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fho Bureau in �died that th inf . . " ~.;r.-_~~.-.'.="?'-..-"__ .-httu. ma �nish� to De 0 01-nation contained in rate:-eneod" _-<

i _ _ I partmntal Atty:-nay ALLAH Q �gut 5 1952.. P '1 I _ . - , -' h� w I. .-r_-�:___:_ J.

ha is on 1-=.§';z1::8=§t§:§§:=:f cmtact H1-' mom: '5� 3°89-$3-1'0 as much ai ,� � ~ �Q __ _,_..-._..._. .-.-_---L. in» ,_ , __..__�._ ,.. -bf --w 4_ ___._ " �_1 I� _r_ ._ -_ . -_»..b - ..-.

bananaumm�ggmmasmtmvupleuuauomunuumum"_" .disbunemnh nova" gnmtrgzaoreggndinz the Vief-011 cash receipts and ;. .be ' 9 van that additional into ti ah _- . _� necessary; atated he would so advise HID, , .- " 4.. -..

_ _ _____ __;.__. d�-.1 ' In the mu;-mu no mm: nal ' � � I ~:.

this can will be main ° I-"51 IN Pr�alntli outstanding mg �,1,� by am� �=1"¢ in = mm: mm mum to lnatrnctima to .

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11/10/52 advised um; vapor; Carriers, Inc. pm� or ¢�_"=.*;;':92:.-se o 6 sen ed to a :r a ng week of 11/17/52 ma cm: .

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~ on 11/an/52 sum P�discussed the investiga on pertaining to - 8. Pgtrolsulfij *_srr era, Inc. and affiliated companies with ALLAH KROIBE,,_1]J3A;�*."_ � 7

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O�i�� M¬7rw| -Ir um - UNITED eovsnmnl|l|nn|Il1|�.ll '- 1 �I. - ' . . : ~ - F:-""i Tali 0�. 5 ...,E::'45?"�" ="'>@"_":= I G� ~ ~ * - * "'.__g , _ 5 _a .

m . Director, FBI us-1776.3! _ LN}Y-.3�-� 4 ' ' ' . E� »_- ~ �;".=%~� '*"

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Washington D. O. Hr. KROUSE was particularly interest _ :�;'.-;investigation ertaining to Victory Csrriers,F �Qnent as of 12/51/50 and the relationship 0!� USPC and s1'_!'_I11.et08_1'.';._.;»*"*¢ -companies with SS1. - . 4"-�J: �A�:-"¢~*"-I� "-_ �� *1 5 4-: � -�.'V~';"= F-.--*1" 92 -_'Yn�"�3-'- 9� "."" ' 1 -Y e - On 11/25/52 snd 11/26/52 Sqdisc�_sdi"T%6;~vestigation pertaining to the North American pping and-;h'a<ii;;;;;,;=L:700., Inc. with Hr. -IROUSE st Ueshingtofni "D512. � The discus_s_ioi:_|_v92[is, �/principally:-elstivs to ,the foreign control _Iorthtothe possible false statements riled by the company with� the� .§,.'_;' - *-Maritime Administration. . .1 - __ .' ~._c1;¢;;-!~1;e�%-'."~*'-.~�f?��@

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i _ii, _ now 1' 0. F. Myers Time or call: 12:l;OP �M1,�; ,1 IUIIJICT: HURTH LHERICLH �:IIPPING �FD TRIDING CCHPAFY INC. I3.

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1 -__. Fiutrn acunsr was covsznmmrr 3-:.~= ei-- H - �� ,, _ - . '.""~

** ~ or.-+,~_-_ - -We A - ' - ~._ _ In accordance with a request from the art:nent,§§~,,,.,""5»*"'. ' L Night Supervisor Kaupsi, New York Office, was t call -In_ elephoni I _~__5_

_ I ad while discueein another Istter that Special 1gmts_;j?~ "."'92--��"-' 1 r are to report to the Bureau ~-"-1: 5; _ _ 0. e. Petroleum ca:-1-1»; er which Yictori Carriers is�a 1 J

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wk j at nine a.m. on oven: or , 52, tor the purpose oi� discussing-.-_~_, F U this case with the Department Attorneys. A11 work papers- ' subeiduary should be brought with them, also all�worh 7 - pertaining to Iorth anerican Shipping �and frrading Colman}, -- -�F,u . should be included. - -u - ' � .-"�d�t"?"�T~l7"�§?L"*?§��-'�l� . -1 *F. - _ _ �__�_ _ _._,_=,_92_,_�_V_�|_'_A__ V,_.�___�_|,4___� -l. -.5,-� �,. -1

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