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- en gee eee re neti a ere a . Cp ble, a eee ee | 2, ee Ss Saher ome * - The balance in USPC's reguler checking account at. the National City Bank on May 1, 1951, according’to the records of USPC, was $82,923.46, and on May 1-2, 195], there was a receipt of $376,296, of which $377,955.58 represented proceeds from the sale of Pacific Tankers, Inc. capital stock by USPC to Victory Carriers, Inc. on July 19, 1950. Those rccords reflect regular disbursements on May 1-2, 1951 of $77,691. Tho records reflect that a paymont | wos made on May 2,5 1951 to the National City Bank by USPC Check No. 3359 in the amount of $250,000, drawn on the regular account, It therefore follows that the source of the funds for the major portion of this payment was the proceeds of the sale of Pacific Tankers capital stock to Victory Carriors, Inc. on July 19, 1950. It is noted thet this account was carriod in the Accounts Receivable of USPC until Mey 2, 1951. i Dae =e Peeve ee reenee Toe ilies): 2 tabby hbaiah . 4 Wlblaatle! at . aad core aienaninnene J. Meee wad oT mls Li» The balance in USPC's regular checking account at the National City Bank on April 15, 1951 was $233,612.15, according to the records of USPC. The total receipts in this account on ’ April 16, 1951 was $1,200,000, which was received from Pacific Tankers, Inc. and represents a lonn to USPC which was carried by that concern @s an iccount Payable of Pacific Tankcrs, Inc. These records reflect that the only disbursement from this account on t April 16, 1951 was USPC's Cheek No. 3299 in the amount of $1,200,000 paid to National City Bank in partial retirement of the collateral ~ loan account. It therefore follows thit the source of the major ' portion of these funds was a loan on “open" account from Pacifi Tankers, Inc. . The source of the funds of the May 23, 1950 payment on the National City Bank collateral loan_ in the amount of 100,900 came from funds of the company's norm2l operation and was paid as previously set out by debit memorandum to their regular account at hat bank. spt eh ers fees SAR Le oe PD Slee aes eek fb, Tho balance in USPC's rogular chacking account at the _..-National City Bank on Decembcr 1, 1949 was $7,156.85, and there Was subsequont rocoipts of $143,085.06 ond disbursements of $109,906.22 between Docomber 1 and December 15, 1949, in addition - to the following: Large Deposits and Disbursements Ahoy met, have Deposit December 7, 1949, roecived from Pacific Tankers, Inc., _ $1,822,800 (represent ing procceds of a loan to Pacific ae . Tankers, Inc. dated August 12, 1949, in amount of ‘ a ~ 1,800,000 and accrued intcurcst thereon of $22,800). 4 . _ if = ae » RY -T6- «. ‘ rae , Z ~ ; = - OS pat ho Self FE DS ER es Aree She