◆ SpookStack

ete iy ‘ PERI E ES mg yop: NY 46-2507 DEPARTMENT ITEM NUMBER 51 This item requests that the cash position of Victory Carriers be ascertaincd as of May 25, 1949, which was the . date of its contract with the United States Maritime Con- mission. The following investigation was conducted by SA(Aé) , YY wv e) It was ascertainod from the records of Victory Carriers that they had no cash position as of May 25, 199. It was further notod that the gencral books of account were . opened up as of May 27, 1949, with o cash deposit of $851,000 with the National City Bank of New York, such deposit was credited to the account of USPC on the books of Victory Carriers. On the same date an entry was made charging the account of USPC and crediting the capital stock account in the amount of $2,000 and the surplus account in the amount of $652,000. The explanetion for this entry read as follows: "Investment of US ,Petroleun Carriers, Capital Stock $2,000, Surplus $852,000." ilso on tho same date of May 27, 1949, the General Journal reflected a transfer of cash in the amount of $852,000 to the account of SSY on the books of Victory. ~ .Carriers. The explanation for this entry was to the effect that it was for payment made by SOY for our account to United States Maritime Commission. De Ba BT aed ca atte ijlso on the same date of May 27, 1949, the General Journal reflected an entry in the deposit account for United States Maritime Commission was debited in the amount of $852,000 and the account of SSY was crodited in an amount of $852,000. The explanation for this eutry appeared as an amount deposited with United States Maritime Commission to cover initial rnavment ae oan ee re ee ee ee ee ee ee ee ee ee ee eS ee Ey eee of ten per cent on the purchese of eight victory-type AP3 vessels. eS ae Nae gee ee ea _ ‘a AL ian y + he E 0) 4 aes Dee ee a : roan toe + 1 Pan i as Ls en ee a: wes homo, : . : ekg, sae Od te! tee Lie te, -106- Oe 0 nl pote idleaiee ie ae 1 en wn Ce Oe et ee, ey nt ee eae