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astray in the mails. We are attaching herewith another photostatic copy of this certificate for your files, and according to your instructions we are holding the original of this certificate in custody here at your disposal.

Our business so far is keeping up fairly well. Actual shipments during the first quarter of this year amount to approximately $300,000, and substantial tonnage is scheduled to move during April, May, June. Our total surplus is at this moment approximately $5,000, and this figure is expected to increase considerably after the tonnage on the books has moved.

Business the latter part of last year was retarded by currency difficulties of several South American countries, which have, in the meantime, been alleviated. It was furthermore retarded to a certain extent when the export licensing system suddenly went into effect, and another factor contributing to the slowing down is the scarcity of steel, which is partly due to the defense program of the United States, and private speculation has undoubtedly played a not unimportant part in this particular situation. These circumstances have not affected us only, however, but every exporter is more or less affected.

For the time being, please allow me to confine myself to generalities only. You may rest assured of loyal management of your investments in this company. Yours very truly,

President.

EXHIBIT No. 518

[Letter from E. Barreau, president, Steel Union-Sheet Piling, Inc., New York, to Dr. Eugene R. Pickrell, attorney for the same company, dated May 15, 1941. See exhibit 508-A above]

EXHIBIT No. 519

[Letter from A. C. Viebrock, treasurer, Steel Union-Sheet Piling, Inc., New York, to Federal
Reserve Bank of New York, dated April 18, 1941, enclosing copy of reply to Form
TFBE-1 of Treasury Department]
STEEL UNION-SHEET PILING, INC.,

FEDERAL RESERVE BANK OF NEW YORK,

New York, N. Y.

New York, April 18, 1941.

(Attention Foreign Property Control Department.)

GENTLEMEN: In reply to your letter of April 3, we attach hereto in triplicate, reply to your form TFBE-1. All the information contained in the following sheets, in the knowledge of the subscriber, is true and correct.

Yours very truly,

STEEL UNION-SHEET PILING, INC.,

Treasurer.

A. C. Viebrock/ewh.

STATE OF NEW YORK,

County of New York, ss:

Sworn to before me this 18th day of April 1941.

REPLY TO FORM TFBE-1 OF TREASURY DEPARTMENT, FOREIGN FUNDS CONTROL, RE STEEL UNION-SHEET PILING, INC.

(1) Name of business enterprise: Steel Union-Sheet Piling, Inc. Organized under laws of the State of New York, September 19, 1935, and has operated since then as a going concern. The office is located at 21 West Street, New York, N. Y. (room 2601). There are no branches, subsidiaries, affiliates, or sales offices located outside of the United States.

(2) From the time of its organization up to the outbreak of the European war, the concern was engaged in handling steel products for import to the United States and in the export of a variety of products produced in the United States to continental Europe. The principal activity of the concern was merchandising in steel of German, Belgian, Luxemburg, and French manufacture. The concern purchased its requirements of steel products mainly from StahlunionExport, G. m. b. H., Dusseldorf; Dortmund Hoerder Huetten Verein, Dortmund; and Roehren-Verband, G. m. b. H., Duesseldorf.

Since September 1939, the Steel Union-Sheet Piling, Inc., has been engaged principally in exportations of steel products to South American countries. There is no limitations on the number of concerns with which the company is dealing. (3) Directors of Steel Union-Sheet Piling, Inc.:

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With reference to Mr. Hack, he has no foreign connections and has filed a petition for his final citizenship papers, which he is awaiting at the present time. Mr. Hack is married, and his wife is a native-born American citizen. Mr. Hack last reentered the United States on October 25, 1937, on a reentry permit after a vacation visit to Luxemburg, Belgium, and Germany from August 16, 1937.

(4) On May 10, 1940, the time Executive Order 8389 was issued to report property interests of nationals of the Netherlands, the stockholders of the Steel Union-Sheet Piling, Inc., were N. V. Handlmaatschappij voor Nijverheid en Commissiezaken, Rotterdam, Holland.

We received a letter dated May 6, 1940, from the firm of Themis Financial Co., Zug, Switzerland, that they had purchased the shares of this company from Handelmaatschappij voor Nijverheid en Commissiezaken, N. V., Rotterdam. The sale was subsequently confirmed by the latter firm.

On October 2, 1940, we received a cable from Themis Financial Co., that they had sold the stock to the firm of Aktiebolaget Pars, of Stockholm, Sweden. This was confirmed in a letter from the Themis Financial Co. and also by a letter dated October 16, 1940, from the Aktiebolaget Pars, Stockholm, stating they had purchased this stock.

(5) Herewith is a signed carbon copy of the financial statement of the Steel Union-Sheet Piling, Inc., as at February 28, 1941:

For further detail of the principal items on this statement, we add the comments that follow:

Cash in banks--

Chemical Bank & Trust Co., New York City-
Chase National Bank (Broad Street office)-

Accounts receivable (list of accounts is attached hereto).

Miscellaneous receivables

This item represents the following accounts:
Dortmund Hoerder Huett, AG, Dortmund, Germany $12.00
Roehren-Verband, G. m. b. H., Duesseldorf, Ger-

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6.40 344. 50 25.00

N. V. Handelmij voor N. u C., Rotterdam, Holland_ Themis Financial Col, Zug, Switzerland_-The foregoing items represent payments on behalf of the accounts for magazine subscriptions, tax stamps, cable charges; unsettled adjustments account of advances and shipments, and some of these items date back to the outbreak of European hostilities.

Countervailing duty deposit_

This item represents countervailing duty deposits on import entries into Charleston, S. C., and New York from StahlunionExport, G. m. b. H., in the late summer of 1939. The refunds were received during March and April 1941 from the Treasury Department and the account is now closed.

$40, 635. 43

39, 671. 63 963.80 70, 773. 23

4, 484. 57

775.25

Inventory, steel sheet piling

This item represents stock of 310 net tons of steel sheet piling at the yards of the Newark Tidewater Terminal Inc., Port Newark, N. J. This stock is entirely paid for and is the property of the company. Advances to employees.

These advances are reduced by stipulated monthly payments. Claim account_

Represents a claim for shortage of piling stock at the port of Houston yards, Houston, Tex.

Duty paid under protest, less reserve_

Represents additional duty paid on entries of merchant bars from Belgium, Luxemburg, and German mills during 1937, 1938, 1939. Hearings on this matter were held in U. S. Customs Court on the imports from Germany, and some decision should be rendered some time this year.

Taxes payable---.

LIABILITIES

Represents taxes payable for income and excess-profits taxes of 1940 and also social-security funds accrued for the first quarter of 1941.

Loans and advances_.

These are payments by the Chemical Bank & Trust Co. on letters of credit to the following mills:

2,974. 12
9, 017. 11

U/310-BA-775-II-Jones & Laughlin Steel Co--- $3, 780. 78
CE-783-Wickwire Spencer Steel Co---
BA-834-Lebanon Steel & Iron Co-‒‒‒‒
CE-837-Maust Coal & Coke Corporation_
BA-834-Lebannon Steel & Iron Co---

16, 135. 55

2, 448. 09

The foregoing items represent merchandise shipments destined for (BA) B/Aires or (CE) Chile. The loans have since been paid. Accounts payable_--

The major portions of this account are as follows:
Lebanon Steel & Iron Co..

$8, 127. 00

1,200. 83

825.67

1, 059. 32

520.38

34, 355. 65

52, 904. 74

$4, 188. 60

Accrual ocean freight due Moore & McCormack
Steamship Co. and Chilean Nitrate Corporation.
Youngstown Sheet & Tube Co----.

27, 140. 42

20, 718. 24

Miscellaneous payable--

20, 126. 65

$5, 517. 12

445.00

Advance on sales (deposits from Montevideo, Uruguay)---

Legal expenses accrued:

International Schrott Konvention, Dusseldorf,
Germany--.

Represent adjustment on scrap shipment
1939.

Bankhaus Von der Heydt Kersten U Soehne Elhr-
feld, Germany.

Represents various items due on shipments
steel products from Stahlunion Export G. m.
b. H. Payment was stopped on court order
account of a tax lien against payee, No.
392770, served by Treasury Department
(internal-revenue service).

7,270. 52

6. The stock of the corporation is owned by a Swedish concern, the Aktiebolaget Pars, Stockholm, Sweden.

7. Patents on piling was set up on our books in 1936 with an offset to surplus for $1. This will be reversed.

8. Herewith is the actual statement of profit and loss for the month of February 1941.

Rather than give the estimated expenditures and receipts for the month we list herewith the actual figures for the month of February, which presents a normal picture of the business transacted.

All expenditures are made to firms in the United States with exception of commissions for export. On these commissions, the amount is either deducted from a draft when presented for payment on letter of credit or application is made for separate payment to remit the funds outside the United States. For illustration of these payments, we refer to the following licenses: NY 81345 and NY 103856—

Gross sales, export, to Argentina, Chile, and Brazil.

Less:

Freight (ocean)

Consular fees, etc--

Insurance

Export commission__

Total____

Net sales_.

Cost of goods sold:

Purchases from domestic mills, Jones & Laughlin, Youngstown S. & T. Co., Mahoning Valley Steel Co., Maust Coal Co., etc‒‒‒‒‒‒

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$97, 191. 21

28, 650, 44

37.31

22.71

465.90

29, 176. 36

68, 014. 85

63, 410. 25

4, 604, 60 26.97

4, 631.57

100.00 12.38 10. 82 40.25 132. 07

29.94

27.11

27.80

15.00

112.00

183. 34 2,495. 68 16.73

642. 29

29.10

34.06

3,908. 57

723.00

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Contingent liabilities: Letters of credit issued by the Chemical Bank & Trust Co. in favor of domestic steel mills on orders placed for shipment. Cash deposits have been applied against some credits as noted above. Unused credits total $144,837.52. Accounts receivable as at Feb. 28, 1941:

Cardimex Cia de Imp y Exp., Buenos Aires.

F. Martinez Orte, Buenos Aires_.

E. L. Pereyra & Cia, Buenos Aires__.
Jose A. Rodriguez, Montevideo__.
Francisco Vilaro, Montevideo_-.

Ferreira Gomes & Cia., Belam do Para, Brazil_.
Mtl Ferro. e Const. Luiz Moreyseck, Sao Paulo__
Pierri Sobrinho & Cia., Santos__.

Cyro Vaz (Steel Shipments), Rio de Janeiro___
Cyro Vaz (Manganese Imports), Rio de Janeiro.
Vee Ferrea de Rio Gde. do Sul, Rio Grande do Sul.
Gildemeister & Co., Ltda., Santiago de Chile.
Stuart Hosie, Bogota, Colombia_.
Ebsary Foundation Co., Miami, Fla.

Total___.

Less advances on accounts receivable, as follows:
Carlos Bellati, Buenos Aires---

Forn S en C., Buenos Aires..

Pedro Garcia Martinez, Bernal, F. C. S__

Angel Renucci & M. Fonda, Buenos Aires_
Edmundo Ribeiro, Peolotas, Brazil-----

Total__.

$1, 072. 39

26, 652. 62

4, 586.56

137, 493.98

399.86 19, 408. 46 748.32 4,956.99 4,896. 31 2, 487. 71 1.00 2,969. 00 15,743. 37 2, 972. 74 620.00 44, 331. 22 3.60 94.70

99, 633. 26

28.26 917.35

189.23

28,860. 05

70, 773. 23

EXHIBIT No. 520

[Copy of deposition for Fred W. Spahn, Judgment Creditor v. Vereinigte Stahlwerke Aktiengesellschaft, Judgment Debtor, dated January 7, 1942, conducted at offices of Steel Union-Sheet Piling, Inc., 21 West Street, Borough of Manhattan, city of New York, on the 7th day of January 1942, at 11 a. m.]

SUPREME COURT-NEW YORK COUNTY

Fred W. Spahn, Judgment Creditor, against Vereinigte Stahlwerke Aktiengesellschaft, also called United Steel Works Corporation, Judgment Debtor EXAMINATION of STEEL UNION-SHEET PILING, INC., by EDWARD BARREAU. its president, conducted at the offices of Steel Union-Sheet Piling, Inc., 21 West Street, Borough of Manhattan, city of New York, on the 7th day of January 1942, at 11 a. m., pursuant to subpena dated May 5, 1941, and stipulations adjourning the examination pursuant to said subpena.

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