In 1926, an associate of Prescott Bush's father, Samuel P. Bush, and “Merchants of Death” board member Clarence Dillon, acquired $70 million dollars from Fritz Thyssen to set up a massive organization named the Vereinigte Stahlwerke (United Steel Works Corporation, or the German Steel Trust). This would become Germany's largest industrial corporation.
Although Thyssen's accounts were run through the Walker-Bush organization and the German Steel Trust did its corporate banking separately through Dillon Read Company, U.S. government investigations revealed that Bush's Nazi-front bank had actually worked directly with Fritz Thyssen’s United Steel Works Corporation which had produced 50.8% of Nazi Germany's pig iron, 41.4% of their universal plate, 36.0% of their heavy plate, 38.5% of their galvanized sheet metal, 45.5% of their pipes and tubes, 22.1% of their wire, and 35.0% of their explosives.
On October 20, 1942, the U.S. government ordered the seizure of all banking operations being carried out by Prescott Bush for the Nazis, under the Trading with the Enemy Act, however by that time he and the other associates at W.A. Harriman & Co. had already made their fortunes financing and arming Adolph Hitler. Under the Trading with the Enemy Act, the government was able to take over Union Banking Corporation, and The U.S. Alien Property Custodian, seized the Union Banking Corporation stock owned by Prescott Bush, E. Roland Harriman, and his associates until the war ended. Prescott Bush eventually sold his holding in Union Banking Corporation for $1,500,000.
Close Up of Vignette:
Sinking Fund Mortgage Gold Bond, issued in the 1920’sPrinter: American Bank Note Company Dimensions:
15” (h) x 9 3/4” (w)State: GY-Germany Subject Matter: Metals and Related
| Steel Companies Vignette Topic(s): Steelmaking Scene
| Coupons Featured Condition:
Horizontal fold lines, punch hole cancels in the signature areas and body, and toning and edge faults from age. 10+ coupons remain attached at right side margin.