Word: basel
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...aimed at Congressman Wilbur Mills in an attempt to gain support for the domestic surtax proposal, but its chief result was to further fan speculation and cause a heavy loss of U.S. gold. Last month's unprecedented visit by Treasury Under Secretary Frederick Deming to a meeting in Basel of the Bank for International Settlements, a clubby group of bankers who pointedly exclude government officials, started frenzied rumors that the U.S. was proposing some drastic step. That set off another round of speculation, which, by expert estimate, cost the U.S. anywhere from $100 million to $400 million in gold...
...pride of the Basel Museum of Art in Switzerland has long been two fine Picassos, Two Brothers (1905) and Seated Harlequin (1923). They had been on loan from the local Staechelin Foundation for 20 years. The museum more or less assumed that they were there to stay-together with a dozen impressionists and postimpressionists that, in the eyes of some collectors, are even more valuable. Unfortunately, last spring a plane belonging to a charter airline controlled by Peter Staechelin crashed, claiming 126 lives. As a result of lawsuits, the airline went bankrupt. To raise funds, Peter Staechelin persuaded the foundation...
Consternation reigned at the Basel Museum. The foundation intimated that a wealthy American had offered $2,560,000 for the Picassos, but for the sake of sentiment, it would be willing to let the museum have them for a mere $1,950,000. The museum's annual acquisitions fund is only $65,000, but the Basel city government voted to contribute $1,372,000, provided that the remaining $578,000 could be raised from private sources. Dozens of townsfolk pitched in to raise the money, schoolchildren canvassed the streets, artists offered paintings and pottery for sale at a street...
With gold speculation still feverish in the wake of the pound's devaluation, a high-ranking U.S. monetary official flew into Switzerland last week in defense of the dollar. After consultation in Basel with representatives of the international gold pool, Under Secretary of the Treasury for Monetary Affairs Frederick L. Deming emerged with the tantalizingly vague news that "we have agreed on an even closer coordination of our efforts...
...moment, however, trading remained volatile. Ironically, one reason was market uncertainty over the precise measures that the Basel meeting had produced. On the Paris market, volume was so heavy that dealers ran out of gold ingots, had to delay delivery of one-kilogram bars for two weeks. In London, demand reached the highest levels since the week following Britain's devaluation. Nonetheless, dealers remained confident that any conceivable speculation could be met. For all their activity over the past month, private speculators have purchased an estimated $600 million worth of gold-a relatively small drain on the total...