Word: bonding
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Dates: during 1980-1989
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Gold prospecting ain't what it used to be. The old Forty-Niner went West to make a fortune all by himself. Today the new breed organizes, suits up in pinstripe, and tries to dig gold out of an obscure clause in 85-year-old bonds. This week the 300 members of the Gold Bondholders Protective Council plan to file a class-action suit in Anchorage, Alaska, that could force several companies and states to pay off $1 billion in long-term bond debt in gleaming gold...
After the Civil War, gold bonds were issued to entice inflation-wary investors. Some 1895 bonds promise to pay in gold the interest every year and the face value in full in 1995. While the 1895 price of gold was $20.67 per oz., the precious metal closed in New York last week at $511. For decades the Atchison, Topeka & Santa Fe Railway, the largest remaining ingot bond issuer, dutifully made 2% semiannual interest payments in gold coin. But in 1933, Congress struck the gold clause and restricted the bonds' interest and principal payments to cash...
...those bondholders want to get back on the gold standard. Their suit argues that 1974 legislation allowing Americans to once again hold gold nullifies the earlier law. If the gold bugs win, a 14-karat $1,000 bond would be redeemable for about $25,000 at today's metal prices...
...news everywhere else was good news for the debt markets. Long-term bond prices that had been badly depressed earlier this year last week soared five points in one day, the largest one-day rise on record. The rally was touched off by Economist Henry Kaufman's prediction that interest rates had reached their cyclical peaks. By the end of the week his judgment seemed to be confirmed, when the prime commercial bank lending rate was lowered from...
...national shrine. The reporters traveled to 17 states and four foreign countries and ran up nearly $100,000 in expenses. They finally loosed an 18-part, 40,000-word series alleging that the order squandered a substantial portion of $20 million in charitable donations, loans, investments and bond proceeds. The series had the temerity to suggest that officials of the Roman Catholic Church including Pope John Paul II had engaged in a cover-up-a charge that brought angry denunciations from Catholic pulpits and, in a few cities, calls for anti-Gannett boycotts...