Word: hoards
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Dates: during 1970-1979
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Letty, occasionally wondering why romance has passed her by, is careful about her appearance, the kind of woman who "saves" her new tweed suit. Marcia is eccentric and suspicious. Although she hardly eats, she constantly adds to a large hoard of tinned food; she mysteriously refers to an operation she had several years previously, little knowing that her mastectomy has become common knowledge. The two women are the first to leave, and some weeks later they are invited for a reunion luncheon by Norman and Edwin, their former officemates...
...several trips to Puerto Rico for other friends. None of this was true, police said later, but people in the neighborhood began estimating how much money she might have stashed away in her modest row house. Someone guessed $35,000. Someone guessed more. There was even talk of a hoard of $45 million. None of this was true either-her only income is her monthly $247 Social Security check, and her only saving consists of a prepaid burial-but when the rumors started spreading last week, a crowd of 300 curiosity seekers gathered in front of her house...
...their gold holdings from the old official rate of $35 an ounce to the prevailing market price, thus multiplying the value of their reserves with the scratch of a pen. The U.S., which has not joined the revaluation trend, still reckons the worth of its 8,516-ton gold hoard at $35 an ounce, or $ 11.5 billion...
...More important, speculators round the world have concluded that diamonds are a good hedge against inflation, currency weakness and political uncertainty. In the diamond centers of Antwerp, New York City, Bombay and especially Tel Aviv, industry middlemen have been paying price premiums up to 100% to buy and hoard uncut stones. Banks have been buying diamonds for customers' portfolios, instead of stocks. "Some people have bought kilos' worth of diamonds," says Antwerp Diamond Cutter Sylvain Zucker. Disgusted by the speculation, New York's Tiffany & Co. ran a newspaper ad in March telling customers: "Diamonds are too high...
Berner's strategy is similar to his attack on Curtiss-Wright in 1948. Management had been piling up cash; Berner, then a Wall Street lawyer, badgered it to distribute the hoard in a special dividend to shareholders. Curtiss-Wright refused, so Berner launched a proxy fight, forced the company to dispense dividends liberally and eventually had himself elected a director and chief executive...