Word: hoards
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Many other investors regard mortgages as a last-choice outlet for money. Pension funds, the nation's fastest-growing pool of savings, have put a mere 8% of their $100 billion hoard into mortgages. Because of monthly collections and bookkeeping, lack of standardization and archaic foreclosure laws in many states, mortgages are clumsy and costly to handle. Restrictions on interest rates (6% maximum in ten states, 7% in six) divert funds elsewhere. Only Government-backed mortgages, less than a fifth of the total, can be readily traded among investors. The 6% interest ceiling on FHA and VA loans, handiwork...
...watch shop across from the railway station in Basel, still looks like the second-class hotel it once was. Travelers who often enter its musty lobby hoping to change their money find neither tellers nor vaults nor any cash at all. The B.I.S. keeps elsewhere its $1 billion gold hoard and $1.7 billion in other assets, for it is primarily a nerve center for its eight member central banks...
Still, the Treasury's once vast hoard of the metal shrank by mid-May to a mere 485 million oz. (a quarter of its 1960 size) as the Government was forced to stick to its policy of selling silver at a low-pegged price. For if the price of silver rises above $1.40 per oz., it becomes theoretically profitable to melt silver dimes, quarters and pre-1966 half dollars for their metallic content...
...twice among the priceless Buddhas. And what's worse, the roof leaked. All that was a bit much for Millionaire Builder Avery Brundage, 79, president of the international Olympic committee and one of the world's foremost collectors of Oriental art, who donated his $30 million hoard of treasures to the city of San Francisco for display in the M. H. de Young Museum. Having posted 20 letters complaining about the museum's treatment of his trove, Brundage finally fired off an ultimatum: "It is quite obvious that this project is too large for this museum...
...staged a $100,000 exhibit around it, including a hurricane room with simulated thunder and lightning and a reconstructed captain's cabin with an open chest of gold coins and a live macaw. Handsome though it was, the display merely hinted at the real splendor of the original hoard. The Silver Plate fleet, commanded by Captain General Don Juan Estéban de Ubilla, bore silver and gold worth today's equivalent of about $14 million, together with Chinese silk and porcelain and a sumptuous set of jewelry intended for the bride of Spain's King Philip...