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...everyone agrees with Herbert. The subcommittee has been conducting hearings into the Hunts' silver-buying activities, which triggered the worst financial panic in nearly 20 years; silver that had cost more than $50 per oz. in January slumped to $10.20 per oz. in late March. The congressional investigators are trying to discover how the Hunts had corralled so much of the world's silver and how deeply they went into debt during the silver crash. The brothers' foggy memory on some of these points last Friday caused sharp exchanges with Subcommittee Chairman Benjamin Rosenthal. When asked about...
Million by million, though, the Hunts have put together a sizable care package for themselves. In January and February a ten-bank consortium loaned a subsidiary of the Bache Group, the brothers' main broker, at least $233 million, which was backed by 17.5 million oz. of silver. By early April Placid Oil, the Dallas oil company owned jointly by Bunker, Herbert and the four Hunt children of their father's first marriage, was negotiating a nine-year $1.1 billion loan...
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...
DIED. Luis Muñoz Marín, 82, father of Puerto Rico's industrial revolution and Governor from 1948 to 1964; in San Juan. In 1931, Muñoz left a promising career in New York to work for Puerto Rican independence, but he soon became convinced that the island would be better served by economic association with the U.S. That assessment became the platform of the Popular Democratic Party he formed in 1938. Over eight years as Senate President under U.S.-appointed Governor Rexford Guy Tugwell and later as the territory's first elected Governor...
...value of silver as an investment. Because of new regulation over commodity exchanges in the U.S., the brothers have now moved much of their operations to the London silver market. One day last week the price of the metal on the London Metal Exchange shot up $3 per oz. amid rumors that Bunker was back in town...