Part: 123456789         Session: 1         Page na123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146147148149150151152153154155156157158159160161162163164165166167168169170171172173174175176177178179180181182183184185186187188189190191192193194195196197198199200201202203204205206207208209210211212213214215216217218219220221222223224225226227228229230231232233234235236237238239240241242243244245246247248249250251252253254255256257258259260261262263264265266267268269270271272273274275276277278279280281282283284285286287288289290291292293294295296297298299300301302303304305306307308309310311312313314315316317318319320321322323324325326327328329330331332333334335336337338339340341342343344345346347348349350351352353354355356357358359360361362363364365366367368369370371372373374375376377378379380381382383384385386387388389390391392393394395396397398399400401402403404405406407408409410411412413414415416417418419420421422423424425426427428429430431432433434435436437438439440441442443444445446447448449450451452453454455456457458459460461462463464465466467468469470471472473474475476477478479480481482483484485486487488489490491492493494495496497498499500501502503504505506507508509510511512513514515516517518519520521522523524525526527528529530531532533534535536537538539540541542543544545546547548549550551552553554555556557558559560561562563564565566567568569570571572573574575576577578 of 578

The information was, through some Treasury official, and Morgenthau backed it and Ickes was willing to believe it, while Roper thought it was probably so, that this order to bring in gold might have very embarrassing results, because the single largest holder of pure gold in the form of brick was Bernie Baruch. The story was that he had vaults in some bank which he had completely stacked with gold bullion. He, and a lot of other smart people, had foreseen that the boom would break. Uncle Henry Morgenthau had foreseen that the boom would break. Every single penny that he had had been sold out. He had divested himself of all real estate holdings, which were his basic fortune, in New York and the Bronx. He sold all those in a period of a year and a half before the break came. He sold all of his common stocks and industrial bonds. Every penny he had was in federal government bonds - every penny. That had been definitely a policy because he saw the break would come and he wasn't going to be caught with a lot of things that wouldn't hold up as to value. There were others.

The story was that Baruch had foreseen this too. He wasn't one of the born yesterdays who thought that the boom, with $400 a share for things that earned about six per cent, was going to last. He had begun divesting himself