PRESIDENT HERBERT HOOVER - TYPED LETTER TWICE SIGNED 04/30/1943 - HFSID 32733
Sale Price $382.50
Herbert Hoover sends a typed letter analyzing the financial soundness of a mining interest.
Typed Letter Signed: "H H" and as a postscript "H.", 2p, 7¼x10½. The Waldorf Astoria, New York City, New York,1943 April 30. On his personal stationery to Mr. Lawrence Requa, Salt Lake City, Utah. In full: "The Snyders have put a proposition to Mr. Jeremiah Milbank and his friends that they should purchase from the National Lead Company for $3,000,000 the obligations of the Consolidated Metals Company to the National Lead. It appears that some years ago the Consolidated Metals Company borrowed $5,000,000 from National Lead and had accumulated about $3,000,000 of back interest. The National Lead is desirous of getting into a position so that they can write off a large loss and are apparently willing to liquidate the debt for this sum or perhaps for less. They have offered Mr. Milbank 50% of the common stock of the organization and a priority of the obligation for $3,000,000. The business is, to a considerable degree, a custom milling operation. They have some minig [sic] interests which belong to this organization and they also have some business interests in mines which do not belong to them as their interest in the Haley mine with which they have some kind of milling contract. My own feeling is that a business of this kind must stand or fall on its minig [sic] interests - - whether or not its minig [sic] will support such a debt and ultimately pay off a debt of $3,000,000. The milling business is no doubt valuable and during the war period may earn a sufficient sum to reduce this debt very materially. All of these aspects have to be looked into. This company also has some prospective business in the Pioche District, which can be financed largely by government money. They propose that this business be taken up by Consolidated Metals Company. This is not yet in anything more than prospective from. The job for you is first, to look into the general nature of the business and its record; and second, to take a preliminary look at the mines, basing your conclusions on their ore data as to the value of the ore and the prospects, and thus coming to some sort of preliminary conclusions as to whether the business is likely to be of more than usual opportunity. If you come to this conclusion, we will want to examine the whole matter more exhaustively. I would propose to come out and go over the properties with you, if your preliminary view is that it is a matter worth proceeding with. Of course you will realize that we do not want to make any mistake with people who are putting their entire confidence in us. We of course would have a hand in the operation of this and the mine business [hand corrected] might carry some future values for all of us. When you get this letter, please communicate with Mr. Ed Snyder and tell him you are ready to go ahead. Yours faithfully". Hand written postscript: "You better not disclose this letter to Snyder!" LAWRENCE KENDALL REQUA and his father, Mark L. Requa, were mining associates and friends of the Herbert Hoover family. Herbert Clark Hoover (1874-1964) served as the 31st U.S. President from 1929-1933. Blamed by many voters for the Great Depression, he had been defeated in his bid for re-election by Franklin D. Roosevelt. Hoover, a capable administrator, had headed the Food Administration to provide relief to Europe and Russia during and after WWI and served as Secretary of Commerce under Presidents Warren G. Harding and Calvin Coolidge (1921-1928). The second President to attain the age of 90 years (John Adams was the first), Hoover lived a record 31 years after leaving the presidency. During his "retirement", he was appointed to commissions to oversee government agencies by Presidents Harry S Truman (1947) and Dwight D. Eisenhower (1953). Hoover also wrote a number of books and articles. On visits to New York City, the Hoovers made their home at the Waldorf-Astoria at 301 Park Avenue.On a visit there in 1944, Mrs. Hoover suffered a heart attack and died suddenly at the age of 68. The ex-President spent the last years of his life in an apartment at the Waldorf-Astoria Towers. Creased with folds, not near signature. File holes at upper margin. Fine condition.
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