Dispatches From The Archive · No. 11

Why the papers printed five different numbers for the Hitz fortune

Ten million dollars in Washington. Forty to one hundred and fifty million francs in Zurich. Thirty to fifty million bolívares in Caracas. Five million, said one lawyer. The spread is not a mistake. The spread is the story.

How much was the Hitz fortune worth?

Ultimas Noticias, Caracas, January 11, 1966: 50 Millones que dejo Hitz.
Últimas Noticias, Caracas, January 11, 1966: the fifty million that Hitz left. Original clipping, Hitz family archive.

No single figure for the Hitz estate exists in the public record. Five do, in three currencies, printed by papers on three continents between November 1965 and February 1966. The Washington Post put it at ten million dollars on its front page of 23 November 1965. Swiss and European papers that same month printed figures from forty million to one hundred and fifty million francs. The Caracas press, counting in January and February 1966, printed thirty to fifty million bolívares, and Últimas Noticias gave it a headline: fifty million. One of the lawyers in the Caracas proceedings told La Esfera that the estate never reached five million bolívares.

Why they disagree

Four reasons, and none of them is a typo. First, the papers were counting in different currencies in different years, and 1965 exchange rates are not today's. Second, they were counting different things: a bank account reported frozen in 1963, a coffee and real estate business built in Venezuela, bearer shares, jewels and securities taken from safe-deposit boxes in January 1966, and property. A reporter who had one of those in front of him printed that one. Third, most of the numbers came from interested parties: a mother fighting for her daughter's inheritance, a lawyer defending the estate's administration, a widow. Fourth, the Venezuelan reports of 1966 were themselves part of a scandal, and the family treats them as evidence of what was being said, not as evidence of what was true.

Why the family does not pick a number

It would be easy to take the largest figure, convert it at today's rates and put it in a headline. The family does not, for the same reason it does not convert any of the figures: a converted number would be the family's claim, and the family makes no claim on this site. What it publishes is each figure with its paper and its date, so that anyone can see what was printed and by whom. A litigator does the useful thing with the spread: treats each number as a statement about one asset at one date, and asks which of those assets can be traced. That is the conversation the page for counsel is built for.

Sources for this dispatch


Questions

How much was the Hitz fortune worth in 1965?

The Washington Post reported $10 million on 23 November 1965. Swiss and European papers printed 40 to 150 million francs the same month. The Caracas press printed 30 to 50 million bolívares in early 1966, and one lawyer said the estate never reached five million bolívares. The family does not pick a number.

Why did newspapers report different values for the Hitz estate?

Different currencies and years, different assets being counted, and figures supplied by interested parties on opposite sides of a Caracas estate dispute.

Does the family convert the 1965 figures into today's money?

No. A converted figure would be the family's own claim, and this site makes none. Each figure is given with its paper and date instead.


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