Word: embargo
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...Chicago, which, in Ojibwa, means "wild onion place," onions were indeed running wild. So many carloads of onions poured in and jammed railroad yards and warehouses last week that the Association of American Railroads slapped an embargo on further shipments. Reason for the glut: farmers had held their onions off the market in hopes that last autumn's cloud-high prices would reach the stratosphere (TIME, Sept. 26). But when the prices started to drop, farmers hurriedly dumped their holdings. Under the avalanche, prices collapsed. From a high of $5.05 a 50-lb. sack last September, onions skidded...
Honest Mike. Ruth and Mike made a fine team, especially when it came to crusading for the Communist Party. "We had our hands full," says Author McKenney, whose sense of humor is not deep, "with the arms embargo, Prime Minister Chamberlain, the Anti-Lynch bill, and related problems." But now, at 38, she cannot but smile as she recalls some of the differences that stood between her and her husband in those youthful days, e.g., his conviction (the result of his gentle upbringing) that one should always pay one's bills. "I was truly shocked when Mike informed...
Creech Jones's blunder gave U.S. oilmen a momentary sense of triumph-at a time when they needed it badly. Even before the December announcement, British restrictions on dollar oil had cost U.S. companies 8% of their overseas sales. The embargo itself, effective next week, was intended to trim U.S. oil company sales 37%, from 13 million tons a year (97.5 million barrels) to 9,000,000. The Arabian American Oil Co., which had poured $350 million into developing its concession in Saudi Arabia and building its big modern refinery at Ras Tanura (see cut), already had been forced...
...companies began diverting overseas production to the U.S. market, where there was also a surplus, independent producers were squeezed. They began demanding everything from a presidential embargo to a tariff boost on imported oil from 10½ to $1.05 a barrel. Frightened major companies cut back planned 1950 imports by as much...
...could preserve its 40% share of the world oil market and how Britain could cut its dollar oil bill, the biggest single item in its dollar deficit. Standard Oil Co. (NJ.) which stood to lose $80 million worth of business a year if the British embargo became complete, had already offered Britain an alternative plan. If Britain would permit Jersey Standard to convert 50% of its sterling sales into dollars, Standard's President Eugene Holman would set up a British company, subject to British laws and taxation, to handle Standard's operations in the sterling area...