Word: embargo
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Perennial No. 1 sore point in Japanese-U. S. relations is the scrap-iron trade. But this time the scrap issue was dead. Burying it were a flock of Japanese, Greek and miscellaneous tramp steamers feverishly filling up with their last loads of U. S. scrap before the embargo took effect Oct. 16. At Jacksonville (Fla.). not ordinarily a big scrap port, two Greek tramps loaded about $102,000 of scrap while the town went wild, the city fathers passed an ordinance against such trade...
...jitters among importers last week served one useful purpose: to make the U. S. more conscious of stockpiles, largely neglected until this year. Meanwhile, there was a possibility that, via the Philippines, Japan might circumvent the U. S. embargo on scrap. The U. S. exerts no direct control over Philippine trade, has not included the islands in its embargo. Last year the Philippines produced over 1,000,000 tons of iron ore, sent practically all of it to Japan...
...lights burned late in the old grey State Department building in Washington. If Cordell Hull & Co. were not talking, at least they were pondering -perhaps preparing to act. Unless the U. S. was willing to go all-out against Japan, it would be useless to slap an embargo on oil, because that would be an invitation to Japan to take the East Indies. But an agreement with Britain for a string of Far Eastern naval bases from New Zealand to Singapore was worth pondering, as were the chances of Japan's risking war to keep...
Projecting future trouble for Japan, the U. S. scrap embargo was a relief to the U. S. Only ambiguous reaction was that of the Scrap Iron & Steel Institute, which has long argued that there was plenty of scrap for everybody, including Japan. Last week the Institute's president, Joseph E. Jacobson, bowed his head, called the move a very good one. Since Mr. Jacobson's industry has long been condemned for selling scrap that the Administration did not have the diplomatic courage to tell it not to sell, the scrap men welcomed the embargo, which relieves them...
Last week the embargo on dollars was lifted. The U. S. had apparently moved. In Washington it was reported that the U. S. and Argentina were negotiating a reciprocal agreement on foreign exchange. And Warren Lee Pierson, president of the United States Export-Import Bank, was in Buenos Aires. Mr. Pierson's bank last week received $500,000,000 additional lending capital when President Roosevelt signed a bill designed to enable South American countries to build up their own industries, including armaments for hemisphere defense. When it's raining dollars, any banker, even an aristocrat like Pinedo, instinctively...