Word: oil
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Dates: during 1930-1939
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First real shock to reach Downing Street from Teheran was arbitrary cancellation of the Anglo-Persian Oil Co. concession scheduled to run until 1961. Surprised British statesmen, suddenly realizing that protection of this oil lease would involve great military effort and huge expenditures, ended by negotiating. Anglo-Persian's basic holdings were enormously decreased and the Shah obtained increased royalties which were promptly earmarked for the army. This highly successful instrument of national freedom, now 100,000 strong, still receives its daily orders from His Imperial Majesty...
Another move was an Iranian hint that His Britannic Majesty's naval forces in the Persian Gulf were no longer welcome to make their base in Iranian waters. Result: The British Naval Base was moved across the Gulf to the oil-laden Bahrein Islands, territory of more tractable, independent H. H. Sheik Sir Hamad bin 'Isa al Khalifa, leaving His Britannic Majesty's diplomatic agent for the Persian Gulf uncomfortably high & dry in.' Bushire's British Residency (see map, p. IQ). Meanwhile protection-loving Imperial Airways revised its flying route to India, establishing its regular...
...bought a load of lemons in Los Angeles, rushed them to Oakland where they sold them, during a temporary shortage that boosted the price, for $520. But, as their luck was looking up, a drunken driver smashed into the truck, nearly killed Paul. Driving alone, hauling pipe to the oil fields, dynamite to Sonora, Nick picked up a girl on the road. He got her a room in Los Angeles, but after driving the 400 miles from Los Angeles to Oakland and back to Los Angeles, he was always so tired when he saw her that she decided...
...business indices last week there was evidence of little but stagnation. Steel production rose from 33% to 35% of capacity, highest point since November. Car loadings rose a mite in expectation of the new rates. But lumber output was off 6% for the week, power production 2%, oil production 0.8%, soft coal 8%. Bank clearings were at a new low since 1934 but gold was pouring into the country at a rate which showed that the rest of the world still thinks the U. S. the safest place to cache its valuables. The stock market proceeded to slip from...
...market farm income has held steady. In neighboring Kansas and Missouri trade was off about 8% because depression in Kansas City and St. Louis counterbalanced country buying. In Texas and lower Arizona and New Mexico, the stability provided by bumper 9? cotton crops is notably enhanced by the oil business, about the only U. S. industry still going at close to full blast (because of war demand and the fact that people have yet to stop driving their cars). In that region trade in January was off a mere .1%. Last week salesmen were calling Dun & Bradstreet to report...