Word: panay
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Dates: during 1930-1939
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...Yangtze near Ichang (in free China, 485 miles upriver from Hankow), Japanese bombers returning from killing natives sank two foreign vessels, the Jardine, Matheson & Co. river boats Kiawo and Hsin Chang Wo, and narrowly missed the river gunboat Gannet. British naval authorities suspected a new Panay incident-a test of what Britain would do in answer to direct, unprovoked attack...
Since the "China incident" started two years ago the people of Japan have been led to believe that the U. S. was, by & large, sympathetic to their aims. The failure of the U. S. to take action after the sinking of the Panay convinced them there was no danger of intervention; the dispatch to Japan this year of the U. S. cruiser Astoria with the ashes of the late Ambassador Hirosi Saito was played up by the Japanese press as a symbol of U. S. friendship and understanding. What sympathy the U. S. had for China was minimized...
Back in January 1937, few shrewd investors would have wasted a second look at bonds of the tiny Philippine Railway Co., sick sugar-hauling road on the islands of Panay and Cebu. Selling around $11, the $8,549,000 issue was about to mature, apparently a total loss to U. S. bondholders. Then came rumors that Washington might act, that the Philippine Commonwealth would redeem the issue at $65. Bonds shot up to $31 in January and February as speculators bought for the rise, crashed when President Manuel Quezon denied his Government was buying them. Smelling a rigger, SEC investigated...
With a good eye for detail, Mr. Gunther remembers a Tokyo night-club sign in English: WINE WOMEN SONG AND WHATNOT. Illustrating Japanese lack of tact: Geisha girls, entertaining a U. S. naval officer who had been on the U. S. S. Panay when it was bombed and sunk by the Japanese, kept repeating all evening: "Panay! Panay! So sorry! So sorry!" Typical Japanese Army reasoning: Capitalism is responsible for communism, hence to defeat communism capitalism must be overthrown. Author Gunther also picked up a warning that the Japanese are capable of committing hara-kiri on a national as well...
Died. Hirosi Saito, 52, onetime (1934-38) Japanese Ambassador to the U. S.; of tuberculosis; in Washington. A gay little man whose wife likened him to a tireless, leaping carp, Ambassador Saito was the youngest, most popular Japanese Ambassador ever to come to Washington. After the sinking of the Panay, which he called a "shocking blunder," he took the unprecedented course of apologizing over the radio, canceled all engagements, cried: "I'm in the doghouse...