Word: panay
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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...
...sanction. Last week Vice Admiral Koshiro Oikawa, Commander-in-Chief of Japan's China Fleet, firmly refused. His reasons: 1) possible interference with Japanese naval strategy; 2) the Monocacy might strike a Chinese mine; 3) the gunboat might be mistakenly fired upon by Japanese shore batteries, producing another Panay type incident; 4) the Japanese consider the recently captured Matung boom below Kuikiang "a prize of war" which no U. S. ship has a right to pass. But despite Japanese officiousness, Admiral Yarnell knows his nation's rights. Early this week the gunboat Oahu was steaming up the Yangtze...
Death and personal injury indemnification - for the death of two members of the crew of the Panay and the captain of the Mei Ping, and injury of 74 other persons on board the Panay and other vessels...