FOREIGN TRADE: Mr. Pierson Pitches Woo

Last week Warren Lee Pierson, twinkle-eyed, fat-fingered president of the Export-Import Bank, announced that for the time being he had spent his last diplomatic dollar courting sister republics to the south. He sat back to study the results of his wooing, figure whether he had scored over his rival, the Axis. One conclusion could be drawn: the course of bought love does not always run smooth.

Of the $700,000,000 woo-chest provided by Congress, President Pierson had lent almost $232,000,000 to Latin America. How much of this the Export-Import would see again was...

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