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| 1937, June 23 |
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| Thereupon the National Railways of Mexico were taken over by the workers. | 1 |
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| Nov. 1 |
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| As the conflict between the foreign oil companies and Mexican workers began to endanger the economy, the government nationalized the subsoil rights of Standard Oil and several other companies. Cárdenas also submitted the dispute to the Industrial Arbitration Board, which ruled in favor of better wages and benefits for the workers. U.S. and British oil interests refused to abide by the decision. The government, representing labor, appealed to the Mexican Supreme Court, which decided for the government in the wage dispute (March 1). Oil companies again rejected the judgment. | 2 |
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| March 18 |
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| The Mexican government took over the properties of the U.S. and British oil companies, which the companies valued at $450 million. The measure was extremely popular in Mexico, leading to massive public demonstrations, but the foreign governments strenuously protested. The U.S. government (which under Franklin Roosevelt had had very friendly relations with Mexico) discontinued silver purchases from Mexico as a retaliatory measure. The British government suspended diplomatic relations. | 3 |
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| May–June |
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| Cárdenas proceeded against Gen. Saturnino Cedillo, “boss” of the province of San Luis Potosí, who was reported on the verge of revolt in the interest of conservative groups. The movement was easily broken. | 4 |
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| July 21 |
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| The U.S. government proposed arbitration of claims against Mexico for oil expropriations. Although the Americans insisted that their properties were worth over $200 million, the Mexican government argued that the companies had recovered their investment in Mexico many times over, and offered only $10 million. Eventually a compromise figure of $24 million was agreed upon. | 5 |
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| Sept. 5 |
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| Mexico concluded oil barter agreements with Germany, Italy, and other nations, by which the oil would be exchanged for manufactured goods (previously imported chiefly from the U.S. and Britain). The U.S. strongly opposed these agreements. | 6 |
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| Nov. 12 |
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| Finally the U.S. and Mexico reached an accord on the land question. Commissioners were to appraise the value of the properties and the Mexican government was to pay compensation at the rate of $1 million per annum until claims were liquidated. Efforts to reach an agreement on the oil issue failed to produce results. | 7 |
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