Word: pari
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Dates: during 1960-1969
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When International Petroleum Co., a subsidiary of Standard Oil (N.J.), agreed to turn over its La Brea y Pariñas oilfields to the Peruvian government two months ago, it appeared to be assuaging one of the deepest grievances of Peru's nationalists. As things turned out, the deal did not go nearly far enough for the country's military leaders, who used it as the prime pretext for overthrowing President Fernando Belaúnde Terry (TIME, Oct. 11). Last week, having peremptorily canceled Belaunde's agreement with IPC, Peru s new junta took a different approach...
Promise and Backdown. The La Brea y Pariñas basin has long troubled Peruvian pride. IPC, owner of the fields since 1924, has tried to appease various governments by agreeing to several tax increases. It now is the country's No. 1 taxpayer...
...primarily because he did not want to antagonize Standard Oil (New Jersey), of which IPC is a subsidiary, the U.S. Government and potential foreign investors. But finally, this year, hopeful of improving his shaky political position, he did take over IPC's La Brea y Pariñas oilfield. The deal negotiated with the company was hardly the usual sort of expropriation, and Belaúnde's opponents later charged that it did not offer sizable advantage to the country. Among other things, the company-long seen by Peruvians as an ogreish exploiter-was given new mandates...
...compact action, nothing quite compares with quarter-horse racing. A horse that covers 350 yds. in 18 sec. is likely to win, while a horse that finishes only one second later can be dead last. And big money rides on every split second. Pari-mutuel betting is now permitted in 13 states, and last year's total handle was $78,328,686. In that same period, purse money increased from $1,752,256 to $6,984,558. Dollar for distance, it is the richest racing in the world...
Over the past ten years, the number of tracks has grown to 32 in seven states,* attendance has climbed 40% to 10 million a year, and the pari-mutuel handle is expected to top $500 million in 1965. At least half of that will be bet in Florida, where 16 tracks (four in Miami alone) outdraw the horses by a margin of 2 to 1. Florida dogmen classify their sport as "nighttime entertainment." The big tracks run eleven 5/16-mile to 9/16-mile races an evening (purses: up to $80,000), provide extras like free parking, bar service, "lead-outs" in white...