Word: paris
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...Virtues & New. As the years passed, Newport-like any limited-industry town-hustled to keep up with the times. Newporters claim that the pari-mutuel machine was developed there. Gamblers from coast to coast discovered that Newport was a place where they could "lay off" their bets (i.e., get well-heeled Newport gamblers who would cover all or parts of bets too big for the ordinary bookie to handle). Some 45 phone lines run into the Tropicana Club, where the layoff headquarters is in Room 315. One bar accepts as much as $75,000 a day in layoff bets alone...
Publisher Loeb's combative instincts have also resulted in some notable crusades by the Union Leader. In 1955, for example, when lawmakers opposed an increase of the state's share of pari-mutuel receipts, the paper printed the names of 42 legislators who were on a racetrack payroll. But Loeb himself derives his keenest joy from an editorial page that ranges acrimoniously from "gulliberals" to Detroit ("overgrown, overdecorated, over-expensive U.S. cars"). "Newspapers," he maintains, "should be run for fun. not profit." From the Manchester Union Leader Publisher Loeb gets both...
...Horseplayers all over the U.S. groaned to learn that Postmaster General Summerfield has forbidden the use of the U.S. mails to Mexico's Caliente Future Book. Otherwise restricted to on-course pari-mutuel betting or illegal off-course bookmakers, Caliente's bettors could formerly mail a bet to the Mexican book months in advance of such big stakes as the Garden State or the Kentucky Derby, pick their horse from a long list of possible entries at odds as high as 1,000 to 1, get back 10% of their bet if their horse simply started...
...fourth straight year (and fourth time in thoroughbred racing), U.S. horse-players bet more than $2 billion. Of the $2,231,528,140 total wagered at pari-mutuel windows in the 24 states where on-course betting is legal, the states themselves took a $164,418,294 bite. Most voracious were the New York State tax collectors, who swallowed $43,177,361, more than one-quarter of the national tax total...
Ignoring the caterwauling protests of Governor Earl Long, the Louisiana house of representatives last week left ol' Earl's incendiary tax proposals (TIME, July 2) in ruins. Rejected by the legislators: Long-backed measures to boost state levies on sulphur, natural gas and pari-mutuel betting. Scheduled for similar treatment: an administration bill increasing taxes on timber and pulp...