Word: trades
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Dates: during 1960-1969
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...trouble with that definition and the reason why the word has fallen into even deeper disrepute was noted as far back as 1905. Handing down the opinion in the case of Chicago Board of Trade v. Christie Grain, in which the court ruled that commodities trading and the Board of Trade served a legitimate purpose, Justice Oliver Wendell Holmes sagely commented that when competent men engage in speculation, it is "the self-adjustment of society to the probable." But he added that its pervasive peril surfaces when "the success of the strong induces imitation by the weak, and incompetent persons...
...Indonesia and Ceylon for that sin of sins against Peking: cozying up to Taiwan. Japanese Premier Eisaku Sato's three-day good-will visit to Taiwan came under the heaviest fire. Sato, said the Chinese, was intervening "in the domestic affairs of China." Peking threatened to cut off trade with Japan, as it had done in 1958 for five years after a Chinese flag was pulled down in a Japanese department store display, and underscored its ire by expelling three of the nine Japanese correspondents resident in Peking...
...casino at Punta del Este, Uruguay, and agreed to get a Common Market in operation by 1970. By last week, that heady promise seemed to be considerably behind schedule. Assembled at Asuncion, Paraguay, to work out a preliminary plan for cooperation, the foreign ministers of the Latin American Free Trade Association (LAFTA) agreed on little but the magnitude of their differences...
...ministers thinks that the Asunción Conference has doomed the grand vision of a free market stretching from the Rio Grande to Cape Horn. Indeed, one of the conference's achievements was the approval of a regional subgrouping within LAFTA that will soon open up a free-trade zone embracing 50 million people. The so-called "Andino group" of Colombia, Venezuela, Ecuador, Peru and Chile will begin planning its tariff cuts next month. As for LAFTA, its diplomats will resume talks in November. If nothing else, they discovered at Asunción just how much work there...
Call Me Richard. The "like father, like son" pattern goes only so far. Grizzled Lee Petty is a link to the old school of stock-car racers, the back-country leadfoots who learned their trade racing hot-rods around dusty country-fair horse tracks or outrunning revenooers on the South's mountainous "white-lightning trails." Richard Petty, who has been racing for money ever since he turned 21, belongs to the new school: the cool, engineer-minded youngsters who talk endlessly about "axle ratios" and "foot-pounds of torque" and bristle at any mention of the sport...