Word: setbacks
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...Miserable Surplus. President Nixon also inherits some global economic problems. In international trade, the nation last year suffered a setback. As Under Secretary of the Treasury Frederick Deming reported, the trade surplus shrank to a "miserable $500 million, down $3 billion from 1967's respectable but relatively poor showing and down more than $6 billion from the 1964 level." Inflation, the Viet Nam war, and higher imports (see following story) share the blame. Only because many foreign investors poured funds into the U.S. was the nation able to achieve a $150 million surplus in its balance of payments...
...guard at Fiat was not quite comfortable with the high-living heir. Early on, too, he suffered a setback. Alfa-Romeo, a rather small, state-owned company that specialized in costlier high-performance cars, made plans for building a southern Italian plant to mass produce medium-priced cars. Agnelli used all his prestige and persuasion to try to block government approval of the Alfa-Romeo expansion, but failed. By 1971, when Alfa-Romeo begins turning out 450,000 cars a year, Fiat will have the novel experience of facing real Italian competition in the medium-priced field...
Discount Prices. Last week Mates suffered an abrupt setback. He was threatened with a sudden run on his fund by investors wanting to turn their shares in for cash, and got unprecedented permission from the Securities and Exchange Commission to shut down for an "indefinite" period. With that, some 3,000 shareholders were locked into the fund. Though Mates' fund is a fairly small, if certainly spectacular member of the U.S. mutual-fund business (total assets: $55 billion), his travail is likely to make investors just a bit more skeptical about some forms of investment...
...Shame, you blood judge, for all the victims you have on your conscience!" Berlin Mayor Klaus Schütz called the decision "outrageous." Robert Kempner, a former U.S. deputy chief of counsel at the Nürnberg Trials, who now lives in Frankfurt, described the ruling as "the greatest setback of German justice since 1945." For once, the New Left and the right-wing press of Axel Springer found themselves in agreement. Both condemned the judgment as outrageously lenient...
Despite an outstanding performance by Royce Shaw, the varsity track team suffered a disappointing 57-51 loss to Army Saturday at West Point, as the Cadets won the final two relays to avenge a dual meet setback by Harvard last winter...