Audition reel; Law in the news; medical milestones; business review; and books in the news.

The National Association of educational broadcasters present law in the news with Professor Joseph R. Dillon of the University of Michigan Law School. The stock market is obviously a very important part of our American economy. The Securities and Exchange Commission has issued a report condemning manifold and prolonged abuses of trading rules by members of the American Stock Exchange. In essence the exchange was told by this federal commission to clean house or the agency will itself move in and end the abuses. Further Congress has recently authorized a mammoth study of trading practices. We've asked Robert L. Canalis a consultant to the special study group of the securities market to tell us just what the shooting is all about. Well basically the purpose of all securities regulation is first of all to protect investors to prevent manipulation of the market. And secondly there's a desire to prevent the recurrence of the boom and bust that

we had in one thousand twenty nine. Are you saying then that the purpose of the special study is to ferret out specific abuses of trading rules and regulations by members of a given exchange. Well no not not a tall are the special study group was established by a grant from Congress this past session. The grant was made to the Securities Exchange Commission and the commission then has appointed a group of about 65 people to make this study by the Securities and Exchange employees or associates. Well some of them have been in the past but the bulk of them are from outside the Exchange Commission itself. They are attorneys economist statisticians stock brokers. Now is there any indication that the present regulations or statutes are inadequate why need for an investigation at this time.

Well when you were asking about the purposes and I said that there was not any purpose is not to find specific instances of violation. The broad purpose is just to review the current statutes and regulations involving securities regulation to see if there are adequate. Now there have been some specific instances AAB by Aleisha such as this recent report that was put out by the Securities and Exchange Commission itself involving the American Stock Exchange and some of the trading practices that went on in the American Stock Exchange. But more generally the commission has felt that there's been some broad changes in the securities market in the last several years. What type of changes. Well for instance the number of shareholders. There are many people now in the securities buying securities individuals who were never had securities before the figures I had since 1952 to 1959 the number of shareholders doubled. From 1950 to 1960 the number of people selling securities stock

brokers customers men have doubled. What do you mean customers Matt. Well these are their stock brokers in the local brokerage house when you call up to buy or sell a security to individuals who are in the business of selling securities. When I'm conducting the study are you going to be doing a good deal of fieldwork will you be going on the floor of the various exchanges. Yes this is true. The basic method of conducting this study will be factual gathering we're going to send out many reports to stock brokers will send out reports to individuals who purchased securities getting information about new securities that have been issued and what's happened to them a particular times. We'll take individual stocks that may have had a sudden rise unexplained and we'll try to trace the history of this stock to see why it was that it suddenly went up 20 points or went down 20. Suppose you find a violation of existing statutes or regulations.

Well if if violations are uncovered they will be turned over to the to information concerning violations be turned over to the commission. Our report though will be as I mentioned on the broader aspect of. In view of the changes in the market are there some needs for new legislation or new regulations are subject to the law on the stock market. Our informant Robert L. canals Professor Joseph module and of the University of Michigan Law School has presented a law in the news recorded by the University of Michigan Broadcasting Service. This is the end I ybe Radio Network. A. Your life and your health the family the historic achievements in man

and the like. Today's well-being rests on the discoveries of. The American Medical Association in conjunction with your local medical society proudly present. Medical milestone. Where you go down to the sea in ships. But do business in great waters. These seem to work simple and here's one song with soul the Bible sings of the sea and the sea has been singing in the hearts of men through the record of the hearing story and in song. Men have based their you know story you know on the ballast rolling waters of their planet. Men have gone to find themselves into the traditional romance of the sea. There was added the glory the glory of NATION.

In the year 15 88 the royal fleet of Queen Elizabeth smashed the invincible armada of space and with it England became the leading power in the world around the men of the British fleet there grew an aura of pride and power. But beneath the glitter there lay the drab grim facts of reality. In 16 27 the admiral who had commanded the Mayflower wrote to Buckingham all the ships are so infectious that I feared if we hold the sea one month we shall not bring enough men home to more the ships. You may think I make it worse but I vow to God I cannot deliver it in Word. They go down again. To the bare. Their soul is melted because of problems they revealed to one from a wooden staggered like a drunken man and already there with overcrowding and bad food where the great sources of disease the greatest single enemy was scurvy. It was nearly always present on ships engaged in long voyages. There was a written

description of the ravages of scurvy made by a British seaman on his way to the East Indies in 1738. It is a very grim record. Thus. The kids. Used to like. I know he told me in helpless condition with my teeth. All nukes play a part in knowing the Commerce Clause. Then they cry under the morning there and you bring it up to their discretion. The going was good and then presented itself in the form of a Scottish neighbor surgeon named James Lind. He suspected that the cause of scurvy lay in the usual restricted diet of beef often putrid pork frequently rancid and biscuits generally moldy. It must be remembered that previous to this time no one had ever proved that disease could be caused by a diet deficiency sailing a boat HMS Salzburg and 1747 Lind found that eighty out of three

hundred fifty sailors were laid low by scrip but six years he investigated the diet deficiency that might cause and published his findings in 1753. He's got a vague is both cuttable and preventable. I commend that lemon juice. He made an official part of the diet on all British warships boss by an amazingly simple measure the dread desert of the Seas was made to disappear practically overnight. Today there are very few cases of scurvy where it does appear it can be readily controlled by taking Vitamin C available in medicinal form. Much better is the prevention of the disease by the daily taking of citrus fruits or juice tomatoes melons or by eating leafy green vegetables. James Lind not only swept the fear of discovery from the hearts of sailors he paid the way for today's nutritional science that has brought many of that diet deficiency diseases under control.

He makes the storm called. Soul that the way he was there. Then why are they glad because they be quiet so he bringeth them to their decided to heed. Medical milestone has been brought to you by the American Medical Association dedicated to promoting the science and art of medicine. I'm for the enlightenment the oh hell about life. And think about. Health. This is the end IEP Radio Network. The National Association of educational broadcasters presents Business Review with Ross

Wilhelm instructor in marketing at the University of Michigan School of Business Administration. Those people who believe that quickie government sponsored retraining programs are the answer to technological unemployment should take a hard look at the federal retraining program underway in West Virginia in West Virginia the federal government sponsored its first retraining program in an area of chronic unemployment and it's been a dismal failure to date exactly the same results are being realized by the federal government in its attempts at quickie retraining as were realized in the Oklahoma City program which was sponsored by the Armor Meat Packing Company and its union which I reported to you a bit ago. The federal government's West Virginia program was set up under the area Redevelopment Act and was designed to retrain workers for jobs before the program was started there was a tremendous publicity campaign with radio and television stations and newspapers participating and designed to inform the workers of the opportunity. The West Virginia to state Department of Employment Security which is responsible for

processing the applicants hired extra workers to take care of the expected rush. The program itself provided subsistence pay during the training program as an added incentive for the workers to take to take the training. And what were the results. The great majority of the unemployed did not even apply for the retraining. And of those who did apply a high proportion did not qualify. According to a recent report in The New York Times Of the seven to eight thousand unemployed in two counties in the coal mining rail and industrial area only seven hundred fifty have a have applied for retraining in the Huntington area some six thousand five hundred forty two are on the active list of unemployed. The staff of the Huntington Huntington office contacted ten hundred fifteen likely prospects. And of these only six hundred forty sought additional information and only four hundred seventy nine were interested enough to take the aptitude test. So far under the whole program only 200 have been certified for classes as you know this is very

similar to the experience in Oklahoma City in 1959 the Armor Meat Packing Company and its union establish the fund to help workers who might lose their jobs due to automation. The fund was managed and run by very capable and leading educators. After the fund was set up the company closed its plant in Oklahoma City and four hundred thirty three employees were laid off. These workers are given a chance to be retrained of the 433 only one hundred seventy applied for retraining but only 60 of 170 were judged as being able to benefit from the retraining. Further even for those who were retrained everything was not a bed of roses. Many still had difficulty in finding jobs in their new skills and many had to take very large pay cuts. These results are totally unsatisfactory and the evidence is very strong that we cannot expect to take a group of technologically unemployed workers after they're unemployed and expect that our quickie retraining program is going to qualify them for high paying jobs jobs and other lines of work. Four basic factors operate against this.

First most workers do not want to readjust and to learn a new skill and as a result they cling to the hope that something will turn up. Second many workers do not have adequate backgrounds to take the additional training. They quit school before graduation or they now have the required abilities. Third unemployment compensation payments are in many cases at such a high level that many of the unemployed would rather stay on it than go back to school even if they are paid. Lastly in most cases it's not possible for a person to acquire a totally new skill in just a few months and then go out and command a high starting salary retraining in the updating of skills is the answer to unemployment due to automation and technological progress. But it's not the answer if we wait until the person is unemployed and begin to worry about the retraining that the retraining must begin long before and for most of us we should recognize that it must be a continuous lifetime process. If we're going to stay ahead of automation we should face the fact that we live in a world of continuous flux and we always have to be either updating our present skills

and or acquiring new skills. We can never stop the practice process of re-education if we expect to stay ahead of the change that occurs in the world over the long run we'll all have to change our ways of life either due to technological unemployment or due to forced return that our success or failure in meeting these tests depends on what we do when we are employed. Russ Wilhelm instructor in marketing at the University of Michigan School of Business Administration has been heard on Business Review recorded by the University of Michigan Broadcasting Service. This is the end I ybe Radio Network. Robert or I'm on books in the new has a quick look at newly published material and books of

current interest. Your host Robert Oram circulation librarian for the University of Illinois the most influential man of the second quarter of this century Norman Thomas is probably the least known but just is probably one of the most influential. I suspect this influence is difficult to pin down and that is the reason why few have tried for one of the reasons we know little about Norman Thomas is that so little has been written about him at his own body of writings is quite extensive. Somehow Thomas's importance has been lost in the surges of interest at the extremes of fascism and communism and the havoc of two wars plus the natural interest in the workings of our two major political parties especially during the Wilson and Roosevelt era. Unlike Europe socialism has been buried just slightly underneath the surface of American political life serving as an irritant and a conscience. Whatever the reasons certainly American Socialism is grievously misunderstood and generally ignored a fact that has shadowed most of Norman Thomas's long and profitable life where so we learn a new book. Norman Thomas

respectable rebel by Marie beside her published by Syracuse University Press and its man and the movement series. Mr. Snyder is a professor of political science at winning University and a personal friend of Thomas says he has not produced I think a brilliant book but a scholarly seemingly thorough painfully objective and very clearly written book on a brilliant subject instead of concentrating on Thomas's personal life. So I do his chosen wisely to stick to Thomas as a political thinker for this is how Thomas thinks of himself or as the author puts it as a political leader and educator. Now what every politician or if you like a statesman is an educator. Thomas never got the chance to be a statesman. He's often been the unhappy role of a voice crying in the wilderness. His limitations are perhaps strengths are a man who has sacrificed success for principle. This alone sets him apart from the mainstream of politics in our or any other time. Concern for the welfare of his fellow man in the problems of social ills were just so strong that we are not surprised to learn that he grew out of a conventional minister's family.

Nor is it surprising to learn he tried to live within this tradition. He attended Union Theological Seminary was a practicing minister for some years in a difficult and soul wrenching parish in Harlem. It's no surprise either that he broke with his church indeed with organized Christianity is one of those frightening people and is rare and frightening people. A practicing Christian who has no need for the trappings of Christianity but your man the medieval ages probably would have been a saint making it difficult for those of us who lived on a lower level. As it is as an American Protestant he put this drive into practical use by going into politics. And by later becoming head of the Socialist Party and such a man is bound to be misunderstood particularly cloaked himself in the unconventional habit other than suspect Socialist Party. Eugene Debs. The man's concept of himself as a successful failure is probably a right one. If they are not only become president six times running we failed in local elections as well. If they were to build up a socialist party in the United States even to groom a leader to take his place. Success however came in his personal influence in the

thinking of the practical politician who did not sacrifice principle for success. That this influence is deep and good is recognised even by the most conservative of his compatriots. That is rebellion was most respectable in the framework of his and Americas background does not limit the effect of Thomas's influence. Which can be attributed to the personality of a man who everybody agrees is one most charming witty and alert man of our time was book covers time was his career closely and provides a rapid fill in of background of the times against which times were I choose him. I mean is it Thomas even more consistently anti-communist and most major political figures and also deals with the whole problem of social revolt in the US by the 40s and 50s much of time was a social plunder had been stolen by both major parties and Thomas remained a man who would rather be right than president. It is as a social critic perhaps the social critic of our times we will remember Norman Thomas one of the Unfortunately collected Social figures of our age was interesting and occasionally over an academic book will help us overcome some of that neglect.

Norman Thomas respectable rebel by Murray B cited books in the new is written and presented by Robert Aumann and sponsored by the Illinois State Library. This is the University of Illinois radio service this is the end IEP Radio Network.