Lethbridge Herald, The (Newspaper) - May 24, 1973, Lethbridge, Alberta
Thursday, May 24, 1973 THE UTHBRIDGE HERALD 5 Wall Street woes infect Canada By Bruce Whitestone> syndicated commentator More than 50 years ago a young fanatic threw a bomb out- side the offices of J. P. Mor- gan and Company on Wall Street in New York. Fortunate- ly the ensuing damage was rel- atively minor. Now, Wall Street is again a disaster area but the explosions this time are inter- nal: bombs have been replaced by "shotgun" mergers and li- quidations. However, the blood- bath that has taken place is nothing compared to the blood- bath that may come. Volume so far this year on the major exchange is inade- quate to sustain most Wall Street firms. The small invest- or, whose support is vital, is getting out of the market and nothing is being done to check the exodus. How serious is the position of "Wall The New York Stock Exchange has stated that more than half of its member firms are losing money. What makes this so ominous is that stock averages to date are not all that much lower than the level prevailing last year. If, as it appears likely, stock prices fall suarply, more and more investors will be tempted to give up on the stock market and place their remain- ing funds elsewhere. Also, the early months of the year are rsunijv a time of fairly active trading in advance of the sum- liiei'. ihen trading is tradition- ally languid which means that a further decline in activity ap- pears likely. Volume on the New York Stock Exchange is only about 15 per cent below last year's total, but the fee structure has been altered and this has caused a great deal of damage. The large financial institutions 1973 by NEA, Inc. "The only Definite information we have about Cambodia I is that 'Lon Not' spelled backwards is 'Lon Nol'" have been granted rate cuts while the small investor has found that the commissions on small transactions have been raised. This has driven indivi- duals of tiie maikct cvci though the market is depen- dent on their parvieipauon. After all, individuals are the ultimate source of all funds. To add insult to injury, in- vestment firms reserve their best research ideas for the in- stitutional client so that the in- dividual often can only partici- pate in the market with second- hand advice. The individual investor in- creasingly is declining to play this game and his reiusal make it difficult for companies to secure new capital the stock exchange in anything like acceptable terms. While Canadian firms express the hope that the troubles be- setting Wall Street will not be repea ed here, they are living in a fool's paradise. The Cana- dian economy is a mirror image of the United States counter- part and the inter-rslationshin of the two is so obvious that it does not nsad to be belabored. Further, when the United S.a.es the interest equa iz- ation tax on the purchases by its nationals of fo.-eign securi- ties (scheduled to take place in 1974) Wail Street firms will he in a position to trade in Cana- dian securities. The huge re- sources of these U.S. firms will enable them to dominate the Canadian market by taking pcs- i'.ions in the Canadian issues. Finally, Canadian firms seam to be repeating the nvs- takes made by the investment community south of the barter discouraging the participa- tion of small investors ani mitting overhead costs to risa sharply. Other unfortunate parallel exist betv.een the U.S. ar.d Ca- nadian financial communities. Our fee schedule is being re- vised and, unbelievably, it is copying the same gonerri trends that have led the Wall S.reet community to disaster. The small investor will have to pay hisher rates while pension funds and the like will benefit from lower rates. Further, in Canada, brokerage firms' costs are rising and there is a trend to luring the larger investors with "all expense" junkets to the Arctic, Australia and Bra- zil while the small investor must be satisfied with belatedly learning about the situation with "after the fact" reports. It is not surprising that al- ready one Montreal exchange member firm has been forced to close its doors and that rum- C-'s are already being heard of other firms in trouble. To prove how few learn from the mis- takes of others, many member firms continue to spend money with injudicious abandon. Ela- bara'e in-house dinir.g facilities are becoming more common- place and many a young sales- man flaunts his commission c -cnus ss if he were "Diamond Jim" Brady. One of the troubles besetting many investment firms is their All too often the successful salesman becomes Book the chief executive of the or- ganization and with predictable results: sales are emphasized regardless of the costs entailed. As a resu-t profit margins ha'.e under severe pressure, 'ii-.a developing panic among investors must persuade many firms to change their tactics. It will probably be too late, however, to prevent real dam- age to many investors and to tr.e financial community in gen- eral. Nationalization and greater efficiency are long overdue in the investmen.. industry; in fact, they are the essential in- gredients in any sustainable rise in the economy. Without the ability to raise funds on the s.ock market, our capitalist ec- onomy cannot continue to func- tion. It is to be hoped that our governments, both federal and provincial, will recognize that they must aid the financial in- dustrv by legislation curbing its abuses. Innovative teaching "Law and Order in Grade a story of chaos and innovation in a ghetto school, by Kim Marshall (Little. Brown and Company Limited, paperback, S4.75, 239 On balance, I didn't like s 1 Ml much. The only thing in which I was really interested WES figure drawing, and they don't provide nude medals in c'emcntary, junior high or high school an, classes. Yoj get to draw posters, which bored me to tsars. Mr. Marshall offers his expsr- feice with an irmov'ive teach- ing method stations that any concerned, inte'li- gent teacher, not just the rare teaching genius, car. use to Structure a classroom where children who seemed uuteach- able actually learn. Mr. Marshall has suggested a better way. The little brats turn out to be human beings and Mr. Mar- s'-all turns out to be a guy who can turn them on. It's To Sir With Love come to life. I want to stand up and cheer for Kim Marshall. He walks in o a ghetto school totally un- prepa -ed for foe first-y ear trauma and gradually evolves a way to get to the kids before they get him. Tremendous and inspiring. D'ARCY RICKARD Introduction to Collier "The John Collier Reader" by John Collier (Alfred A. 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PHONE 327-3165 To these who know John Col- lier either through his other books or from reading Ms short storks in magazines such as Harper's, Atlantic or the NJW Yorker (especially the all that one needs to say is that this volume contains a complete novel, two chap- ters from another, and no less than 47 short stories, all pure, unadulterated Collier. To those who have yet to ex- perience the pleasure of read- ing this truly literate man this Reader should make an excel- lent introduction. Collier represents a vanish- ing breed, the writer who truly respects his craft, and shows that respect by the meticulous care with which his sentences are fashioned, and the exquis- ite judgment used in selecting words. The delightful thing about Collier is that ha is so much more than a writer of ele- gant prose: he is also one of the most imaginative writers of the day. Described quite aptly as a fantasist, he routinely in- cludes deities and devils among his characters, mixing the com- monplace and the bizarre in so matter-of-fact a manner as to leave the reader wondering if his own Hie isn't just a bit hum- drum. Collier may not be everyone's cup of tea, in an age that ex- pects prose to be brutal, and language coarse; but happily there are still many readers who don't mind an author smb- situting the right word for the crude ens. As long as this is so, there will be a good market for Collier. JWF Books in brief "Your Next Ten Years Cris- well Predicts" (Droke House Publishers, 12S pages, S4.95 distributed by George .J. McLeod Have you ever thought ahead for the tend years? If so, you will find this book a must ior reading. Cnsweil, whose pre- dictions have an 87 per cent accuracy record, describes the next 10 years as a time that may frighten you, but of all the times to be alive, this is the time. As a 12-year-old he shocked his parents with his opinions and "Short History of the Fu- UuiC." During his many car- eers from journalism to pre- rned school he predicted many tilings including an obituary prior to tlie subject's death, which promptly lost him his job. He is also the author of "Criswell Predicts to the Year wherein he predicts the end of the world will come on August 18, 1999. He has appear- ed on many TV shows, and has been tlie centre of much discussion and controversy. He includes in this book 101 ques- tions he is most often asked. HELEN KOVACS Jacques Maritain-1882-197 3 By Peter Hunt The recent death of Jacques Maritain in Toulouse, France, brings to tha attention of the world, at least momentarily, the life and work of this great thinker and admir- able man. In an article of some months ago, I re- ferred to 'eclipses' of gifted writers and thinkers, pointing out that every great poet, novelist or philosopher, is neglected for a time, but is appreciated in the long run. However, it seems true to say of Mari- tain that the 'eclipse' is an extraordinary one inasmuch as it was only in recent times that he was regarded as the leader of a renaissance of Thomist thought in the modern world. Indeed, true to the teach- ing and example of St. Thomas himself, Maritain welcomed truth whatever its source, and showed in abundant and bril- liant the rslevsnie of Thomism to contemporary social and educalional con- cerns. In pursuing a synthesis and fusion of tra- ditional Catholicism and the best in liberal democracy, he played a formative part in the shaping of the ideals of the United Nations Charter, and in the humane of UNESCO. He exemplified the openness of a genuine traditionalism as con rasted with a merely conservative outlook, and was estgemed and welcomed in circles ap- parently far removed from his own faith. Canada enjoyed his gifts of mind and spirit for some years at the Institute of Medieval Studies in Toronto, and he was a main who loved much of what he saw and felt in North America generally. He under- stood, as Chesterton did, the deeper cur- rents beneath the surface, and was as in- fluential, in his own way, in bslh the Uni- ted States and Canada as his co-religionist. welcomed the Second Vatican Council, and played a big part in prepar- ing the way for it. His vision of the church was that of St. Augustine: "ever ancient yet ever But he saw, too, the dan- gers of positivism and phenomenalism in the intellectual currents that followed in tbs wake of extreme interpretations of the Vatican II documents and discussions. His final book, The Peasant of the Garonne, dealt with some of these problems, and he set forth a classical critique of the the- ories of Teilhard de Chardin, while at the same time, expressing full apprecia- tion of the virtues and insights he found in Teilhard's work. This book is not so well read as were his other books, of which there have been f.bout 100 altogether. There are several of these works which are essential reading for anyone who would aspire to the title of "student of Christian humanism" or who would lay any claim to understand the main issues of our time. Perhaps his most influential work, educa- tionally speaking, is True Humanism, in which, drawing on the vast tradition of Graeco Ramon, Judaeo-Christian thought, he expounds a Christian humanism which includes all the genuine insight and sound values of humanism per se. In this massive, yet luminously clear book (well within the reach of any person who can handle a university Maritain shows the deep and solid basis upon which human rights must be built, the dignity of the human person, the significance and beauty of the humanistic heritage, the need and hunger of modern man for a spiritual goal as opposed to the hard materialism of capitalism and of communism, and the need for a new symbiosis of the temporal and spiritual orders in a changed and changing world. For tnose who explore aesthetics or who love art in a'l its forms, his Creative In- tuition in Ait and Poetry is both an in- spiration and an intellectual adventure. In this beautiful book (beautiful in its format as well as its ideas and language) Mari- tain is able to write of creative intuition with both a philosopher's reasoning powers and an artis! 's illuminating insight. He fuses the ro'es of poet and metaphysician in this masterpiece. And the book includes many reproductions of paintings and poe-rns without comment. The material is drsv.ii from both Eiuopssn and Oriental cr.iliza- tions. Education at the Crossroads sets forth a dynamic exposition of the liberal arts and the meaning of a liberal education in today's world, something that at least ev- ery Christian teacher should read, and which no one who cares about the ends, ..as distinct from the means of education, can dismiss. Maritain, finally, was no! only a thinker of lasting stature; he was also a great contemplative and a truly good man. It seems strange that few of the young (or even their intellectual in Leth- bridge today, have even heard 01 him. let alone read his books. ANDY RUSSELL Horns in the high country Editor's note: Andy Russell's regular column isn't available this In its place is a review of his latest book which will go on sale June 16. "Horns in the High Country'" by Andy Russell (Alfred A. Knopf, S7.75, 259 pages, distributed by Random House of Can- Our Andy Russell has produced another dandy book about his adventures in the outdoors. I would be enthusiastic about this book even if I didn't know Andy and value him as a regular contributor to my editorial pages. The same high quality of writing and absorbing material with which readers of his weekly column are fa- miliar characterizes his book. Indeed, a few of his cnoice vignettes will be found here in expanded form. This book deals mainly wi'h mountain sheep; other creatures, including human beings, get in as part of the scenery. There are stories about hunting with guns and shooting with cameras. Andy even in- cludes a chapter about his honeymoon on which his wife Kay displayed remarkable ability with a rifle. In the latter part of the book Andy de- scribes some of the scenes he got on film in a project which disappointingly did not come to fruition. I will be very sur- prised if someone who reads the book does not put up the money to have the film edited and produced for public viewing. Andy's descriptions of some of the sequences ara splendid but instead of being satisfying as a substitute they arouse a keen desire to see the pictures. There is a particularly dramatic account of some elk that made the mistake of following a steep trail and getting trapped on a narrow ledge. Several of the ani- mals fell to their deaths before the rest desperately gambled with a ran across an icy gully. A bull didn't quite gain the other side and fell 500 feet but landed en his feet on a snow and ice chute and slid (Andy likes the word in show- ers of snow to safely. I'd love to see that but agree wiJi Andy that the shattering of the other animals upon impact with the ground would be too gruesome for view- ing. One of the t'rings thai intrigues me about Andy's stories is the playfulness of ani- mals. In his book ?bout Grizzlies lie told a story about a bear repeatedly sliding dawn a snowbank on his backside. Sim- ilar games are played by sheep which Andy describes as "comical" (another fa- vorite I'd like to see some ot those sequences, too. Not unexpectedly, for those of us who know Andy, there are repeated appea's to halt the unnecessary destruction of wilder- ness areas. Some bitter words are vented on the "multiple use'' policy of govern- ments which too often turn out to be the single exp'.oitive use of mineral extractors. The publication of a book such as this one on mouniain sheep and their habitat is probably one of the most effective instru- ments in the fight for wise conservation practices. People in these parts will delight in reading about familiar terrain such as Wa- terton Lakes Park. A warm feeling will also come from Andy's happy recollect Inn of launching his lecture career before a packed housa in LolhbridQe. Andy Russell's fame is justly based on his exploits as a hunter (with rifle and cam- era) and guide but for me it is his ability as a writer that e'icits admiration. This book is just another demonstration of h.s great facility with words. One does not have to be an outdoorsman to enjoy Andy's writing although it is probably even more enjoyable for those who are. Good as veve the author's two previous books, this is his test. DOUG WALKER Poor prescription By Doug Walker One of the things T have to work hard at is shutting out the conversations that drift over the wall of my office from (ha newsroom. Bent over my typewriter, deep in thought, I manage to tune out most of the talk but occasionally something bursts through. Bill Mathcson was in talking to Warren Caragata one day. All I heard was a part- ing admonition from Bill to Warren: "Let Doris know you're thinking about her." At that moment D'Arc Rickard joined in with the observation, "It won't do anyth 513 for Doris." Apparently D'Are dfcsn't lay much by Warren's charisma.