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Discusses paper money issues in the American colonies from 1720 to 1774. Misinterpretation of the colonial monetary policies; Overview of the political background of British monetary policies in the colonies; Controversy over colonial practices during the period.

Comments on articles about the economic history of the United States. Economic development of the country; Application of eminent domain on expropriate private property for public purposes; Stability of property rights in the country's legal order.

Comments on several articles about the economic development of the United States. Factors that changed income distribution in the country; Arguments on the growth of demand from capital-intensive subsectors.

The article reports on foreign exchange rates with commentary on the paper, "Issue of Foreign Exchange Management in U.S. Multinationals" by Rita Rodriguez. Rodriguez examines decision making in foreign exchange management through defining foreign exchange risk, the attitudes of management towards foreign exchange risk, and the finance function. Around 50 different multinational corporations in the U.S. were surveyed and interviewed during the research for the paper.

This article presents a comment on the paper "Deposit Insurance in the United States -- Evaluation and Reform." The author discusses some of the proposals that are presented in the paper and offers suggestions related to these policy measures. Some of the concerns that are raised by the author include the complexity of risk assessment and the responsibilities that the Federal Deposit Insurance Corporation and the U.S. Federal Reserve are given in the paper. The author discusses bank failure and the role that large investors play in the success of small banks. The author also offers some policy suggestions of his own.

The article discusses direct investment abroad and also comments on the paper, "Direct Investment, Research Intensity, and Profitability" by Alan K. Severn and Martin M. Laurence. The high internal rate of return on investment abroad is examined. The author believes that there is no evidence in Severn and Laurence's paper that explains the high rate of return on foreign investments.

The article presents comments of the author on the paper "The Demand For Liquid Asset Balances by U.S. Manufacturing Corporations: 1959-1970," by Richard G. Marcis and V. Kerry Smith. The author states that the paper presented by Marcis and Smith, analyzing the determinants of the demand for cash and short-term Treasury obligations held by U. S. manufacturing corporations, is praiseworthy. He states that the authors have made an interesting application of a seemingly unrelated regression technique developed by scholar Arnold Zeilner in estimating demand functions jointly for each of the liquid assets of corporations belonging to nine asset size categories.

A conference paper is presented that examines the distribution of bank deposits in the U.S. and the implications this has for the flow of funds analysis. A study was conducted in southern California in an attempt to examine how the funds from this region moved throughout the surrounding area. The author was interested in examining the validity of the growth center concept. The author's findings support the idea of a funds flow; however, he suggests that further analysis is needed.

A central question of many previous monetary studies has been the determination of the effects of various forces upon the actual supply of money in the economy. One of a number of competing monetary supply hypotheses (Brunner and Meltzer) has focused on the relationship between bank reserves and deposit creation. This theoretical structure was first suggested in earlier works by Phillips and Crick. Recent studies of similar nature, including those of Mellon and Orr, Morrison, and Brown and Lloyd, have employed the techniques of inventory theory to examine the factors influencing bank credit expansion. Similar inventory treatments of other cash balance and portfolio adjustment models are presented in the works of Baumol, Eppen and Fama, Lloyd, and Chitre. In the present paper, the effects of various forces on the optimal expansion of credit and the holding of reserves are investigated using the techniques of dynamic programming (see, for example, Bellman and Dreyfus). Discussed in the paper are the effects on bank credit expansion of uncertainty about reserve losses, various types of penalty costs, costs of adjustment, uncertain future interest rates, and of various institutional structures under which the bank must operate. This latter topic is important because of the Federal Reserve policy change of September 1968. Prior to that time, required reserves and actual reserves were computed over the same reserve period. Since that time, however, the required reserves in any period are known with certainty at the beginning of the period and depend upon deposit levels two periods earlier. For purposes of mathematical convenience, this latter structure is treated here as a one-period lag. [ABSTRACT FROM AUTHOR]

The article reports on the political activity of the U.S. Federal Reserve Board and discusses the paper, "The Re-Politicization of the Fed" by Edward J. Kane. Kane states that the Fed chairman, Arthur Burns has made the Fed more influenced by politics. However, the author feels that this was necessary for the Fed to create effective monetary and economic policies. He also does not feel that Kane supports his claims that monetary policy during this period became counterproductive due to the politicization.

The article reports on the reform of stock exchanges in the U.S. and comments on other papers on the topic. He states that institutional trading has grown and has shown shortcomings in the equity market. The U.S. Securities and Exchange Committee then reformed the minimum commission rate structure of the equity market. This has created a fully competitive financial market.

The article reports on interest rate risk and liquidity with commentary on the paper "The Effect of Interest-Rate Risk on Liquidity Premiums: An Empirical Investigation" by Robert A. Olsen. The author also mentions the paper by R. Kessel on liquidity premiums. The work done by Olsen modifies Kessel's through use of a proxy for interest rate risk for an added determinant of a liquidity premium and making the future spot rate as a linear combination of current and past spot rates rather than expected future spot rate.

The article discusses the issues related to the League of Nations during the term of former President Warren G. Harding in the U.S. After election, there were indications that the President planned to take the country into the League. He also asked Charles Evans Hughes to revise the Versailles Treaty to secure its ratification by the Senate. The struggle came during the first weeks of the new administration, in which Harding included favorable references to an international organization.

Discusses the involvement of the business sector in agrarian movement in the United States from 1879 to 1920. Issue on monopoly and unregulated power of the railroads in the 19th century.

A conference paper is presented that examines some motivational factors that influence exchange decisions. The author presents the results of a study that examined the criteria that U.S. governors and exchange officials use to make decisions related to stock exchanges and the trading of stocks. The most common motivational factors related to maintaining order in the market, promoting a positive public image of exchanges and maximizing profits for member firms.

The thoughts presented in this paper were developed during the first stage of an ongoing research project. This project is designed to shed light on the management of the size and exchange composition of financial assets and liabilities in the U.S. multinational companies (MNCs). The study also intends to analyze the impact of these policies on the international and national financial markets. The first phase of the study has been to interview financial officers associated with the international aspect of the business at the parent-company level. Fifty-five companies have participated in these interviews. The objectives at this point were to grasp a better understanding of what management means by foreign exchange risk and what its attitudes towards it are. By gaining an insight into the answer to these questions we hope to establish a framework to analyze the quantitative data furnished to us by these companies as well as to begin to develop some working hypotheses as to the impact of the MNCs on the financial markets. [ABSTRACT FROM AUTHOR]

This paper seeks to document some simple and not-so-simple facts. My thesis is that, to an unprecedented degree, Federal reserve (F.P.) Board Chairman Arthur Turns has engaged himself and the System in political action. Rums' leadership has contributed to politicizing the monetary control process, the dialogue concerning the nature and effects of that process, and perhaps even F.R. decisions themselves. These tactics have reduced the Federal reserve's power to resist external political influence, a power that Chairman McCabe "bled" for in 1951 and that over the next two decades Chairman Martin labored assiduously to consolidate. On the other hand, this behavior at least maintained and probably increased Burns' standing with President Nixon. I don't maintain that a central bank can avoid taking political actions, ^o survive and prosper, a government agency must protect itself politically, occasionally even sacrificing its mission to promote its institutional self-interest. What worries me about recent Fed politicking is that over the long run it is helping neither the economy nor the Fed. The course of Fed policies during the era of price controls has tarnished the well-polished image of the Federal Reserve System. During this era, the Fed has proved extraordinarily sensitive to the political dimensions of central banking and has been quick to use political pressures to achieve short-run objectives. [ABSTRACT FROM AUTHOR]

This paper presents analytical evidence on the determinants of trade credit for a particular industry. As the empirical medium for investigation, the U.S. Lumber and Wood Products Industry is employed. Not only is it one of the 20 largest U.S. industries, but it approaches the norm of pure competition, at least in the output markets. The latter factor suggests that implications stemming from this research may more readily be integrated with that existing body of economic theory which provides a benchmark for comparison of divergent forms. Complications which in other industries spring from brand competition, impediments to entry to or exit from the industry, and effects of any one firm's output decisions on market price, will be minimal in this industry. Further, since output is quite homogeneous across the industry and thus little basis for brand competition exists, we might a priori expect that other, more subtle means may be employed, such as different and changing trade credit terms. [ABSTRACT FROM AUTHOR]

The purpose of this study is to measure and evaluate the objectives, risk, and return of 123 American mutual funds using monthly returns in the period 1960-1969. The paper considers five questions: How were stated fund objectives related to risk and return, as measured over the subsequent decade? How did funds of various objectives perform in terms of return and return-to-risk measures? Did average excess return increase with risk? Was the return-to-risk performance of the average mutual fund better or worse than that of the stock market as a whole? How did the slope of the mutual fund line of returns versus beta compare to the capital market line; i.e., did funds at one end of the risk spectrum appear to "outperform" those at the other end? The capital asset pricing model of Sharpe, Lintner, and Mossin relates the expected return on a security or portfolio to its systematic risk (beta)—a function of its covariance with the market return for risky assets—and to the expected return on the market portfolio. In an application to performance measurement, Sharpe demonstrated that average return was positively related to variability of return using annual data for mutual funds in the 1954-1963 period. Jensen extended the capital asset pricing model to show expected excess return on a security or portfolio as a function of its systematic risk and the realized excess return on the market portfolio, and he found that fund return was positively related to beta using annual returns in the period 1945-1964. Jensen also found that funds at the low-end of the risk spectrum tended to "outperform" higher-risk funds in the 1955-1964 period, in terms of expected returns predicted by the Sharpe-Lintner model at each fund's risk level. Looking directly at the long-term risk-return relationship, Black, Jensen, and Scholes found that the average realized return on simulated portfolios of common stocks grouped by measured beta was positively related to risk in the period... [ABSTRACT FROM AUTHOR]

The attractiveness of a security in a portfolio context depends upon both the raturns it is expected to generate and the interrelationship of these returns with those of other securities in the portfolio. Return relationships may be appraised directly; they may also be examined indirectly by reference to the relationship between the individual return streams and an external factor. The investigation discussed in the first section of this paper suggests that there is some evidence that the ex post return volatility with respect to changes in the level of business activity increases algebraically as one moves from U.S. government bonds to corporate bonds, preferred stock, public utility common stock, and finally to industrial common stock. Despite the consistency of this rank ordering with a priori conceptions of security riskiness, direct estimation of security return interrelationships is found to be more useful for the construction of diversified portfolios. Assuming that the 1951-1968 experience is in fact representative of the "true" return interrelationships, a proposition, which has been suggested by others, is confirmed empirically — the return variability or "risk" of portfolios composed solely of low risk security types may be reduced by diversification of the portfolio with security types which in isolation are considered to be high in risk. More specifically, the empirical investigation suggests that the return variability of portfolios of government bonds and/or corporate bonds may be reduced by the judicious introduction of industrial common stocks into the portfolios. At the other end of the risk spectrum, there is some evidence that the risk of common stock portfolios may be reduced most economically (in terms of foregone returns) by diversification with government bonds. Perhaps the most interesting aspect of these results focuses on the extent to which government bonds and common stocks meld well together in a portfolio, whereas corporate... [ABSTRACT FROM AUTHOR]

In this paper we seek to identify the variables that have a prominent and persistent bearing on an investor's inclination to engage in an advanced refunding. In addition, we seek to quantify the impact of changes in those factors amenable to Treasury selection or control. Improved understanding of these relationships can lead to improvements in the Treasury's marketing efforts. Moreover, to the extent that term structure theory undergirds the development of our advanced refunding model, tests performed on that model constitute elliptical tests of the theory. The data are discussed in Section I. Following this, a simplistic model of investor behavior is presented. From this model we generate expectations regarding likely investor response to a refunding, and advance a modest econometric counterpart to the theoretical model. In Section III, several environmental and institutional factors are successively folded into the model and tested. Conclusions are presented in Section IV. [ABSTRACT FROM AUTHOR]

In several recent studies scale economies in the operations of commercial banking have been detected, assuming that expansion takes place with a fixed number of plants [1, 2, and 3]. The data for these studies were available for the periods 1959-1961 and 1963-1965 in one region of the United States. The purpose of this paper is to reestimate similar functions for an expanded sample covering virtually the entire United States for the year 1968. in this way, the results of earlier studies may be checked for generality, and the effect of time on the results may be investigated. In Section II, the model is described. The data and empirical results are presented in Section III. Section IV is a summary and conclusion. [ABSTRACT FROM AUTHOR]

Considerable attention bas been focused in the past two decades on the substitutability of the liabilities of private nonmonetary financial intermediaries for money, narrowly defined as the sum of currency and demand deposits adjusted. Discussion concerning this topic related to the United States, and most of the empirical work has been confined to that country. The essential folklore of that discussion crossed the border into Canada and is now even reflected in its textbooks on Canadian money and banking. However, very little empirical work has been done in Canada to examine this lore. This paper examines the substitutability for money of three nonmonetary assets over the period 1946-1967: (1) notice deposits in chartered banks, (2) deposits in trust companies,and (3) deposits in mortgage loan companies. Section I, assuming functional separability of liquid and riskless financial assets in a utility function over all goods, estimates a liquidity preference function for Canada. This method, followed by Cherty [2] and Hands [10], directly estimates the elasticities of substitution between money and near-money assets. These elasticities are estimated for the transactions approach to the demand for money in the first part of Section I and for the portfolio approach in the remaining part of the section. Estimates show a zero elasticity of substitution between the assets for both approaches. Although this is undoubtedly the most satisfactory theoretical approach to follow, the results contradict those for the United States, as shown in Chetty and Hands, as well as institutional practice in constructing money supply indices for Canada. This contradiction might be due to defective data on the rates of return on the assets. Section II then explores another method which avoids using these rates of return. It uses the canonical correlation technique to find the degree of moneyness or liquidity of the nonmonetary assets. This indicates that deposits in trust companies and... [ABSTRACT FROM AUTHOR]

This paper analyzes risk-return relationships in regional and national securities markets. Specifically, it presents methods and results of an investigation of simulated portfolios of common stocks traded on the Minnesota over-the-counter (OTC) market and the New York Stock Exchange (NYSE). [ABSTRACT FROM PUBLISHER]

This paper examines the operating efficiency of three types of financial intermediaries in the United States: (1) credit unions, (2) savings and loan associations, and (3) mutual savings banks during the past three decades. In particular, it examines by how much, if any, the operating efficiency of these intermediaries has been enhanced. [ABSTRACT FROM PUBLISHER]

The article discusses regulation and reform for deposit banking as well as examines the paper, "Regulatory Reform for the Deposit Financial Institutions - Retrospect and Prospects" by Almarin Phillips. Phillips analyzes the effects of technological innovations on the financial services industry and how they've changed the way they operate. He also looks at the use of the electronic funds transfer system which could change marketplace and negotiable assets.

The article looks at the stock market and discusses the paper "The Stock Market: Some Considerations of its Future Structure," by Morris Mendelson. Mendelson claims there will be individual investors in the stock market increasing external equity capital-raising activities for corporations but his research is confusing. The author states that points made by Mendelson about the New York Stock Exchange are false; particularly the one where they feel a crowd of floor brokers is an essential part of an auction market.

The article reports on monetary policies and discusses the paper, "Monetary and Credit Restraint in 1973 and Early 1974" by Richard G. Davis. According to the author, the period discussed in Davis' paper had little controversy about the effectiveness of the monetary policy, which was simple. The policy's focus was moderate restraint which means that it aimed to hold monetary aggregate to a moderate level of growth over a longer run. Also, despite high interest rates and the oil boycott the policy did not become tight.

A conference paper is presented that examines the control of savings and loan associations. The author discusses the growth of the savings and loan industry in the U.S. and how this growth has centered around mutual associations. The author examines the voting practices of mutual associations and the preliminary results of a survey that was issued to various executives of these organizations.

Discusses the factors which contributed to the demand for money in small denominations in the United States during the nineteenth century. Types of money in small denominations; Relation between inflation and the appearance of small notes; Argument against small notes which was presented by Adam Smith in his book `Wealth of Nations'; Public policy with respect to issues of small notes.

The article discusses the influence of U.S. Senator Joseph R. McCarthy in the countries political system and the prevailing McCarthyism ideology during his time. It provides a definition of the term McCarthyism as well as its emergence after the Cold War and how McCarthy had come to power in the country's politics. It highlights the relationship of conventional politics to McCarthyism regarding the reaction by the Senate to the McCarran Internal Security Act and to the Communist Control Act.

This paper provides a structure for analyzing efforts at professionalizing the police in the U.S. It does not indicate the criteria according to which the performance of police tasks can be evaluated. Rather, the paper furnishes the more basic footing from which the criteria can be generated. To this end, Part I is a critique of the professionalization model for reform, Part U presents a typology of police roles constructed to illuminate the several dimensions of police professionalization, and Part Ill suggests some applications of the typology to policy-related research. In conclusion, the normative task of developing criteria for acceptable police behaviors should be suspended. Indeed, the police role typology ought to provoke some new thinking in this area for it surely implies that more than one model of professionalism is applicable in the police setting. It further implies that different consequences follow from each model. The concept "professional" thereby takes on various operational meanings depending on the particular permutation of police role properties which happens to obtain.

The judicial behavior movement in political science has made impressive progress over the past decade. This was dramatically evident at the Shambaugh Conference on Judicial Research, conducted in mid-October 1967 at the University of Iowa. The Conference assembled some twenty of the principal writers in the field, heard papers by half of them and entertained cogent comments from all. The Conference was opened by Herman Pritchett, the vigorous dean of the group, whose review of research on the behavior of judges ably summarized the record of achievement since his own field-creating book, "The Roosevelt Court." At the same time, his background review helped to emphasize the scope and vitality of the research efforts reported on by the assembled scholars. Some have intensified their efforts at quantification of judicial prediction studies, utilizing discriminant function and simulation techniques in aid of earlier statistical procedures. Others have applied concepts and methods — developed in the U.S. — to Australia, Switzerland, Germany and Japan. A few have turned from the effort to predict judicial behavior to an examination of its impact.

Investigates the relationship between the increase in average productivity and the accelerated application of scientific information in the manufacturing industry in the United States in the 1920s. Increase efficiency of production facilities; Transformation in industrial investment; Opportunities for mass-production innovations.

A most significant event for members of the Law and Society Association occurred from March 14-17, 1968 — the American Assembly on Law and the Changing Society. The significance is at least two-fold. First, the structure of American law was critically examined in the context of contemporary reality. Second, social change — and its effect on law — was recognized and treated seriously. All of this occurred in an atmosphere of sincere concern for reform, rather than in the solitude of academic discourse and the participants in the Assembly were people with the "clout" required to begin a program of reform. The membership can be proud of the impact the Association has had on the Assembly, which is and will be revealed by documents resulting from the Assembly — the report and a compendium of the papers presented. The report is organized under headings which suggest socio-legal formulations of the problem of law and social change, rather than traditional legal headnotes.

The goal of American stock market reform is the establishment of a central market in which public orders are executed at the best price obtainable in an environment of competitive market makers. Among the measures needed to achieve this are: a consolidated tape, a consolidated quotation system, and competitive commission rates. Among the alleged shortcomings of the projected market structure are: the alleged substitution of a dealer for an auction market; the possible loss of liquidity; the dangers of concentration; the demise of the small investor; and the incapacitation of investment banking. The paper argues: (1) the threat to the viability of the NYSE is exaggerated; (2) while the “crowd” around the post of the NYSE may be lost, the displacement process, the essence of an auction market, won't be; (3) the threat of institutional parallel trading to liquidity has been exaggerated; (4) the rapid response of stock prices to changes in the fortunes of the issuers does not signify either an illiquid or disorderly market; (5) attrition of brokerage houses will be significant but the industry will remain competitive; (6) there is little in the concept of the central market that should impact significantly on the volume of trading by individuals; (7) the virtues of encouraging trading per se are highly dubious; and (8) the future of investment banking is heavily dependent on a number of factors including future market participation by individuals, concentration of the industry, and inroads by commercial banks. [ABSTRACT FROM AUTHOR]

The article discusses research on the financial decisions of multinational corporations (MNC) in the U.S. The financial decisions theory of a one-country firm is applied to a MNC to see if any concepts are applicable. The international environment is examined to find the changes from the domestic theory of decision making. Also, there is a summarizing of other research done on the financial decision making of MNCs as well as suggestions for future research.

The article discusses monetary policy and credit in 1973-1974. Monetary policy during this period was focused on moderate restraint to eliminate the excess demand and control inflation. However, the oil boycott occurring during this time was an obstacle for this goal and created economic weakness. Three monetary aggregates, the availability of credit market funds, and the movement of financial interest rates are examined. According to the author, strong credit demands and high interest rates did not succeed in created a "tight" monetary policy.

This study's purpose was to construct a performance criterion for New York Stock Exchange specialists which relates to their ability to affect price variability. It was emphasized that the price-setting behavior of the specialists, at times when trading imbalances prevail in the market, is the most important aspect of their performance. Their performance in this dimension may or may not be associated with their willingness to supply immediacy services to small orders. while the bid-ask spread is the correct variable to measure when the latter is considered, price variability or, more precisely, the functional relationship between price changes and trading imbalances is the variable to be measured when the price-setting behavior is of interest. While the experiment to evaluate the price-setting behavior of NYSE specialists using publicly available data may be considered a pioneer study, other studies have estimated the determinants of the bid-ask spread. The contributions of this study to the analysis of the spread can be summarized as follows: (a) observing an independent "specialist effect" on the size of the spread, (b) estimating the spread-volume relationships using a simultaneous system, and (c) estimating the association between the specialists' performance on both spread and price dimensions of their activity. The finding of this study is that there is a positive correlation between the quality measure of performance on both dimensions. Finally, I would recommend the extension of this study using transaction-to-transaction price changes instead of the daily price changes that this study employed. The advantages of transaction price changes are the following: a. Theoretically, specialist effects on transaction price changes are much more significant. b. The use of a transactions scale instead of a time scale takes into account the effect of volume on the distribution or stock price changes. There is some empirical evidence that the distribution of stock... [ABSTRACT FROM AUTHOR]

The article focuses on the use of outside equity in financing small and new businesses. It states that equity gap can exist if the cost of funds for a small business is larger than that of a large business of the same risk class, which may reflect a systematic overestimation of risk, an underestimation of return of small firms by the public, or capital rationing. The article states there is no evidence of an equity gap and that the long-run rates of return on investments are no greater between small or large businesses. It mentions that short run price appreciation was significantly greater than the index appreciation.

Increasing emphasis on performance by the investment community has stimulated many innovations for accomplishing capital gains. Attention has been refocused on an established medium for this growth — investing in the new issue. Historically in and out of favor with security buyers, this particular type of investment has recently been enjoying unprecedented popularity. [ABSTRACT FROM PUBLISHER]

The article reports on a simulation study concerning the dynamic behavior of Chow's Model and the effect of three determinants--multiplier, accelerator and liquidity preference--on U.S. national income. Four equations in the model--which relate to consumption, investment, and the demand for money--include exogenous variables such as currency, demand deposits, and government purchases and four endogenous variables including new construction, personal consumption, and yield from twenty-year corporate bonds. Terms representing a gross national product deflator, four-component random vector matrix, marginal tax rate, and slope of the equation are defined. The econometric model was tested to determine the effect of random shocks on the variables and to analyze business cycles.

In recent years, there has been a proliferation of voluntary citizens' patrols in the urban areas. This paper focuses on a citizens' patrol of the relatively enduring type: the Indian Patrol of Minneapolis, Minnesota, which was sponsored by the American Indian Movement (AIM). The material presented here is drawn from a field study which was conducted between January 1969 and June 1970. Patrols were observed by the author on twenty evenings. In addition, the research included a survey of a selected sample of 40 AIM members and a survey of a random sample of 44 residents of the neighborhood served by the Indian Patrol. The results of the neighborhood survey support the notion that the Indian Patrol in the East Franklin Avenue neighborhood functioned primarily as a means by which a particular ideology could be demonstrated by one group and perceived by another. Although almost half of the residents interviewed had heard about the Indian Patrol, very few had ever seen it; even fewer had any personal experience with it. None seemed to know how to get in touch with the patrol in time of need.

Compares the monthly interest rate series established by economists Erastus Bigelow and Lance E. Davis in the United States during the 19th century. Description of Bigelow's series; Significance of the series created by Davis.

Discusses the aftermath of the speech delivered by U.S. President Franklin D. Roosevelt on October 5, 1937 which called for a quarantine of aggressor nations. Opposition of isolationists on the international policy declared by the president; Determination of Roosevelt to implement his policy according to Jules Henry, the French Chargé d'Affaires in Washington; Intention of the president to persuade the world to support his quarantine speech as reflected from the instruction he gave to Norman Davis, the U.S. delegate to the Nine Power Conference in Brussels, Belgium.

This paper addresses itself to one problem among many within our legal system, i.e., citizen ignorance of the law. By ignorance of the law is meant not only ignorance of specific laws but of the rationale behind the entire legal process. The basic hypothesis of the research described was that if law as a social tool is less effective than it might be, it is in part because many citizens are unaware of how Legal processes may be used for their protection and for the solution of some of their problems. A second hypothesis of the research was that knowledge of the law is not equal for all groups in the population or, stated in another way, some are more ignorant than others. The questionnaire designed to assess attitudes toward and knowledge of the law was developed by these faculty and staff members with the added assistance of a senior law student who helped develop and pretest the instrument. In conclusion the low-income minority groups did no better than chance in answering the 30 questions posed to them about the laws that supposedly affect their lives.

Researcher Ralph K. Schwitzgebel proposed system has one overriding recommendation. His own research bears out the intuitive suggestion that recidivists themselves would much rather accept the annoyances of the apparatus and the rules for using it than languish in durance vile. There is enough knowledge about prisons, to be convinced that there are very few situations that would not be preferable. This being the case, it only remains to reassure various publics that ordinary society will be adequately protected, both from the parolees themselves and from possible unanticipated and demonic abuses of the system itself. Schwitzgebel also does rather a neat job of reassuring other types of penal experts that adoption of his approach does not preclude or replace their own pet projects. Two major issues, which are not adequately faced in the article and which concern the institutional context of the article itself, still bother everyone. The first issue is the possibility of controlling the technology, now that the idea is abroad, so that the caveats entered by Schwitzgebel must be taken into account.

This article presents a list of books and papers related to de facto school segregation in the U.S. Some of the books included in the list are, "Children of Crisis: A Study of Courage and Fear," by Robert Coles, "Race Awareness in Young Children," by Mary E. Goodman, "In Their Own Words," "Ego Development Among Segregated Negro Children," by David and Pearl Ausubel, "Race and Social Class as Separate Factors Related to Social Environment," by Richard Bloom, Martin Whiteman and Martin Deutsch, "A Memorandum on Identity and Negro Youth," by Erik H. Erikson, "Review of Evidence Relative to Effects of Desegregation on the Intellectual Performance of Negroes," by Irwin Katz, "Environmental Factors Affecting Human Development, Before and After Birth," by H. Knobloch and B. Pasamanick, "Counseling and Color: Crisis and Conscience," by Wilson Record, "De Facto Segregation and Interracial Association in High School," by Nancy H. St. John, "Residential Segregation of Social Classes and Aspirations of High School Boys," by Alan B. Wilson.

Comments on several studies regarding economic history during the 19th century. Guidelines for selecting historical topics; Contribution of a study on real wages in Philadelphia, Pennsylvania to research on national income before 1840.