A knock- out picture of the waterfront revolves about the work of Father John M. Corridan, priest and teacher at the St. Francis Xavier Labor School, who has put his energy and knowledge into reclaiming his seaport parish. There is a sizing up of the men who run the port, of the interlocking in corruption of big business labor unions, New Jersey and New York politics, of the importance of the seaport itself. What has happened since Father John's crusade began is exciting, encouraging and discouraging. His contacts with the longshoremen and even ""Mr. Big"" William McCormack, the building of the A.F. of L. union under the returned veterans and John Dwyer to fight the rotten I.L.A., the publication of the problem, the Crime Commission investigation, the establishment of a two-port authority, all are a part of the waterfront story, one which for the magnitude of its commercial enterprise and the iron-fisted clutch of profiteers whose hold may be weakened is of first importance. Coming on the heels of On the Waterfront, with an introduction by Budd Schulberg, this has a chance of hitting hard.