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Harvard. Problems of labor and industrial organization, Student Reports, Exams. Ripley, 1902-1903

William Zebina Ripley

 

William Zebina Ripley began his career as racial social anthropologist, with a scientific legacy that could have reduced him to the fate of a poster-child in later histories of popular and academic racism. At the latest, his work as transportation expert for the United States Industrial Commission in 1900 helped to divert his attention to disputes between organized labor and organized capital and away from “problems of immigration”. And so we find his course “Problems of Labor and Industrial Organization” at Harvard which is the subject of this post. Besides a thick course description in the division announcement of its course offerings for 1902-03, course enrollment figures, and the semester final exams, the Harvard archives also has a copy of a four-page printed instructions for the student reports to be prepared during the first semester covering “problems of labor”.

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Economics 9
Course Description
1902-1903

  1. Problems of Labor and Industrial Organization. , Th., and (at the pleasure of the instructor) Sat., at 10. Professor Ripley.

The work of this course will consist of two parts, one concerned mainly with the economic and social questions relating to labor, with especial reference to legislation; the other with the fiscal and industrial organization of capital, especially in the corporate form.

Among the topics included under the first head will be the following, viz.: methods of remuneration, profit sharing, cooperation, sliding scales, and collective bargaining; labor organizations; factory legislation in all its phases in the United States and Europe; strikes, strike legislation and judicial interpretation, conciliation and arbitration; employers’ liability and compulsory compensation acts; compulsory insurance with particular reference to European experience; provident institutions, friendly societies, building and loan associations; the problem of the unemployed; apprenticeship, and trade and technical education.

With reference to the organization of capital and especially the economics of corporations, the principal topics will be industrial combination and the so-called trust problem. This will be considered in all its phases, with comparative study of the conditions in the United States and European countries. The growth and development of corporate enterprise, promotion, capitalization and financing, publicity of accounting, the liability of directors and underwriters, will be illustrated fully by the study of cases, not from their legal but from their purely economic aspects; and the effects of industrial combination and integration upon efficiency, profits, wages, the rights of investors, prices, industrial stability, the development of export trade, and international competition will be considered in turn.

The course is open to students who have taken Economics 1. Systematic reading and report work will be assigned from time to time.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 9
Enrollment
1902-1903

Economics 9. Professor Ripley. — Problems of Labor and Industrial Organization.

Total 112: 3 Gr., 26 Se., 55 Ju., 17 So., 11 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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ECONOMICS 9
ASSIGNMENT OF REPORTS

GROUP A

Students will report upon the comparative conditions respecting Trade Union organization, functions, and efficiency in corresponding industries in the United States and Great Britain. The particular, industry assigned to each man is indicated by a number on the enrolment slip, which refers to the Trade Union number on the appended list of National Labor Organizations.

GROUP B

Students will report upon the comparative efficiency of Trade Union organization in two distinct lines of industry in the United States. Numbers against the names on the enrolment slip refer to the numbered Trade Union list, appended hereto.

GROUP C

Students will report upon the nature of Trade Union organization in two distinct lines of industry in Great Britain. Names on the enrolment slip as numbered refer to the industries concerned in the appended list of Trade Unions.

→ The letters preceding the assignment number against the student’s name refer to the group in which the report is to be made. Thus, for example: “8A” on the enrolment slip indicates that the student is to report upon the Cotton Spinners’ Unions in the United States and Great Britain; “1 & 8B,” that a comparison of the Spinners’ and of the Boot and Shoe Workers’ Organizations in the United States is expected : while “1 & 8C” calls for the same comparison for the two industries in Great Britain.

NATIONAL LABOR ORGANIZATIONS IN THE UNITED STATES

A star indicates that the Trade Union journal is in the Library. [Loeb Fund.]

*The Knights of Labor
*The American Federation of Labor

  1. Boot and Shoe Workers’ Union.
  2. The United Hatters of North America.
  3. The United Garment Workers of America.
  4. The Journeymen Tailors’ Union of America.
  5. Custom Clothing Makers’ Union of America.
  6. International Ladies’ Garment Workers’ Union.
  7. The Shirt, Waist and Laundry Workers’ International Union.
  8. National Spinners’ Association of America.
  9. The Elastic Goring Weavers’ Amalgamated Association of the United States of America.
  10. International Union of Textile Workers.
  11. Trunk and Bag Workers’ International Union of America.
  12. *International Typographical Union of North America.
  13. German-American Typographia.
  14. International Printing Pressmen and Assistants’ Union of North America.
  15. International Brotherhood of Bookbinders.
  16. Lithographers’ International Protective and Beneficial Association.
  17. International Steel and Copperplate Printers’ Union of the United States of America.
  18. Bricklayers and Masons’ International Union of America.
  19. *United Brotherhood of Carpenters and Joiners of America.
  20. Amalgamated Society of Carpenters and Joiners.
  21. International Brotherhood of Electrical Workers.
  22. *Granite Cutters’ National Union of the United States of America.
  23. Brotherhood of Painters, Decorators, and Paper Hangers of America.
  24. Operative Plasterers’ International Association.
  25. United Association of Journeymen Plumbers, Gas Fitters, Steam Fitters, and Steam Fitters’ Helpers.
  26. National Association of Steam and Hot-Water Fitters and Helpers.
  27. Journeymen Stone Cutters’ Association of North America.
  28. Mosaic and Encaustic Tile Layers and Helpers’ International Union.
  29. Glass Bottle Blowers’ Association.
  30. American Flint Glassworkers’ Union.
  31. *Amalgamated Glassworkers’ International Association.
  32. National Brotherhood of Operative Potters.
  33. *United Mine Workers of America.
  34. Northern Mineral Mine Workers’ Progressive Union.
  35. Amalgamated Woodworkers’ International Union.
  36. United Order of Box Makers and Sawyers.
  37. *Piano and Organ Workers’ International Union.
  38. International Wood Carvers’ Association.
  39. Coopers’ International Union.
  40. Carriage and Wagon Workers’ International Union.
  41. National Amalgamated Association of Iron, Steel, and Tin Workers.
  42. *International Association of Machinists.
  43. Amalgamated Society of Engineers.
  44. *Brotherhood of Boiler Makers and Iron Ship Builders.
  45. International Association of Allied Metal Mechanics.
  46. Metal Polishers, Buffers, Platers, and Brass Workers’ International Union.
  47. Amalgamated Sheet Metal Workers’ International Association.
  48. *Iron Molders’ Union.
  49. Pattern Makers’ League.
  50. Core Makers’ International Union.
  51. Grand Union of the International Brotherhood of Blacksmiths.
  52. Chain Makers’ National Union.
  53. Stove Mounters and Steel Range Workers’ International Union.
  54. Tin Plate Workers’ International Protective Association.
  55. American Wire Weavers’ Protective Association.
  56. Metal Trades’ Federation of North America.
  57. *International Seamen’s Union.
  58. National Marine Engineers’ Beneficial Association.
  59. International Longshoremen’s Association.
  60. Amalgamated Association of Street Railway Employees.
  61. Switchmen’s Union.
  62. Journeymen Bakers’ and Confectioners’ International Union.
  63. Journeymen Barbers’ International Union.
  64. National Union of the United Brewery Workmen.
  65. *National Brickmaker’s Alliance.
  66. International Broom Makers’ Union.
  67. *Cigar Makers’ International Union.
  68. Retail Clerks’ International Protective Association.
  69. Team Drivers’ International Union.
  70. International Union of Steam Engineers.
  71. National Brotherhood of Coal Hoisting Engineers.
  72. Watch Case Engravers’ International Association.
  73. International Brotherhood of Stationary Firemen.
  74. International Union of Journeymen Horseshoers.
  75. Hotel and Restaurant Employees’ International Alliance and Bartenders’ International League.
  76. International Jewelry Workers.
  77. The United Brotherhood of Leather Workers on Horse Goods.
  78. National Association of Letter Carriers.
  79. *Amalgamated Meat Cutters and Butcher Workmen.
  80. American Federation of Musicians.
  81. International Brotherhood of Oil and Gas Well Workers.
  82. United Brotherhood of Paper Makers.
  83. National Alliance of Theatrical Stage Employees.
  84. National Stogie Makers’ League.
  85. *Tobacco Workers’ International League.
  86. Upholsterers’ International Union.
  87. *Brotherhood of Locomotive Engineers.
  88. *Order of Railway Conductors of America.
  89. *Brotherhood of Locomotive Firemen.
  90. Brotherhood of Railroad Trainmen.
  91. *Order of Railroad Telegraphers.
  92. Brotherhood of Railway Truckmen.
  93. Switchmen’s Union of North America.

The constitutions of most of the Trades Unions for the United States will be found in Vol. XVII, Reports, U. S. Industrial Commission. Similar data for Great Britain is in the Appendix to “Foreign Reports, Vols. 1-2,”Royal Commission on Labour, pp. 15-324. [Volume I, United States; Volume II, Colonies and Indian Empire] [Both reserved in Gore Hall.] Additional evidence as to labor conditions in each industry will be found in Vols. VII, VIII, XII, XIV, and XVII, U. S. Industrial Commission (consult Digest and Index in each volume); and in the Reports of the British Royal Commission. The student should also consult Charles Booth’s Life and Labor of the People;

[(Original) Volume I, East London; (Original) Volume II, London; (Original) Appendix to Volume II; Note: the previous three original volumes were re-printed as four volumes that then were followed by Volume V, Population Classified by Trades; Volume VI, Population Classified by Trades (cont.); Volume VII, Population Classified by Trades; Volume VIII, Population Classified by Trades (cont.); Volume IX, Comparisons, Survey and Conclusions];

Webbs, Industrial Democracy; and other books reserved in Gore Hall.

Data respecting the various unions among railroad employees in the United States will be found in a separate section on Railway Labor, in Vol. XVII, U. S. Industrial Commission: as also in Vols. IV and IX. (See Digests and Indexes.)

In cases where the American Trade Union journal is not in the library, the student will be expected to procure at least one copy from the Secretary of the Union. [See list of post office addresses posted with the enrolment slip.] These are to be filed with the report.

→ Exact references by title, volume and page must be given in foot notes for all facts cited. This condition is absolutely imperative. Failure to comply with it will vitiate the entire report.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1902-1903”.

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Economics 9
Mid-Year Examination
1902-1903

  1. What is the “fellow-servant doctrine” as applied to the interpretation of Employers’ Liability? Upon what reasons was it based; wherein did it fail; and how was it remedied?
  2. Describe, briefly, the causes and results of five great strikes in the United States since 1870.
  3. What was the recent Taff Vale case in Great Britain, and why was it so important?
  4. What is the position of the leading political parties and statesmen in England on labor questions?
  5. What is the general attitude of the American courts toward—
    1. The rights of strikers?
    2. Boycotts?
    3. Non-union men?
  6. What is an injunction? What are its merits and evils?
  7. Where has compulsory arbitration of labor disputes been attempted? What is the main objection to such a policy?
  8. What is the relative importance of the different causes of labor disputes? Are they different in different countries?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

Economics 9b
Year-end examination
1902-1903

  1. Outline with approximate dates, the development of the so-called Trust Problem in the United States.
  2. Show how the methods of promotion usually adopted have affected capitalization; illustrating by a case familiar to you.
  3. In what ways does the financing of industrials differ from railways; and what has been the principal effect upon their dividend policy?
  4. What are Jenks’ main conclusions as to the effect of combination upon prices? How do these compare with Ely’s?
  5. What are the three main inducements for transforming a partnership into a corporation?
  6. Contrast the attitude of the English common law toward monopoly with that of the law in Germany and France.
  7. What has been the attitude of the U.S. Steel Corporation toward its employees? Illustrate by concrete experience.
  8. Is “publicity” a sufficient remedy for the existing abuses of corporate management, in your opinion? Give specific reasons for your view.
  9. What was the decision in the Northern Securities Co. case, and what may be its possible effect?

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.

Categories
Bibliography Economic History Harvard

Harvard. Short Bibliography of Economic History for “Serious-minded Students”, Gay, 1910

Edwin Francis Gay

Economic history played a much larger role in the education of economists at the turn of the twentieth century than it does now. Course reading lists from the earlier time are relatively rare, it appears that assignments were written on the blackboard as part of lectures. Nonetheless, from printed bibliographies we do get a sense of the scale and scope of the literature advanced students would have been exposed to.

In 1910 Harvard published 43 short bibliographies covering “Social Ethics and Allied Subjects”, about half of which were dedicated to particular topics in economics and economic sociology. The project was coordinated by Plummer Professor of Christian Morals, Francis G. Peabody.

Economic History is the “allied subject” covered in the bibliography provided by Professor Edwin F. Gay and transcribed below. Economics in the Rear-view Mirror has added links to digital copies of all but one of the ca. 90 items listed by Gay! 

UPDATE (July 16, 2023). Friend of Economics in the Rear-View Mirror, Thea Don-Siemion (Twitter: @StationryBandit), suggested a comparison with A bibliography of historical economics to 1980 by D. N. McCloskey and G.K. Harsh (Cambridge University Press, 1990). The book can be borrowed online, an hour at a time, at archive.org by registered users. To think there is still a residual gap of over forty years already!

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Previously posted  Harvard short bibliographies

I.2. Economic Theory by Taussig, 1910

I.7. Social Statistics by Ripley, 1910

II.3. Taxation by Bullock, 1910

IV.5 Economics of Socialism by Carver, 1910

IV.6 Socialism and Family/Christian Ethics by McConnell, 1910

IV.7. Trade Unionism by Ripley, 1910

IV.8. Strikes and Boycotts by Ripley, 1910

IV.12 Thrift Institutions by Oliver M. W. Sprague.

IV.13. Social Insurance by Foerster, 1910

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Economic History
Edwin F. Gay

The reader interested in economic history must gather his information from many books, for the most part dealing with special phases of the subject and limited as to period and country, rather than from comprehensive manuals or surveys. Since economic history is but a portion or aspect of general history, isolating for convenience of study the organized efforts of mankind to satisfy its material needs, works on political and constitutional history must be used, though they vary greatly in the degree of emphasis placed upon the economic factors. Indeed, for the student who cannot read German and French, such general histories must often be his sole reliance. This is particularly true of the economic history of Greece and Rome and of large parts of the mediæval and modern economic history of other than English speaking countries. This brief list cannot include general histories, but it must necessarily comprise some of the more important German and French contributions to economic history.

The economic history of England must hold first place in such a list, and therefore the books in that field are given the larger amount of space. Then follow some of the more important works relating to the continent of Europe and to the United States.

Cunningham, W. An essay on western civilization in its economic aspects. [Cambridge Historical Series.] Volume I, ancient times; Volume II, mediæval and modern times. Cambridge, University Press, 1898-1900, pp. xii, 220; xii, 300.

A good general introduction to economic history.

Bücher, Karl. Die Entstehung der Volkswirtschaft. 1 Aufl., 1893; 7 Aufl., ibid., 1910. Tübingen: H. Laupp, vii, 464 S.

Bücher, Karl. Industrial evolution. Translated from the third German edition [of the above] by S. M. Wickett. New York: Henry Holt & Co., 1901, pp. xiv, 393.

A series of suggestive essays, illuminating the development of industrial organization. The book has exerted a marked influence.

Day, Clive. A history of commerce. New York: Longmans, Green & Co., 1907, pp. xliv, 626.

The best brief manual; well proportioned and with a good background of economic history; it has a useful bibliography.

Lindsay, W. S. History of merchant shipping and ancient commerce. 4 vols. London: Sampson, Low & Co., 1874-76. [Volume I, Volume II, Volume III, Volume IV]

An older standard work in this field; more exhaustive than any of its successors. The last two volumes (1816-74) were reprinted separately in 1876.

 

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Cunningham, W. The growth of English industry and commerce, . Volume I, Early and middle ages, fourth edition, 1905; [:] Modern times, Volume II [, The Mercantile System] and [Volume] III [Laissez Faire], fourth edition, 1907. Cambridge: University Press.

This work, constantly improved in the successive editions since the first in 1882, is of importance as a book of reference for English economic history, and should be used, if possible, in preference to the smaller but still commendable manuals on the subject, such as those by Cunningham and McArthur, Gibbins, Warner or Cheyney. Each volume has a helpful bibliography.

Ashley, W. J. An introduction to English economic history and theory. Part 1, The middle ages; Part 2, The end of the middle ages. Third edition. New York: Longmans, Green & Co., 1894-98, pp. xii, 227; xii, 501.

A scholarly and readable work.

Traill, H. D., editor. Social England: a record of the progress of the people in religion, laws, learning, arts, industry, commerce, science, literature and manners. By various writers. 6 vols., New York: George Putnam’s Sons, 1893-97 [Volume I, From the earliest times to the accession of Edward I (1895); Volume II, From the accession of Edward I to the death of Henry VII (1894); Volume III, From the accession of Henry VIII to the death of Elizabeth (1896); Volume IV, From the accession of James I to the death of Anne (1895); Volume V, From the accession of George I to the Battle of Waterloo (1896); Volume VI, From the Battle of Waterloo to the General Election of 1885 (1898)]; new edition [illustrated], Traill, H. D., and Mann, J. S., editors, 6 vols., New York: George Putnam’s Sons, 1901-4. [Volume I (1901); Volume II (1902); Volume III(1902); Volume IV (1903); Volume V (1904); Volume VI (1904)]

A poorly edited though useful book; the contributions of Prothero, Maitland, Powell and others more than counterbalance the less scholarly contributions. Brief bibliographical notes accompany each chapter.

Seebohm, Frederic. The English village community. New York: Longmans, Green & Co., 1883, pp. 464.

A stimulating pioneer book. Its conclusions are controverted by Vinogradoff and Maitland.

Vinogradoff, Paul. Villainage in England; essays in English mediæval history. Oxford: Clarendon Press, 1892, pp. xii, 464.

Vinogradoff, Paul. The growth of the manor. New York: The Macmillan Company, 1892, pp. 384.

These, with the same author’s “English Society in the Eleventh Century” (1908), are not easy reading, but indispensable for an understanding of earlier social history and manorial institutions.

Maitland, Frederic W. Domesday book and beyond: Three essays in the early history of England. Cambridge: University Press (Boston: Little, Brown & Co.), 1897, pp. xiii, 527.

The best starting point for the study of the vexed problems of social agrarian history presented by Domesday book.

Page, T. W. The end of villainage in England. Publications of the American Economic Association. New York: The Macmillan Company, third series, Volume I, No. 2, May, 1900, pp. 99.

A valuable contribution to the discussion of an important question.

Gross, Charles. The gild merchant. 2 vols. Oxford: Clarendon Press, 1890, pp. xxii, 332; xi, 447. [Volume I;Volume II]

The author’s chief interest in this book is in the development of the municipal constitution, but his investigations are of fundamental importance for a knowledge of the beginnings of mercantile associations in England. The book has a carefully prepared bibliography.

Rogers, J. E. Thorold. Six centuries of work and wages; the history of English labor. 1 vol. in 2 parts. London: Swan, Sonnenschein & Co. (G. P. Putnam’s Sons), 1884, pp. 591.

A summary of conclusions based upon his monumental “History of agriculture and prices in England” (7 vols., 1866-1902) [Volume I, 1259-1400; Volume II, 1259-1400; Volume III, 1401-1582; Volume IV, 1401-1582; Volume V, 1583-1702; Volume VI, 1583-1702; Volume VII, 1703-1793, Part I; Volume VII, 1703-1793, Part II], the most considerable collection of prices available for any country; but both his price averages and views must be accepted with caution. Eight selected chapters of this work have been reprinted (London, 1895, Social Science Series).

Unwin, George. Industrial organization in the sixteenth and seventeenth centuries. Oxford: Clarendon Press, 1904, pp. vii, 277.

A well-written attempt to prove the continuity of labor organizations from the medieval craft gild to the modern trade union. For a different opinion see the Webbs’ “History of trade unionism,” second edition, 1907.

Schanz, Georg. Englische Handelspolitik gegen Ende des Mittelalters. 2 Bde. Leipzig: Duncker und Humblot, 1881, xix, 684; xiii, 672 S. [Volume I; Volume II]

The best account of English commercial policy and commercial institutions under Henry VII and Henry VIII. The second volume consists largely of documentary materials.

Ehrenberg, Richard. Hamburg und England im Zeitalter der Königin Elizabeth. Jena: Gustav Fischer, 1896, 362 S.

A valuable study of the commercial struggle between England and the Hansa towns under Elizabeth.

Hewins, W. A. S. English trade and finance chiefly in the seventeenth century. London: Methuen (University Extension Series), 1892, pp. 174.

This work treats concisely and interestingly of the chief commercial companies and labor organizations of the seventeenth century and of three important commercial treaties of the eighteenth century.
An account of the English commercial companies is given in Cawston and Keane’s “The early chartered companies, 1296-1858” (London: Edward Arnold, 1896, pp. 329), a compilation from material which is found in Macpherson’s “Annals of commerce” (London, 1805, 4 vols.) [Volume I; Volume II; Volume III; Volume IV]. For further account of the commercial companies, especially the Continental, consult Bonnassieux, “Les grandes compagnies de commerce” (Paris: Plon, Nourrit et Cie., 1892, pp. 562).

Hunter, William W. History of British India. London: Longmans, Green & Co., 1899-1900. 2 vols. [Volume I,To the overthrow of the English in the Spice Archipelago; Volume II, To the union of the old and new companies under the Earl of Godolphin’s award] [Completed by P. E. Roberts owing to the author’s death.]

A readable and reliable history of the English India Company.

Andréadès, A. Histoire de la Banque d’Angleterre: ses origines, sa fondation, son developpement, etc. 2 vols. in 1. Paris: Rousseau, 1904, pp. 455. Translated by Christabel Meredith. London: P. S. King & Son, 1909. [Essai sur la foundation et l’histoire de la Banque d’Angleterre (1694-1844), Paris: Rousseau, 1901]

A competent study; it contains an extensive bibliography.

Prothero, R. E. Pioneers and progress of English farming. London: Longmans, Green & Co., 1888, pp. 290.

A brief and picturesque account of the history of English agriculture.

Johnson, A. H. Disappearance of the small landholder. Oxford: Clarendon Press, 1909, pp. 164.

The most recent and in many respects most useful discussion of the subject. W. Hasbach’s “Die englischen Landarbeiter.” (Leipzig, 1894. English translation by Ruth Kenyon, with preface by Sidney Webb. London: P. S. King & Son, 1908, pp. 470, with bibliography), deals with another aspect, the history of agricultural labor.

Toynbee, Arnold. Lectures on the industrial revolution of the eighteenth century in England. Fourth edition, London, 1894, pp. 319 (with a memoir by B. Jowett). New edition, New York: Longmans, Green & Co., 1908 (with reminiscences by Lord Milner), pp. 282.

Suggestive lectures originally addressed to workingmen.

Mantoux, Paul. La Révolution industrielle au xviiie siècle. Paris: G. Bellair, 1906, pp. 543.

An excellent description (with good bibliography) of the industrial revolution in England, with, however, no adequate study of the causes and economic significance of the movement. The reader may find some assistance on this side from Hobson, “Evolution of modern capitalism” (London, 1896).

Macrosty, H. W. Trusts and the state. New York: E. P. Dutton & Co. (London: Grant Richards), 1901, pp. 318.

A well-informed historical treatment of the subject.

Webb, Sidney and Beatrice. History of trade unionism. New edition. New York: Longmans, Green & Co., 1907, pp. xxxiv, 558.

The best book on the subject.

Hutchins, B. L., and Harrison, A. History of factory legislation. Preface by Sidney Webb. London: P. S. King & Son, 1903, pp. xviii, 372.

Complete and reliable. Extensive bibliography.

Armitage-Smith, George. The free trade movement and its results. Chicago: Herbert S. Stone & Co., 1898, pp. 244.

An historical study written from the standpoint of a free trader.

Bowley, A. L. England’s foreign trade in the nineteenth century. Revised edition, 1905. London: Swan, Sonnenschein & Co., 1893, pp. 165.

A brief but valuable statistical discussion.

Ashley, W. J., editor. British industries. Second edition. New York: Longmans, Green & Co., 1907, pp. xvii, 232.

Eight lectures, each by an expert in his field.

Nicholls, George. History of the English poor law. 2 vols. [Volume I; Volume II] London: 1854. New edition with revision by the author, a biography by H. G. Willink, and a supplementary volume [III] by Thomas Mackay; 3 vols. [Volume I, A.D. 924 to 1714; Volume II, A.D. 1714 to 1853; Volume III, A.D. 1834 to the present time] London: P. S. King & Son, 1898–9.

The standard work on the subject.

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Lamprecht, Karl. Deutsches Wirtschaftsleben in Mittelalter. 3 Tle. in 4 Bdn. Leipzig: Dürr, 1885-86. [Volume I.1; Volume I.2; Volume II, Statistisches Material und Quellenkunde; Volume III, Quellensammlung]

An important work. Though based on a documentary study of economic conditions only in the Moselle valley for the period ending in the early sixteenth century, it nevertheless deserves its wider title. The same author’s “Deutsche Geschichte” emphasizes—perhaps over-emphasizes—the economic and social aspects of German history.

[Volume I, Urzeit und Mittelalter (Books 1-4);
Volume II, Urzeit und Mittelalter (Books 5-7);
Volume 3, Urzeit und Mittelalter (Books 8-10);
Volume 4, Urzeit und Mittelalter (Books 11-13);
Volume 5.1, Neuere Zeit (Books 14-15);
Volume 5.2, Neuere Zeit (Books 15-16);
Volume 6, Neuere Zeit (Books 17-18);
Volume 7.1, Neuere Zeit (Books 19-20);
Volume 7.2, Neuere Zeit (Book 21);
Volume 8, Neueste Zeit (Book 22);
Volume 9, Neueste Zeit (Book 23);
Volume 10, Neueste Zeit (Book 24);
Volume 11, Neueste Zeit (Book 25);
Volume 12, Anhang, Bibliographie, Register
Ergänzungsband I, Tonkunst—Bildende Kunst—Dichtung–Weltanschauung;
Ergänzungsband II.1, Wirtschaftsleben—Soziale Entwicklung];
Ergänzungsband II.2, Innere Politik—Äußere Politik]

Von Inama-Sternegg, K. T. Deutsche Wirtschaftsgeschichte. 3 Tle. in 4 Bdn. Leipzig: Duncker und Humblot, 1879-1901

[Volume I, bis zum Schluss der Karolingerperiode; Volume II, des 10. Bis 12. Jahrhunderts; Volume III, in den letzten Jahrhunderten des Mittelalters (1. Teil); Volume III, in den letzten Jahrhunderten des Mittelalters (2. Teil)]

Covers the period to the end of the middle ages. The only general work on the subject.

Pigeonneau, H. Histoire du commerce de la France. 2 vol. 2e édition. [Volume I; Volume II] Paris: Cerf, 1887-88.

A standard work, covering the period ending with the age of Richelieu.

Heyd, W. Geschichte des Levantehandels im Mittelalter. 2 Bde.  [Volume I; Volume II] Stuttgart: Cotta, 1879, 604, 781 S.

The French translation (Histoire du commerce du Levant au moyen-âge. 2 vols. [Volume I; Volume II] Leipzig: 1885-86, revised by the author) is preferable to the German original.

Levasseur, É. Histoire des classes ouvrières et de l’industrie en France avant 1789. 2 vol. [Volume 1; Volume 2] 2e édition. Paris: Rousseau, 1900-01.

Levasseur, É. Histoire des classes ouvrières et de l’industrie en France de 1789 à 1870. 2 vol. [Volume 1; Volume 2] 2e édition. Paris: Rousseau, 1903.

Levasseur, É. Questions ouvrières et industrielles en France sous la troisième république. Paris: Rousseau, 1907, pp. xxii, 968.

These three works together form the most available general survey not only of the history of the French working classes but of French economic history.

Sée, H. Les classes rurales et le régime domanial en France au moyen-âge. Paris: Giard et Brière, 1901, pp. xxvii, 638.

A convenient survey of French agrarian conditions in the middle ages, with bibliography.

Fuchs, [Carl Johannes]. Die Epochen der deutschen Agrargeschichte und Agrarpolitik. Jena: Gustav Fischer, 1898, ii, 32 S. [Beilage zur Allgemeinen Zeitung No 70 und 71 vom 29. und 30. März 1898]

An admirable summary of the results of recent investigation in German agrarian history.

Ehrenberg, R. Das Zeitalter der Fugger. 2 Bde. [Volume I; Volume II] Jena: Gustav Fischer, 1896, xv, 420; iv, 367 S.

A noteworthy contribution to the financial and commercial history of the sixteenth century.

Wiebe, G. Zur Geschichte der Preisrevolution des 16ten und 17ten Jahrhunderts. Leipzig: Duncker und Humblot, 1895, ix, 419 S.

The best study of the subject, clear and critical.

Schmoller, G. Das Merkantilsystem in seiner historischer Bedeutung. A chapter from his “Studien über die wirtschaftliche Politik Friedrichs des Grossen” (1884) [Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reich Band 8, S. 1-62] and reprinted in the Umrisse und Untersuchungen. Leipzig: Duncker und Humblot, 1898, pp. 1-60. English translation by W. J. Ashley: The mercantile system. New York: The Macmillan Company, 1896, pp. viii, 95.

Gives an understanding of the significance of the commercial and political policies of the period when the mercantile system prevailed. For the history of mercantilist doctrine, the English reader may consult J. K. Ingram’s “History of political economy.” New York: The Macmillan Company, 1888, pp. xv, 250. Second edition (unaltered), 1907. More recent books are available in French and German.

Sargent, A. J. Economic policy of Colbert. New York: Longmans, Green & Co., 1899, pp. vii, 138.

A judicious and concise survey of Colbert’s work, based mainly on P. Clément: “Histoire de Colbert et de son administration” (Paris, 1892) [Volume I; Volume II] and Clément’s edition of the “Lettres, instructions, et mémoires de Colbert” (Paris, 1861-70). [Volume I; Volume II (1); Volume II (2); Volume III (1); Volume III (2) ; Volume IV; Volume V; Volume VI; Volume VII; Errata Général et Table Analytique]

Shepherd, R. P. Turgot and the six edicts. New York: Columbia University Press, 1903, pp. 263.

A scholarly study of the policy of Turgot.

Knapp, G. F. Die Bauernbefreiung und der Ursprung der Landarbeiter in den älteren Teilen Preussens. 2 Tle. [Volume I; Volume II] Leipzig: Duncker und Humblot, 1887, vii, 352; vi, 473 S.

A most valuable study of the condition of the Prussian peasants and the work of emancipation. The English reader will find a less authoritative account in Seeley’s “Life and times of Stein,” [Volume I; Volume II; Volume III] and Morier’s “Agrarian legislation of Prussia,” chapters from each being reprinted in B. Rand’s “Selections illustrating economic history,” fourth revised edition. New York: The Macmillan Company, 1903, pp. vii, 647.

Sombart, W. Der moderne Kapitalismus. 2 Bde. [Volume I; Volume II] Leipzig: Duncker und Humblot, 1902, xxxiv, 669; viii, 646. S.

Sombart, W. Die deutsche Volkswirtschaft im 19ten Jahrhundert. Berlin: Bondi, 1903, pp. xviii, 647.

These two works together form a stimulating interpretation of the recent economic development of Germany.

Ashley, Percy. Modern tariff history. London: Murray, 1904, pp. xviii, 367.

Contains a useful summary of the tariff history of Germany and France and a less useful one of the United States.

Liefmann, R. Kartelle und Trusts. 2 erweit. Aufl. Stuttgart: E. H. Moritz, 1910, 210 S. [5. Erw. und erb. Aufl. 1922]

A popular account with especial reference to Germany, written by a careful student of the subject.

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Emery, H. C. Economic development of the United States. Cambridge: University Press, 1904, in Cambridge Modern History, Volume VII: “The United States,” pp. 687-722.

The best brief survey. Two fairly good text-books in this field are: Coman, K., “The industrial history of the United States” (New York: Macmillan, 1905, pp. xviii, 343), and Bogart, E. L., “Economic history of the United States” (New York: Longmans, 1907, pp. 522).

Callender, G. S. Selections from the economic history of the United States, 1765-1860. Boston: Ginn & Company, 1909, pp. xviii, 869.

A comprehensive selection of original materials together with helpful editorial comment. Volume II (1860-1900) is in preparation.

Beer, G. L. The commercial policy of England toward the American colonies. New York: Columbia University Press, 1903, pp. 167.

An important monograph.

Hammond, M. B. The cotton industry. Publications of the American Economic Association. New York: The Macmillan Company, 1897, pp. viii, 382.

An historical study, especially good for the period before the Civil War.

Taussig, F. W. State papers and speeches on the tariff. Cambridge: Harvard University, 1893, pp. vii, 385.

Contains Hamilton’s report on manufactures, Gallatin’s free-trade memorial, Walker’s treasury report of 1845, and Clay’s and Webster’s speeches on the tariff of 1824.

Taussig, F. W. The tariff history of the United States. Fifth edition. New York: Henry Putnam’s Sons, 1903, pp. xi, 422.

This is the standard work on the subject. It is a scholarly investigation written from the free-trade standpoint. See also an article by the same author in the Quarterly Journal of Economics (November, 1909, Volume XXIV, pp. 1-38), on “The tariff debate of 1909 and the new tariff.” For the protectionist side of the tariff controversy see E. Stanwood’s “History of American tariff controversies.” 2 vols. [Volume I; Volume II] Boston: Houghton, Mifflin Company, 1903.

Dewey, D. R. Financial history of the United States. Second edition. New York: Longmans, Green & Co., 1903, pp. xxv, 530.

The standard text-book in its field. It contains excellent bibliographical notes.

Bullock, C. J. Essays on the monetary history of the United States. New York: The Macmillan Company, 1900, pp. x, 288.

Best on the period before the revolution.

Catterall, R. C. H. The second bank of the United States. Chicago: University Press, 1903, pp. xiv, 538.

A scholarly study.

Mitchell, W. C. A history of the greenbacks. Chicago: University Press, 1903, pp. xvi, 577.

An exhaustive work.

Noyes, A. D. Forty years of American finance. New York: Henry Putnam’s Sons, 1909, pp. ix, 418.

An excellent account of American financial history since the Civil War.

Hadley, A. T. Railroad transportation. New York: G. P. Putnam’s Sons, 1885, pp. iv, 269.

An early and valuable treatise.

Johnson, E. R. American railway transportation. Second edition. New York: D. Appleton & Co., 1908, pp. xviii, 434.

The best text-book on the subject.

Source: A guide to reading in social ethics and allied subjects; lists of books and articles selected and described for the use of general readers by teachers in Harvard University. (Cambridge, Massachusetts: Harvard University, 1910) pp. 10-21.

Image Source: Portrait of Edwin Francis Gay, colorized by Economics in the Rear-view Mirror. Monochrome image from The World’s Work, Vol. XXVII, No. 5, March 1914.

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Economic History Exam Questions Harvard

Harvard. U.S. Economic History. Enrollment and Exams. Sprague, 1902-1903

Oliver Mitchell Wentworth Sprague

From the announcement of courses for the 1902-03 year, it would appear that the economics department reckoned with Frank Taussig’s return after a one year medical leave since he was listed to teach several courses, including U.S. economic history. However his leave needed to be extended and Oliver Mitchell Wentworth Sprague had to teach the course alone. This post provides the course description, enrollment figures and the final exam questions from 1902-03 for Economics 6.

Materials for the U.S. economic history course (Economics 6) taught at Harvard during the academic year 1901-02 have been posted earlier. They include a reading list for reports to prepared by the students. It was jointly taught by Oliver M.W. Sprague and James Horace Patten.

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Economics 6
Course Description
1902-1903

  1. The Economic History of the United States. Tu., Th., at 2.30. Professor Taussig and Dr. Sprague.

Course 6 gives a general survey of the economic history of the United States from the close of the eighteenth century to the present time, and aims to show on the one hand the mode in which economic principles are illustrated by American experience and, on the other, the extent to which economic conditions have influenced social and political development. The following are among the subjects considered: aspects of the Revolution and commercial relations during the Confederation and the European wars; the history of the protective tariff policy and the growth of manufacturing industries; the settlement of the West and the history of transportation, including the early canal and turnpike enterprises of the states, the various phases of railway building and the establishment of public regulation of railways; various aspects of agrarian history, such as the public land policy, the growth of foreign demand for American produce and the subsequent competition of other sources of supply, certain social topics, such as slavery and its economic basis, emancipation and the present condition of the Negro, the effects of immigration. Finally, the more important features of our currency and financial history are reviewed. Comparisons will be made from time to time with the contemporary economic history of Europe.

The course is taken advantageously with or after History 13. It is open to students who have taken Economics 1, and also to Juniors and Seniors who are taking that course.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 6
Enrollment
1902-1903

Economics 6. Dr. Sprague. — The Economic History of the United States.

Total 120: 1 Gr., 36 Se., 59 Ju., 15 So., 9 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 6
Mid-Year Examination
1902-1903

  1. Was the colonial relationship economically advantageous to New England?
  2. The sale of public lands to 1821.
  3. The effect of the credit system in the South upon cotton growing.
  4. The investment of foreign capital and internal improvements in the United States.
  5. Contrast the views of Webster and Clay upon conditions in 1824, and give reasons for their difference of opinion.
  6. The United States “can without difficulty obtain from abroad the manufactured supplies of which they are in want, but they experience numerous impediments to the emission and vent of their own commodities. . . . A constant and increasing necessity on their part for the commodities of Europe, and only a partial or occasional demand for their own in return, could not but expose them to a state of impoverishment compared with the opulence to which their political and natural advantages authorize them to aspire.”
    — Hamilton.
    What would Gallatin have said of this argument for protection? What is your own opinion?
  7. Why did not the opening of the Erie Canal at first greatly change the course of Western trade?
  8. Explain and illustrate the highly speculative character of American economic development.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

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Economics 6
Year-End Examination
1902-1903

  1. The tariff act of 1883.
  2. “There are, however, some aspects of the tariff question on which the inductive and historical mode of inquiry has been more helpful. The protective policy of the United States has had unexpected successes and surprising failures.” Illustrate.
  3. Factors tending to the localization of industries.
  4. Why was the United States a more attractive country to immigrants in 1850 than in 1820?
  5. The future delivery system in the sale of cotton.
  6. What conclusions may be drawn from our experience under the tariffs of 1846 and 1857?
  7. Duties upon raw wool and their consequences.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Oliver Mitchell Wentworth Sprague portrait in the Harvard Class Album 1915. Colorized by Economics in the Rear-view Mirror.

 

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Exam Questions Harvard

Harvard. Exams for Organisation and Resources European Economies. Ripley and Meyer, 1902-1903

William Zebina Ripley

 

European economic geography was the subject of a year-long course co-taught in 1902-1903 by William Zebina Ripley and Hugo Richard Meyer. They took over this course from Professor William Ashley who last taught the course in 1900-01 before leaving Harvard.

Economics 17 had also been taught by William Zebina Ripley and Hugo Richard Meyer in 1901-02. The enrollment figures and exam questions for that year have been posted earlier.

Biographical information for Professor William Z. Ripley  posted as well. Economics in the Rear-view Mirror has also posted some life and career information for Hugo Richard Meyer.

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Economics 17
Course Description
1902-1903

  1. *The Economic Organization and Resources of European Countries. , Th., and (at the pleasure of the instructor) Sat., at 12. Professor [William Zebina] Ripley and Mr. [Hugo Richard] Meyer.

This course in Descriptive Economies is intended to afford a comprehensive survey of the commercial and industrial status of the leading countries of Europe at the present time. It will involve a comparison of actual economic conditions in Great Britain and Ireland, France, Germany, Austria-Hungary, Russia and Italy; in respect of agriculture, manufacturing industry, and commerce. Particular attention will be devoted throughout to the use and analysis of original sources of information. Ability to read simple French and German, while not required, is highly desirable.

In the first term will be considered in order: the physical geography and natural resources of each country as determined by soil, climate, and other circumstances; the distribution of population as affecting both the character and supply of labor, and the demand for food-stuffs and raw materials; the condition of agricultural and mining industry, with an account of governmental policies respecting the stimulation and control of private enterprise; and the principal trade routes and means of transportation, both within Europe and between European and foreign countries.

The work of the second term will deal with the geographical distribution, the character and the comparative development of manufacturing industry, such as iron and steel, cotton and other textiles, etc.; the investment of capital and the forms of business organization; and finally the reciprocal or conflicting interests of the several countries, and the attempts which have been made, or are now proposed, to remove or mitigate trade antagonism by means of customs tariffs, subsidies, commercial treaties, etc. The trade interests of the United States will be considered particularly with reference to these last topics, as, for instance, in the matter of reciprocity treaties.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 17
Course Enrollment
1902-1903

Economics 17. Professor Ripley and Mr. Meyer. — The Economic Organization and Resources of European Countries.

Total 9: 2 Gr., 2 Se., 3 Ju., 1 So., 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 17
Mid-Year Examination
1902-1903

  1. The intervention of the State in the affairs of men, and the conflict of sectional or class interests, as illustrated by:—
    1. The working of protection to agriculture in Germany.
    2. The transportation situation in Russia.
  2. What are the principal factors that have determined the efficiency with which the land is cultivated:
    1. In Germany?
    2. In England?
  3. Comment upon the subjoined data:—

Yield in kg. pro ha.

Russia in Europe

 Germany

United States

Wheat

726

 1700

875

Rye

681

 1470

875

Oats

665

 1520

1150

Aggregate of agricultural produce obtained per head of farming population

450 kg.

 1000 kg.

2000 kg.
  1. Arrange the five countries: Germany, Russia, England, Italy, and France, in the order of the standard of life of their inhabitants; and indicate briefly for each country the principal factors determining the standard of life.
  2. The several standards of life of the agricultural classes of Belgium.
  3. Contrast the condition of the settler in Siberia with the condition of the farmer in Dakota, and explain the differences of condition.
  4. Writers upon the agricultural depression in Great Britain frequently cite the British imports of poultry, eggs, butter, cheese, milk, and vegetables, for proof of the contention that British farming practices could be materially improved. Give your reasons for accepting or rejecting that argument.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

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Economics 17
Year-End Examination
1902-1903

  1. What are the relative proportions of the different countries in the world’s manufactures of cotton? How do these differ in the relative importance of exports of cotton cloth?
  2. Describe the location and geographical advantages of the English cotton manufacture.
  3. What is the present condition of the German iron and steel industry?
  4. How does speculation in “tops” differ from grain “futures” in this country? Contrast the two systems.
  5. What is the main feature of the Smith combination movement in England?
  6. What are three main features of the present German law regulating corporations?
  7. Outline the recent tariff struggle in the German Parliament. What is the law which has resulted?
  8. What is Imperial Federation? Can it be effected in conjunction with a Free Trade policy?
  9. Is the combined effect of recent commercial tendencies in Europe, of importance as affecting the policy of the United States?

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.

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Economic History Exam Questions Harvard

Harvard. Economic History of Europe since 1500. Final Exam. Gay, 1902-1903

 

The previous post provided material for the first-semester course on mediaeval economic history taught at Harvard by economics instructor Dr. Edwin Gay during the 1902-03 academic year. In this post Economics in the Rear-view Mirror provides the course description, enrollment, and final exam questions for the follow-up course on European economic history since 1500.

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Economics 11
Course announcement
1902-03, Spring term

  1. 2hf. The Modern Economic History of Europe (from 1500). Half-course (second half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Mr. Gay.

This course, while intended to form a sequel to Course 10, will nevertheless be independent, and may usefully be taken by those who have not followed the history of the earlier period. The main thread of connection will be found in the history of trade; but the outlines of the history of agriculture and industry will also be set forth, and the forms of social organization dependent upon them. England, as the first home of the “great industry,” will demand a large share of attention; but the parallel or divergent economic history of the great countries of western Europe will be considered side by side with it.

Course 11 is open to those who have passed satisfactorily either in History 1 or Economics 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 11
Course Enrollment
1902-03, Spring term

Economics 11. 2hf. Dr. Gay. — The Modern Economic History of Europe (from 1500).

Total 18: 7 Gr., 1 Se., 5 Ju., 4 So., 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 11
Final Examination
1902-03, Spring term

  1. Describe briefly (a) métayage, (b) Zunftzwang, (c) commenda, (d) South Sea Bubble.
  2. State succintly what you associate with the names of (a) John Hales, (b) Jean Bodin, (c) Colbert, (d) Nicholas Barbon.
  3. Give the chief points of interest in the economic history of the reign of Richard II. Where modern writers differ in opinion on any of these points, mention their views.
  4. (a) Summarize the history of wage regulation by public authority in England, noting the views of Rogers, Cunningham and Hewins as to the effectiveness of this public regulation.
    (b) By what causes and to what extent was the position of the wage-earner affected in the sixteenth and seventeenth centuries?
  5. Name the three English statutes between 1560 and 1660 which you consider of most economic importance, and outline their provisions and significance.
  6. When and why did the gild system of industry come to an end in England, France, and Germany? Describe the forms of industrial organization which displaced it.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Edwin F. Gay in Harvard Class Album 1906.

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Economic History Exam Questions Harvard

Harvard. Mediaeval economic history. Final exam. Gay, 1902-1903

Edwin Francis Gay (1867-1946) came to Harvard in 1902 as an instructor of economic history taking over William Ashley’s courses after having spent a dozen years of training and advanced historical study in Europe (Berlin, Ph.D. in 1902 under Gustav Schmoller, also he was in Leipzig, Zurich and Florence). He and Abram Piatt Andrew received five-year contracts as assistant professors of economics in 1903. In just four years he actually advanced to the rank of professor. He served as a principal advisor to Harvard President Charles Eliot in establishing the Harvard Graduate School of Business Administration in 1908. After the favored candidate to be the founding dean of the business school, William Lyon Mackenzie King (Ph.D., Harvard 1909) turned down the offer, instead continuing as deputy minister of labor in Canada then later becoming prime minister of Canada, President Eliot turned to Gay. In nine years Gay put his stamp on the Harvard Business School, apparently playing an instrumental role in the use of the case method (pedagogic transfer from the law school) with a strong emphasis on obtaining hands-on experience through practical assignments with actual businesses. He is credited with establishing the academic degree of the M.B.A. (Master of Business Administration), the credential of managers.

During WW I Gay worked as adviser to the U.S. Shipping Board and then went on to become editor of the New York Evening Post that would soon go under, giving Gay “an opportunity” to return to Harvard where he could teach economic history up through his retirement in 1936. Gay was among the co-founders of the National Bureau of Economic Research and the Council of Foreign Relations. He and his wife moved to California where he worked at the Huntington library where his bulk of his papers are to be found today. 

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Economics 10
Course Announcement
(1902-03, first semester)

  1. 1 The Mediaeval Economic History of Europe. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Mr. Gay.

In this course special attention will be given to England, but its economic life will be treated in connection with the general economic and social development of western Europe.

Supplementary reading on the part of the student will be expected and tested by written reports.

The object of this course is to give a general view of the economic development of society during the Middle Ages. It will deal, among others, with the following topics: the manorial system in its relation to mediaeval agriculture and serfdom; the merchant gilds and the beginnings of town life and of trade; the craft gilds and the gild-system of industry, compared with earlier and later forms; the commercial supremacy of the Hanseatic and Italian merchants; and the break-up of the mediaeval organization of social classes.

It is desirable that students in this course should already possess some general acquaintance with mediaeval history, and those who are deficient in this respect will be expected to read one or two supplementary books, to be suggested by the instructor. The course is conveniently taken after, before, or in conjunction with History 9; and it will be of especial use to those who intend to study the law of Real Property. It is open to those who have passed satisfactorily either in History 1 or in Economics 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 10
Course Enrollment
1902-03 (First term)

Economics 10. 1hf. Dr. Gay. — The Mediaeval Economic History of Europe.

Total 16: 6 Gr., 1 Se., 2 Ju., 6 So., 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 10
Final Examination
(1902-03, First Semester)

  1. Explain briefly:—
    1. firma unius noctis.
    2. judex, villicus, major.
    3. damnum emergens, lucrum cessans.
    4. lettre de foire.
  2. Describe briefly:—
    1. reprisals, noting the action taken in the first Statute of Westminster.
    2. the staple.
    3. the views of Nicholas Oresme on money (following Cunningham).
  3. Comment on the following:—
    1. “Omnis etiam qui venit in hunc locum liber hic sedebit, nisi fucrit servus alicujus et confessus fuerit dominum.”
    2. What were the other chief characteristics and privileges of the mediaeval town?
  4. What was the Gild Merchant? The Craft Gild? The relation between them?

Take two of the following three questions.

  1. Outline the mediaeval history of the Levant trade. By what routes and through what hands were the Oriental products distributed over Western Europe?
  2. a. Give an account of the origin, extent and organization of the Hanseatic League.
    b. Give the chief facts (with dates) in the history of the ‘Steelyard.’
  3. Sketch the medieval monetary history of England to the introduction of a gold coinage, with the date and significance of this step. How far was this history parallel with that of France and Germany, and what was its chief point of difference?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).
Also included in: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Edwin F. Gay, seated in office, 1908. From Wikipedia. Colorized by Economics in the Rear-view Mirror

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Exam Questions Harvard Principles Undergraduate

Harvard. Principles of Economics. Description, Enrollment, Exam Questions. Andrew, Mixter, and Sprague. 1902-1903

Over 500 students enrolled in the introductory course “Outlines of Economics” offered at Harvard in 1902-03. Frank Taussig continued his sick-leave through the academic year 1902-03 which is why his name was listed in the (ex ante) course description from June 1902 but not included in the departmental staffing report to the president (ex post) for 1902-03. 

Artifacts for the same course offered during the academic year 1901-1902 have been posted earlier. It is worth noting that of the three required texts listed below, Hadley’s Economics replaced Walker’s Political Economy (Advanced Course) that had been assigned for the previous year.

Fun Fact: Gilbert Holland Montague, one of the teaching assistants, left economics to become an anti-trust lawyer who quite apparently had the means to collect over 15,000 books and 20,000 pamphlets during his lifetime. He even owned a 14th century copy of the Magna Carta.

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Course Description, 1902-03
Economics 1

Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second or third year of their college career. Students who plan to take it in their first year are strongly advised to consult the instructor in advance. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economies 1.

[…]

Primarily for Undergraduates

  1. Outlines of Economics. — Lectures on Social Questions and Monetary Legislation. , Th., Sat., at 11. Professor [Frank W.] Taussig, Drs. [Abram Piatt] Andrew, [Oliver Mitchell Wentworth] Sprague, and [Charles Whitney] Mixter, and Messrs. [Gilbert Holland] Montague and [Vanderveer] Custis.

Course 1 gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes a consideration of the principles of production, distribution, exchange, money, banking, and international trade. The relations of labor and capital, the present organization of industry, and the recent currency legislation of the United States, will be treated in outline.

Course 1 will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Large parts of Mill’s Principles of Political Economy, of Hadley’s Economics, and of Dunbar’s Theory and History of Banking will be read; and these books must be procured by all members of the course.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Course Enrollment, 1902-03
Economics 1

Primarily for Undergraduates:—

Economics 1. Drs. [Abram Piatt] Andrew, [Oliver Mitchell Wentworth] Sprague, and [Charles Whitney] Mixter, and Messrs. [Charles] Beardsley [Jr.], [Vanderveer] Custis, and [Gilbert Holland] Montague. — Outlines of Economics.

Total 514: 2 Gr., 25 Se., 108 Ju., 270 So., 39 Fr., 70 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 67.

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Mid-year Examination 1903
Economics 1

Omit one question

  1. The population of the United States has increased from 23 millions in 1850 to about 80 millions in 1902 (not including the population of the islands acquired from Spain), and yet the “standard of living” has not fallen. Can you reconcile this with the Malthusian theory?
  2. “Economic rent and net profits are like the producers’ and consumers’ surplus described at the beginning of the chapter in being differential gains. . . .”
    Explain these terms and discuss Hadley’s comparison of profits and rent.
  3. How in your opinion does the use of labor-saving machinery in agriculture affect the value of agricultural produce, and the rent of agricultural land?
  4. What would you suppose to be the effect of immigration upon the production of wealth, upon wages, and upon the value of land in the United States?
  5. A recent Secretary of the Navy, in defending large naval appropriations, wrote as follows: “It is a taking thing to say that $100,000,000 could be better spent for education or charity; and yet, on the other hand, $100,000,000 spent in the employment of labor is the very best use to which it can be put. There is no charity in the interest of the popular welfare or of education so valuable as the employment of labor.”
    Discuss the economic argument implied in this statement.
  6. Should a railroad be compelled to charge the same rate per ton-mile for all goods of equal bulk? Why? or why not?
  7. Suppose that one piano manufacturer buys out all of the other piano manufacturers in the country, can he now sell the former aggregate output of all the factories at an advanced price? Give reasons for your answer.
  8. Explain by the theory of the value of money why prices are high in times of speculation and low when a period of depression sets in.
  9. Could a paper currency depreciate in value, if a government pledged the public lands for its redemption? Give reasons.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

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Year-end Examination 1903
Economics 1

Omit one question from each group.

I

  1. What is meant by

unearned increment,
marginal utility,
double standard,
rapidity of circulation?

  1. Explain the relation of the law of diminishing returns to rent.
  2. It wages are determined by the productivity of labor, how would you explain the circumstance that labor organizations which impose restrictions upon individual output, have been accompanied by a rise of wages?
  3. What considerations are likely to determine the prices of trust-made commodities?

II

  1. In what ways would the repeal of our tariff duties affect our export trade?
  2. Former Speaker Reed, in an article on Protection, said: “Any system which enables our people to do our own work is a system which can give the best results. . . . The whole nation gets the benefit of it?”
    Discuss this statement.
  3. Give the principal reasons for and against the adoption of the policy of the single tax.
  4. How is the community served by the produce exchanges? by the stock exchanges?

III

  1. (a) What kinds of money are susceptible of increase under existing legislation in the United States? In what way?
    (b) In what way do clearing house loan certificates add to the circulating medium?
    Under what circumstances may they be issued?
  2. Suppose the deposits of the national banks to increase one hundred million dollars, would the position of the banks be rendered stronger thereby?
  3. Are the national banks of the United States unfairly granted the privilege of earning a double profit in respect to their circulation?
  4. In his last annual report, the Secretary of the Treasury writes: “I think a far better course for the present at least would be to provide an elastic currency available in every banking community and sufficient for the needs of that locality. This, I think, can be accomplished . . . . by several methods.”
    Explain some of these methods.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Sources: Abram Piatt Andrew (1920) from Wikimedia Commons. O.M.W. Sprague from Harvard Class Album 1920, p. 25.

 

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Berkeley Columbia Cornell Economists Harvard Illinois Johns Hopkins Wisconsin

USA. Joseph Schumpeter’s Roadshow. 1st Quarter, 1914

Joseph Schumpeter spent the 1913-14 academic year as Austria’s first exchange professor at Columbia University. But before heading home, he went on a whirlwind tour of American universities as documented in the following collection of news reports. Cornell, George Washington, Johns Hopkins, the Universities of Illinois, Wisconsin, and California, and apparently culminating with lectures in Taussig’s Ec 11 course at Harvard. All this between mid-January and mid-March 1914.

I have not seen the above portrait of Schumpeter before. He looks much less like Nosferatu’s twin and one could say has even leading-man material if only his ears were pinned back a notch.

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Dr. Schumpeter Near End of Course as Austrian Exchange Professor at Columbia University

Professor Joseph A. Schumpeter, who was sent to this country by the Austrian Government as an exchange professor, will soon complete his course of lectures on economic theory and on the problem of social classes, at Columbia University, where he has been since last October, and will visit a number of other leading universities in this country.

Professor Schumpeter was born in 1883, in Triesch in the Austrian Province of Moravia, and was educated at the “Theresianum” in Vienna. Then he entered the University of Vienna where he took his degree of Doctor in Law and Political Science in 1906, and gained locally some representation within the little circle of students of economic theory called the Austrian School. After spending some years in travel, he began lecturing on economies at the same university from which he was, at the age of 26, called to the chair of Political Economy in the University of Gernowitz. In 1911 he accepted a call to the University of Graz in Styria. When the Austrian Government, following the example given by the German Government, concluded an agreement with Columbia University for the exchange of professors, Schumpeter was selected to be the first visiting professor in this country.

Source: The Brooklyn Daily Eagle. January 14, 1914, p. 12.

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Predicts More War in Balkan Frontier

“Conditions as they exist in the Balkans now cannot last, I am sorry to say that the sad story of crime and suffering that we have been witnessing we shall have to see over again before long,” said Prof. Joseph Schumpeter in his lecture last night on “Austria’s Balkan Policy.”

“The Balkan situation awakens in us a multitude of passions,” said Dr. Schumpeter. “We see burning and murdered villages, and conditions growing worse and worse. Austria is very little known.

“A lot of false notions have arisen concerning Austria. It is a country of 50,000,000 inhabitants composed of a combination of different races and therefore gives statesmanship tasks of a peculiar kind. It is impossible to appeal to national patriotism in Austria for it is composed of several races apathetic to each other. The majority of the people are Slavs, but there are a great many Germans, Romanians, Italians and Servians. It is very difficult to adjust their claims for national supremacy.

“To keep the Turkish frontier is still Austria’s main care.

“What Austria wanted, and wants still, is to have a group of states on national lines so arranged that they will last for some time and not be under the influence of Russia. The Albanians held their own against Turkey for some time and finally Austria made a treaty with Italy that, no matter what happened to Turkey, they should combine to save the Albanian state.”

Source: The Ithaca Journal. January 17, 1915, p. 5.

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Admires Quick Wit Found in America

Professor Joseph Schumpeter of the University of Graz, Austria, expresses himself as delighted with Cornell University and everything he has seen here. Professor Schumpeter, who gave the lecture on “The Balkan Policies of Austria,” is now Exchange Professor at Columbia University. He has gained the reputation of being one of the most promising economists of Europe.

“You have a wonderful University here, splendidly equipped,” he declared. “The situation is ideal. I have been very much interested in my work at Columbia and feel that we Europeans can learn a lot from you. My work at Columbia has been mostly with the graduate students and I have not been able to get into as close touch with the undergraduates as I would have liked to. I have been especially struck by the quick-wittedness and energy of the American undergraduates. They also have an aptitude for intelligent discussion which is lacking in Europe. The whole spirit of fellowship is so splendid.

“The social life in America is remarkably pleasant. In other countries you take much longer to make friends. In my short stay here I have already made scores of excellent friends. American audiences are also so pleasant to talk to. I feel less intellectual sympathy while talking before a German audience than I do here. Unlike Europe all classes of society seem equally interested, the workingmen as much so as the richest families.”

Source: The Ithaca Journal, Jan 19, 1914, p. 9.

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Talk on the Balkans by Prof. Schumpeter
University of Gratz Educator Entertains Audience at National Museum

Prof. Joseph Schumpeter delivered a lecture on the present and prospective situation in the Balkans at the New National Museum last night, to which the general public was invited, the audience including students of the eastern question and a number of diplomats. Dr. Schumpeter is exchange professor between the University of Gratz, where he is professor of political science and economics, and Columbia University, New York, where he has just completed his series of lectures.

Last night’s address was delivered under the auspices of George Washington University, and Dr. Schumpeter was introduced by Rear Admiral Charles Herbert Stockton, U. S.N., retired, president of George Washington.

Dr. Schumpeter gave an historical account of the development of the Ottoman empire from the conquest of Constantinople in 1453 up to the present time. He declared that outside of Greece, where the situation has been practically clarified, the Balkan troubles have not been set at rest, and that further trouble may be expected in the Balkan countries at any time.

Real Root of Troubles.

He pointed out that the real root of many of the troubles of those countries has been differences because of race, the clash between Mohammedan and Christian, which he said is likely to continue to the end of the world. He offered, for example, the experiences of Great Britain, in charge of the largest number of Mohammedans in the world, in India.

Dr. Schumpeter devoted considerable attention to the part that Austria-Hungary is playing in the Balkan situation. Since 1908 the Balkan provinces of Bosnia and Herzegovina have been recognized as a part of Austria, and it is around the possession of these provinces that considerable interest lies. Austria-Hungary was permitted by the congress of Berlin in 1878 to occupy and administer these two Balkan provinces, but it was not until 1908 that they were formally annexed.

Source: Evening Star (Washington, D.C.), February 5, 1914, p. 9.

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Balkan War Policy of Austria Defended
Prof. Schumpeter Says Nation Must Control of Principalities Along the Danube.
Great Britain is Criticised.

John Bull was said to have in his charge the greatest Mohammedan power in the world by Prof. Joseph Schumpeter, professor of political science and economics at the University of Gratz, Austria, in an Interesting lecture last night at the National Museum.

“No less than 90,000,000 Mohammedans are under British rule, yet England has seen fit to attack the right of Austria to establish a mere legal pact by taking over Herzegovina and Boris and assuring to these two countries safety and security,” said Prof. Schumpeter.

Rear Admiral Stockton, president of Georgetown University, under the auspices of which institution the lecture was given, presided.

Prof. Schumpeter gave a comprehensive historical account of the development of the Ottoman empire since the conquest of Constantinople, in 1453, up to the present day.

In closing, Prof. Schumpeter asserted that in his opinion, outside of Greece, where he said the situation has been pretty well clarified, the Balkan troubles have not been definitely put at rest. He made it clear that he looked for further trouble.

Source: The Washington Herald, February 5, 1914, p. 3.

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Predicts Third Balkan War.
Prof. Schumpeter of Austria, Is Pessimistic in Lecture.

Under the auspices of George Washington University, Prof. Joseph Schumpeter, dean of political science and economics at the University of Gratz, Austria, and exchange professor between his university and Columbia, spoke Wednesday in the auditorium of the new National Museum on “The Balkan Situation from the Austrian Viewpoint.” Among those present were Konstantin von Masirevich, first secretary, and the Baron Freudenthal, attache of the Austrian embassy; Rear Admiral C. H. Stockton, president of George Washington, Prof. Richard Cobb, secretary of the university; Dean Charles E. Munroe, Dean Charles Noble Gregory and L. Cleveland McNemar, assistant professor of international law.

Prof. Schumpeter claimed that the Austrian annexation of Bosnia and Herzogovina in 1910 was warranted by circumstances. He said that Balkan peace is merely transitory; that another war is sure to come.

Source: The Washington Post, February 8, 1914, p. 2.

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Johns Hopkins University.

Two foreign educators lectured at the Johns Hopkins university last week. Dr. Joseph Schumpeter, of the University of Gratz, and first Austrian exchange professor at Columbia, delivered five lectures before the department of political economy….

Source: The Oregon Daily Journal. February 15, 1914, p. 48.

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Vienna Man at Madison.
Exchange Professor Studies Wisconsin Industrial Laws.

(Special to The Northwestern.) Madison, Wis., Feb. 10. — Dr. J. A. Schumpeter, exchange professor from Vienna to Columbia university, spent today here investigating the work of the state industrial commission. He will leave tonight for St. Paul, where he intends to make a similar investigation. Dr. Schumpeter is a recognized expert on labor legislation, and in addition to investigating the work of the commission held a conference with Prof. John R. Commons.

Source: The Oshkosh Northwestern, February 10, 1914, p. 9.

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Professor Schumpeter has very busy two days here.
Austrian makes four addresses and attends several affairs.

Four addresses were given by Prof. Josef Schumpeter during his stay here from last Saturday morning until Sunday night, when he left for the University of California via Chicago. All of his addresses were along the line of the social sciences in which he enjoys wide fame for his great ability.

Professor Schumpeter’s first talk was given Saturday noon to the University Club where he took lunch. There he gave a talk on smoke. His second, and most important address, was to the combined seminars of the social science departments. It was given in room 304 of Lincoln Hall to an audience which contained almost every faculty and student member of the two seminars. His discussion was upon the theory of economic development. The lecturer paid especial attention to the place of interest and economic crises in static and dynamic states. Although he is an Austrian. and from the University of Graz, his lecture was delivered in perfect English, and was of profound interest to those who were privileged to attend.

With some eighteen University people, Professor Schumpeter took dinner at the Beardsley Saturday evening. Here again he spoke, this time giving an address on “The Austrian Attitude to the Balkan Situation.” He was followed by Professors E. B. Greene, A. H. Lybyer, L. M. Larson and W. F. Dodd, each of whom spoke on some aspect of world politics.

A reception was given the Professor at the home of Dean Kinley on Sunday afternoon. Here he addressed those present on “The Aspects of Austrian Social and Political Life in University Government.” Sunday night, Professor Schumpeter took the train for Chicago.

Source: The Daily Illi (Urbana, Illinois). February 17, 1914. Page 4.

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Talks of Marx’ Economy

University of California, Feb. 25. — Dr. J. A. Schumpeter, eminent Austrian economist, addressed an audience at California hall yesterday on “The Economy of Karl Marx.” Among the points he made were that one could believe in Marx’ doctrines without being a Socialist; his theories of value and exploitation of the working class were receiving more and more general acceptance; he was a “flaming propagandist whose followers regarded him as little less than inspired.”

He addressed also during the day classes in economics on interest rates and classical and modern economic theories.

Source: Oakland Tribune. February 25, 1914, p. 4.

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Brings Austria’s Message to Both Columbia and Harvard

The first Austrian exchange professor at Columbia will deliver a series of lectures on economic theory at Harvard in March. His lectures will be in connection with some of the courses given by Professor Taussig on economic theory.

Professor Schumpeter was born in Triesch, Moravia, in 1883, and received his early education in Vienna, where he also attended the University. He was awarded the degree of doctor of law and political science in 1906 and after spending several years in travel, established himself as a docent at the University of Vienna in 1909. A few months later, he was appointed professor of political economy in the University of Czernowitz, and in 1911 he was appointed professor of political economy in the University of Graz.

Professor Schumpeter’s own system of economic theory is developed in two books, “Wesen und Hauptinhalt der Theoretischen Nationalökonomie” and “Theorie der Wirtschaftlichen Entwicklung.” In addition, he has published a number of important papers. He has also contributed a history of economic theory to Schönberg’s “Handbuch der Politischen Oekonomie,” which is to appear shortly, and has furthermore prepared a treatise on banking law for a manual of mercantile law to be published in the near future.

In recent years Professor Schumpeter’s interest has been largely in the field of sociology, but he has not yet published anything in this department. As an economist, Professor Schumpeter is a member of the Austrian school — the brilliant group of writers headed by Böhm-Bawerk and Wieser of the University of Vienna, who have rescued economic theory from the eclipse with which it was for a time threatened by the able but exaggerated criticisms of the leaders of the German historical school. Though agreeing with his Viennese colleagues in many of their theories, he has shown great independence and originality in his treatment of the phases of economics, such as the interest problem, to which he has given particular attention. Thus, in spite of his comparative youth, he has won a place in the very front rank of contemporary European economists. His fluent command of spoken English and his intimate knowledge of American economic literature make him a most attractive lecturer.

Source: Boston Evening Transcript. February 4, 1914.

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“The Theory of Crises”at 4.30
March 16, 1914

Professor Josef Schumpeter, an Austrian economist of the University of Vienna, will lecture upon “The Theory of Crises” before the Seminary of Economics in Upper Dane this afternoon at 4.30 o’clock. Professor Schumpeter has written two books upon Economic. Theory which are of high quality, and have attracted a great deal of attention.

Source: The Harvard Crimson. March 16, 1914.

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Noted Economist’s Last Lecture

All members of the University interested in economics are invited to hear Professor Josef Schumpeter, of the University of Vienna, lecture upon “Economic Theory” in Professor Taussig’s course, Economics 11, this afternoon at 2.30 o’clock. This will be the last of a series of lectures given by Professor Schumpeter, who is this year conducting courses at Columbia University. The lecture will take place in Emerson H.

Source: The Harvard Crimson. March 18, 1914.

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Prof. Schumpeter Sails.
Says That America Made a Deep Impression on Him.

Professor Joseph Schumpeter, the first Austrian exchange professor in America, who is returning to his home University of Graz, Austria, sailed on the Martha Washington yesterday. The professor has lectured on social problems, money systems, democracy and other branches of science, has been with Columbia University until the end of January, when he left for a tour through all of the leading universities of this country, the tour extending to San Francisco. Mr. Schumpeter said that he was sorry to leave America, which had made a deep impression upon him.

“The big American universities,” the professor stated, “are far better than the average Austrian and even European university. America has a bigger and better body of scientists at each university, and the student’s material is of a much higher type than that of European schools. The American student wants to learn. He has the earnest desire to go to the bottom of science. He wants to make headway in the world, whereas the Austrian student visits a university for reasons of tradition, social standing and title.”

Asked what he thought the greatest American achievement, the professor answered that the “one-man management” was most appealing to him. It was far better, he claimed to have one man run a business, a university, and even a political party, than to have the European system of sharing power and responsibilities.

Four pretty young sisters, all of whom are ardent suffragists, left on board the big Austrian liner for Italy, France and Germany. The fair travelers are Misses Catherine, Ella S., Grace and Margaret Switzer of Manhattan. Their purpose is to show their European sisters how superfluous man really is, for never during their trip will they tolerate or accept the services of any man nor will they speak to any man or stand for being addressed by a man.

Source: The Brooklyn Daily Eagle. March 22, 1914, p.74

Image Source: Boston Evening Transcript. February 4, 1914. Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Syllabus

Harvard. Law and Economics. Syllabus and Exams. Wyman, 1901-1902

 

In addition to a course in accounting that was introduced into the undergraduate curriculum at Harvard for students expecting to go on into business, the following course taught by a young Law School lecturer, Bruce Wyman (b. 15 June 1875; d. 21 June 1926) was offered to provide future businessmen an overview of commercial and trade law. Students expecting to go to study law were explicitly not encouraged to take the course.

The post begins with the long personal report Wyman wrote about his life and career for the 25th anniversary of his Harvard Class of 1896. A long description, enrollment figures, syllabus, and final exam questions for his 1901-1902 course “Principles of Law in their Application to Industrial Problems” provide the sort of content that Economics in the Rear-view Mirror is proudest of.

We encountered Bruce Wyman in an earlier post. Harvard President Lowell complained about Wyman’s course in the economics department having too soft a grade distribution (making it a “snap” course). Also we discover the somewhat scandalous circumstances that led to Wyman’s forced resignation of his Harvard Law professorship in December 1913.

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Bruce Wyman
1921 report to Class of 1896

BORN at Boston, Mass., June 15, 1876. Son of Ferdinand A., Harriet A. (Bruce) Wyman.

PREPARED AT Chauncy Hall School, Boston, Mass.

YEARS IN COLLEGE: 1893-96. DEGREES: A.B.; A.M. 1897; LL.B. 1900.

MARRIED: Mary Ethel Andrews, June 30, 1902, Cambridge, Mass. CHILDREN: Andrews, Oct. 3, 1905; Rosemary, Dec. 8, 1908.

OCCUPATION: Counselor at Law and Professor of Law.

ADDRESS: (business) 617-619 Old South Bldg., Boston, Mass.; (home) 15 Winnetaska Road, Waban, Mass.

WHILE the blank for my Twenty-fifth Anniversary Report has been on my desk for months, in my file of matters requiring attention immediately, but always buried by other demands more pressing, I have from time to time asked other members of the class what they regarded as most characteristic of the Twenty-fifth year, and we all agreed that it was the busiest year. We were all of us still endeavoring to do everything to which we had become devoted successively during these years, notwithstanding all the accumulation of our interests; but we realized that in this year we were reaching the climax of what is possible in view of what some one has called the central tragedy of existence, that there are only three hundred and sixty-five days to the year. And hereafter, we appreciated that we must soon be withdrawing from one activity after another as we grew older; just at present, therefore, I seem to be driven by what I must do next, although I look forward to the time when I may begin to choose what I will prefer to do.

Among all the things of interest to me in the years that I was a student at Harvard, getting my A.B. (Summa Cum), A.M. (Final Honors) and LL. B. (Cum Laude), I had thought in that youthful pursuit of scholastic honors that it would be impossible for me to be busier ever again in my life. But when in 1900 upon final graduation I was admitted to the Massachusetts bar and was appointed a lecturer at the Harvard Law School, I found, as we were taught in psychology, that there are powers of man in reserve which may be drawn upon far beyond apparent capacity. Ever since that year I have been engaged both in the practice of law as an art and the teaching of it as a science, endeavoring at times to approximate the impossibility of devoting all of my time to both. The proportions in this have varied — in the first ten years being principally a professor and incidentally a consultant, and now actively a practitioner and incidentally a lecturer. But, fortunately, in either case I have found the vocation more interesting than the avocation.

In these twenty years of teaching, principally at the Harvard Law School and the Law School of University of Chicago, incidentally in the Department of Economics of Harvard College and the School of Engineering of Harvard University, and especially in the Blackstone Institute of Chicago and the Portia Law School of Boston, I have taught the subjects of private business corporation and public service companies, combinations in restraint of trade, administrative law of regulating commissions, contracts and sales, suretyship and mortgage, wills and deeds, conflict of laws and constitutional law. And in all of this I have had the incalculable advantage of discussing these subjects as they have developed in this country with thousands of students.

During this time I have written much on the subjects of the law with which I have identified myself, largely concerning legal control of economic activity, particularly with regard to public utilities and business combinations. Altogether my writings cover some ten thousand pages, in preparation for which I have examined for citation over a hundred thousand decisions. Certain of my treatises of these subjects have come to be regarded as standard, being repeatedly cited by courts and commissions and in briefs and in arguments. The Railroad Rate Regulation in its second edition is used by traffic officials and regulating bodies throughout the country; and the Public Service Companies in its third edition is used in the class room in some twenty five law schools in the United States. Such authority as these books have attained I believe is due quite as much to my experience in practice as to my work in libraries.

My practice has been unusually interesting. I have been at times counsel for most of the New England railway lines and for many of the coastwise navigation companies in a great variety of cases involving important matters of policy; and I have occasionally acted for Western railways and terminals. Recently, I have been more actively engaged as counsel for other public utilities, particularly gas and electric companies in New England and the Central States, and especially concerned with hydro-electric constructions and fuel gas developments. I am at present associated with the management of certain of these and with banking houses that control groups of utilities. And general corporation practice is almost as varied as American affairs; so in the course of years I find myself for a time being in almost every kind of business. For instance, among the papers on my desk at this writing are organizations for a commercial finance company, a national trading syndicate, a chemical works, a textile plant, a chain of hotels and a pulp wood domain.

From the field in which I have specialized I have been called upon for civic services at various times. For a Governor of our Commonwealth, I drafted a Public Service Commission Bill for which I spoke throughout the State. For the National Civic Federation, I acted as counsel for a Committee on Public Utilities in getting together a volume including all of the Commission Laws under analytical headings. For the Directors of the Port of Boston, I have made a report on switching rights looking toward unified terminals. And I later drafted a plan upon which a conference of the Governors of New England upon railroad consolidation was based. I am a member of the Newton Republican City Committee, and I have attended conventions as a delegate.

The stethoscope kept me out of the war; but as a legal adviser to our Draft Board, I saw to it that every lad who belonged there went in. By the chances of practice I am often called upon by national associations and commercial bodies to represent the community in bringing about adjustments with utilities. And I can seldom resist an invitation, sufficiently urged, to speak before associations and conferences, clubs and unions, trade banquets and college commencements. I have taken my part in the drives of recent years, and I have served on boards of charities. For the thesis I am here defending, describing myself without modesty as exemplification, is that it is only by living strenuously that one may enjoy many lives within the span allotted to one.

There is not much left for me to add to all this unblushing autobiography, except those things more personal which round out a life as full as mine. My family becomes increasingly interesting to me, with my son at sixteen just completing his preparation for college and my daughter at twelve just beginning hers. It has been a matter of congratulation to me that I can still scan Virgil and extract cube root, so that I have not yet reached the age where I will be looked down upon by them. A few years ago, after much searching, we bought a long colonial farm house out in Waban on the river, which my wife and I, without architects or decorators, rebuilt and furnished consistently with its style (as you may see from the photographs of it in the files of House Beautiful), into a home to which we hope the children will ever return for the anniversaries of the years to come. The country clubs of the neighborhood provide us with all our outdoor and indoor sports.

My practice in organizing and reorganizing corporations and passing upon their bond issues and financial adjustments gives me the opportunity at times to travel about the United States and to foreign countries and keeps me in touch with lawyers in the large cities and the affairs of the world. With the five thousand Harvard men that I have known in the twenty years that I was at the university as undergraduate and graduate, instructor and professor, I hardly ever go upon a train or steamboat or stop at a hotel or club in these journeyings and conferences, where I do not happen upon some one I have known at college, so that I have come to realize as most of us do the acquaintance one makes in college is the best of all one gains thereby.

Source: Harvard College Class of 1896. Twenty-fifth Anniversary Report (1921), pp. 658-662.

Publications of Bruce Wyman

Books:

Cases on public service companies, public carriers, public works and other public utilities.(With J. H. Beale.) Cambridge, Harv. Law Review Publ. Assoc., 1902: — 2d ed., Ibid ., 1909: — 3d ed. , Ibid ., 1920.

Cases on restraint of trade. Cambridge, Harv. Law Review Publ. Assoc., 1902-04 . 5 pt. [Part 1 (second edition); Part 2; Part 3; Part 4; Part 5]

The principles of the administrative law governing the relations of public officers. St. Paul, Keefe-Davidson, 1903.

A selection of cases on mortgages. Cambridge, Harv. Law Review Publ. Assoc., 1903: — 2d ed., Ibid ., 1903: – revised ed., 1906.

The law of railroad rate regulation. (With J. H. Beale.) Boston, W.J. Nagel, 1906: — 2d ed., New York, Bake , Voorhis, 1915.

Control of the market; a solution of the trust problem. New York, Moffat, Yard, 1911.

The special law governing public service corporations. New York, Baker, Voorhis, 1911. 2 vol. [Volume I; Volume II]

Cases on engineering contracts, a selection from Cases on the Law of Contracts, ed. by Samuel Williston. Boston, Little, Brown, 1904.

Articles:

Equity. Cyclopædia of Government and Law, 1913.

Unfair competition. Annals of American Academy, 1913.

Monopolies. Cyclopædia of Law and Procedure, 1914.

Public service companies. Modern American Law, 1915.

Together with some twenty-five magazine articles on law, economics, government and politics in the Harvard Law Review, Yale Law Journal, Columbia Law Review, Green Bag, Railway Age Gazette and Boston Transcript, 1901-1921. 

Source: Harvard College Class of 1896. Twenty-fifth Anniversary Report (1921), p. 714.

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Course Description
ECONOMICS 21
1901-1902

For Undergraduates and Graduates

Principles of Law in their Application to Industrial Problems. Three times a week. Mr. Wyman.

Course 21 considers certain rules of the law governing the conduct of modern trade and the organization of modern industry. The course is designed especially for students who mean to enter business life, and who wish to secure some contact with the law and some understanding of its methods, such as will be of service in a business career. As it deals with the course of adjudication and legislation on questions of special importance in the economic development of modern times, it will also be of advantage to those who wish to equip themselves for the intelligent discussion of questions having both legal and economic aspects.

In the one part of the course will be considered the law governing certain combinations of capital and of labor. It will be seen what contracts in restraint of trade are considered in violation of the common law, and what it has been attempted to prevent by statutes. It will also appear what action by such combinations is held to be a tort at common law, and what it has been proposed to make so by legislation. It will further be discussed what combinations to control the market are crimes by common law and by statute. The limits to be placed upon competition in trade and the demarcation to be drawn between fraudulent and permitted dealing will be the final subject in this part of the course. The object will be at once to give the students training in the methods of legal reasoning, and to inform them regarding the main principles involved.

In the other part of the course will be considered the general question raised by the association of men for the carrying on of business. This will require a study of the main principles involved in the various forms of the corporation. The stress will be laid upon the conception of the association as an entity, and the liabilities and capacities of the officers and stockholders. It will be considered how far the industrial organism may be affected by judicial decision and by legislation; what tendencies are manifested by the courts; and what policies appear on the part of the legislatures. The object will be to equip the student for better understanding of questions he will meet in a business career, and of the public problems presented by the growth of this form of organization.

The conduct of the course will be by the reading and discussion of selected cases from the law reports and of the text of typical statutes and bills.

Course 21 is open to Seniors and Graduates who have taken Economics 1. Those who propose to study law as a profession are not advised to take it.

Source: Harvard University Archives. Official Register of Harvard University 1901-1902. Box 1. Faculty of Arts and Sciences, Division of History and Political Science (June 21, 1901), University Publications, New Series, No. 16, pp. 47-48.

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Course Enrollment
1901-1902
ECONOMICS 21

Economics 21. Mr. Wyman. — Principles of Law in their Application to Industrial Problems.

Total 33: 24 Seniors, 6 Juniors, 2 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 78.

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Syllabus
ECONOMICS 21
CASES ON COMMERCIAL LAW

FIRST TOPIC. — COMPETITION

I. To What Extent Competition Is Allowed

(A) Free Competition

Schoolmasters Case, Y. B. 11 H. 4, 47. A.679
Pudsey Gas Co. v. Bradford, L. R. 15 Eq. 167.

(B) Unfree Competition

Hix v. Gardner, 2 Bulstrode, 115.
B. & L. R. R. v. S. & L. R. R., 2 Gray, 1.

II. By What Methods Competition Is Allowed

(A) Fair Competition

Snowden v. Noah, Hopkins Ch. 347.
Parson v. Gillipsee, 1898, A. C. 239.
Choynski v. Cohen, 39 Cal. 501.
Tallerman v. Dowsing Co., 1900, 1 Ch. 1.
Ayer v. Rushton, 7 Daly, 9.
Johnson v. Hitchcock, 15 Johns. 185. A. 634
White v. Mellen, 1895, A. C. 154.
Ajello v. Worsley, 1898, 1 Ch. 274.
Young v. Hickens, 6 Q. B. 606.
Walsh v. Dwight, 40 App. Div. 513.
Manufacturers Co. v. Longley, 20 R. 1. 87.

(B) Unfair Competition

  1. By inducing persons dealing with another to commit a breach of legal duty to him.

Hart v. Aldridge, Cowp. 54. A. 584.
Boston Glass Manuf. v. Binney, 4 Pick. 425.
Lumley v. Gye, 2 E. & B. 216. A. 600.
Bowen v. Hall, L. R. 6 Q. B. D. 333. A. 613.
Laly v. Cantwell, 30 Mo. App. 524.
Ashley v. Dixon, 48 N. Y. 430.
Chambers v. Baldwin, 91 Ky. 121.
Heaton Co. v. Dick, 55 Fed. 23.
N. C. & L. R. R. v. McConnell, 82 Fed. 65.

  1. By influencing persons dealing another who owe no legal duty to him.

a. By fraud.

Blofield v. Payne, 4 B. & A. 410. A. 635.
Coates v. Holbrook, 2 Sandf. Ch. 586.
Materne v. Horwitz, 18 Jones & Sp. 41.
Sawyer Co. v. Hubbard, 32 Fed. 388.
Morgan v. Wendover, 43 Fed. 420.
Wamsutta Mills v. Fox, 49 Fed. 141.
Cook v. Ross, 73 Fed. 203.
Van Camp v. Cruikshank, 90 Fed. 814.
Lawrence Co. v. Tenn Co., 138 U. S. 537.
Johnson v. Ewing, 7 A. C. 219.
Stone v. Carlan, 13 Law Reporter, 360. A. 630.
Boulnois v. Peake, 13 Ch. D. 513 N.
Birmingham Co. v. Powell, 1897, A. C. 710.
National Co. v. Baker, 95 Fed. 135.
Croft v. Day, 7 Beav. 84.
Baker Co. v. Saunders, 80 Fed. 889.
Singer Co. 2. June Co., 163 U. S. 88.
Brewery Co. v. Brewery Co., 1898, 1 Ch. 539.
Canal Co. v. Clark, 13 Wall. 11.
Wotherspoon v. Currie, L. R. 5 H. L. 508.
Waltham Co. v. U. S. Co., 173 Mass. 85.
Reddaway v. Banham, 1896, A. C. 199.
Ratcliffe v. Evans, 1892, 2 Q. B. 524. A. 642.
Rice v. Manley, 67 N. Y. 82. A. 663.
Hughes v. McDonough, 43 N. J. 459. A. 666.

b. By disparagement.

(1) Of person.

Harmon v. Delaney, 2 Str. 898.
Secor v. Harris, 18 Barb. 425. A. 406.
Davy v. Davy, 50 N. Y. S. 161.
Harmon v. Falle, L. R. 4 A. C. 247. A. 640.
Morassee v. Brochu, 151 Mass. 567. A. 652.
Australian Co. v. Bennett, 1894, A. C. 284.
Paris v. Levy, 9 C. B. (n.s.) 342.
Boynton v. Shaw Co., 146 Mass. 221.
Bradstreet Co. v. Gill, 72 Tex. 496.

(2) Of goods.

American Co. v. Gates, 85 Fed. 729.
Jenner v. A’beckett, L. R. 7 Q. B. D. 11.
Malachy v. Soper, 3 Bing. N. C. 371. A. 677.
Young v. Macrae, 3 B. & S. 634.
Western Co. v. Lawes Co., L. R. 9 Exch. 218. A. 623.
Hubbuck v. Wilkinson, 1899, 1 Q. B. 86.
Lubricating Co. v. Oil Co., 42 Hun. 153.
Hatchard v. Mege, L. R. 18 Q. B. D. 771. A. 625.
Lewin v. Welsbach Co., 81 Fed. 904.

c. By coercion.

(1) With force.

Garret v. Taylor, Cr. Jac. 567. A. 675.
Keeble v. Hickeringill, 11 East, 574 n. A. 678.
Tarleton v. McCauley, Peake, 205. A. 678.
Higgins v. O’Donnell, Ir. R. 4 C. L. 91.
Walker v. Cronin, 107 Mass. 555. A. 694.

(2) Without force.

Royalston Bank v. Suffolk Bank, 27 Vt. 505.
Fallon v. Schilling, 29 Kans. 292. A. 729.
Heywood v. Tillson, 75 Me. 225. A. 707.
Crawford v. Wick, 18 Oh. St. 190.
Graham v. St. R. R., 47 La. Ann. 214.
Robinson v. Texas Land Assoc., 40 S. W. 843.
Dels v. Winfree, 80 Tex. 400. A. 704.
Mogul S. S. Co. v. McGregor, L.R. 23 Q.B.D.598. A. 680.
Allen v. Flood, 1898, A. C. 1.

SECOND TOPIC. — CONTRACT IN RESTRAINT OF TRADE

I. Agreement in Total Restraint of Competition

(A) When unreasonable — principal contract

Claygate v. Batchelor, Owen 143.
Toby v. Major, 43 Sol. J. 778.
Oliver v. Gilmore, 52 Fed. 563.
Ice Co. v. Williams, 28 So. 669.
Perkins v. Lyman, 9 Mass. 521.
Presbury v. Bennet, 18 Mo. 50.
Oakes v. Water Co., 143 N. Y. 430.

(B) When reasonable — ancilliary contract

Mitchell v. Reynolds, 1 P. WMS. 181.
Whitney v. Slayton, 40 ME. 224.
Alger v. Thacher, 19 Pick. 51.
Herreschoff v. Boutineau, 17 R. I. 3.
Lufkin Co. v. Frengeli, 57 Oh. St. 596.
Diamond Co. v. Roeber, 106 N. Y. 473.
Baker v. Hedgecock, L. R. 39 Ch. D. 520.
Mills v. Dunham, 1891, 1 Ch. 301.
Mandeville v. Harmon, 42 N. J. Eq. 185.
Nordenfeldt v. Maxim Co., 1894, A. C. 535.
Rogers v. Drury, 57 L. J. Ch. 504.

II. Agreement in Partial Restraint of Competition

(A) When unreasonable — suppression of competition

King v. Maynard, Cro. Car. 231.
Raymond v. Leavitt, 46 Mich. 447.
Young v. Timmins, 1 Cromp. & Jer. 331.
Acheson v. Mallon, 43 N. Y. 147.
Jones v. North, L. R. 19 Eq. 426.
Ch. R. R. v. W. R. R., 61 Fed. 993.
Anderson v. Jett, 89 Ky. 375.
L. R. R. v. St. L. R. R., 63 Fed. 775.
Sandford v. R. R., 24 Pa. 378.
Cravens v. Rodgers, 101 Mo. 247.
State v. Portland Co., 153 Ind. 483.
Thompson 2. Harvey, 1 Show. 2.
Pacific Co. v. Adler, 90 Cal. 110.
Richards v. Desk Co., 87 Wis. 503.
Texas Co. v. Adoue, 83 Tex. 650.
Brigham v. Brands, 119 Mich. 255.

(B) When reasonable — regulation of competition

Freemantle v. Throwsters, 1 Lev. 229.
Stovell v. McCutcheon, 54 S. W. 969.
Crystal Co. v. Brewing Assn., 8 Tex. Civ. 1.
Jones v. Lees, 1 H. & N. 189.
Bowling v. Taylor, 40 Fed. 104.
Heaton Co. v. Specialty Co., 77 Fed. 298.
Wickens v. Evans, 3 Younge & Jerv. 318.
Fowle v. Parke, 131 U. S. 88.
National Co. v. Union Co. 45 Minn. 272.
Collins v. Locke, L. R. 4 A. C. 674.
Gloucester Co. v. Russia Co., 154 Mass. 92.
Clarke v. Frank, 17 Mo. App. 602.
Long v. Towle, 42 Mo. 545.
Walsh v. Dwight, 40 N. Y. App. D. 513.
Catt v. Towle, L. R. 4 Ch. App. 654.
Van Mater v. Babcock, 23 Barb. 633.
Altman v. Royal Acquarium, L. R. 3 Ch. D. 228.
Printing Co. v. Sampson, L. R. 19 Eq. 462.
N. Y. Co. v. Brown, 61 N. J. 536.
Keith v. Optical Co., 48 Ark. 138.
Hounk v. Wright, 77 Miss. 476.
Welch v. Windmill Co., 89 Tex. 653.

THIRD TOPIC. — COMBINATION

I. Combination of Labor

(A) To what extent combination is forbidden

1. When unreasonable restraint

R. v. Journeymen Tailors, 8 Mod. 10.
P. v. Fisher, 14 Wend. 9.
C. v. Carlisle, Brightly 36.
R. v. Bykerdyke, 1 M. & Rob. 179.
R. v. Hewitt, 5 Cox C. C. 162.
Curran v. Gallen, 152 N.Y. 33.
Knights of Labor v. Laborers’ Union, 60 N.Y. Sup. 388.
Lucke v. Assembly, 77 Md. 396.
Plant v. Woods, 176 Mass. 492.

2. When unfair competition

Gunmakers v. Fell, Willes, 384.
R. v. Hibbert, 13 Cox C. C. 82.
R. v. Parnell, 14 Cox C. C. 508.
Dominion S. S. Co. v. McKenna, 30 Fed. 48.
Sherry v. Perkins, 147 Mass. 212.
Crump v. C. 84 Va. 927.
Delz v. Winfree, 80 Tex. 400.
Temperton v. Russell, 1893, 1 Q. B. 715.
U. S. v. Elliot, 62 Fed. 801.
Elder v. Whitesides, 72 Fed. 724.
Murdock v. Walker, 152 Pa. 595.
Vegelahn v. Guntner, 167 Mass. 92.
Doremus v. Hennessey, 176 Ill. 608.
Glass Mfgrs. v. Bottle Blowers, 59 N. J. Eq. 49.
Quinn v. Leatham, 1901, A. C. 495.

(B) To what extent combination is permitted

1. When reasonable restraint

Freemantle v. Silk Throwsters, 1 Lev. 229.
C. v. Hunt, 4 Met. 111.
Snow v. Wheeler, 113 Mass. 179.
Righy v. Connol, L. R. 14 Ch. D. 482.
Meyer v. Stone Cutters, 47 N. J. Eq. 519.
Clemmit v. Watson, 14 Ind. App. 38.

2. When fair competition

Kirkham v. Shawcross, 6 T. R. 103.
R. v. Shepard, 11 Cox C. C. 375.
Rogers v. Evarts, 17 N.Y. Sup. 264.
Coons v. Chrystie, 53 N. Y. Sup. 668.
Vegelahn v. Gunter, 167 Mass. 92.
Lyons v. Wilkins, 67 L. J. Ch. 383.
Tube Co. v. Allied Mechanics, 7 Oh. N. P. 87.
Krebs v. Rosenstein, 66 N. Y. Sup. 42.
Allen v. Flood, 1898, A. C. 1.

II. Combination of Capital.

(A) To what extent combination is forbidden

1. When unreasonable restraint

Anon. 12 Mod. 248.
Cousins v. Smith, 13 Ves. 542.
Bagging Assn. v. Koch, 14 La Ann. 168.
Arnot v. Coal Co., 68 N. Y. 558.
Salt Co. v. Guthrie, 35 Oh. St. 666.
Moore v. Bennet, 140 Ill. 69.
Umston v. Whitelegg, 63 L. T. 455.
Hester v. Brewing Co. 161 Pa. 480.
U. S. v. Joint Traffic Assn., 171 U. S. 505.
Addystone Pipe Co. v. U. S., 175 U. S. 211.
The Wiswall, 86 Fed. 671.
U. S. v. Fuel Co., 105 Fed. 93.
Cummings v. Bluestone Assn., 164 N. Y. 401.

2. When unfair competition

Davenant v. Hurdis, Moore, 576.
Hilton v. Eckersly, 6 E. & B. 47.
Craft v. McConoughy, 79 Ill. 346.
Mattison v. Railway, 3 Oh. Dec. 526.
Olive v. Van Patten, 7 Tex. Civ. App. 630.
Dueber Co. v. Noyes, 21 N. Y. Sup. 341.
P. V. Duke, 44 N. Y. Sup. 336.
Hartnett v. Plumbers’ Assn., 169 Mass. 229.
Bailey v. Plumbers’ Assn., 103 Tenn. 99.
U. S. v. Coal Dealer’s Assn., 85 Fed. 252.
Ertz v. Produce Exchange, 79 Minn. 149.

(B) To what extent combination is permitted

1. When reasonable restraint

R. v. Harrison, 3 Burr, 1322.
Jones v. Fell, 5 Fla. 510.
Ontario Co. v. Merchants Co., 18 Grant Ch. 540.
Skranka v. Scharringhaussen, 8 Mo. App. 522.
Collins v. Locke, L. R. 7 A. C. 674.
Livestock Assn. v. Levy, 54 N. Y. Supr. Ct. 32.
Mogul S. S. Co. v. McGregor, L. R. 23 Q. B. D. 598.
Good v. Daland, 121 N. Y. 1.
U. S. v. Nelson, 52 Fed. 646.
Herriman v. Menzies. 115 Cal. 16.

2. When fair competition

Kirkham v. Shawcross, 6 T. R. 103.
Orr v. Insurance Co. 12 La Ann. 255.
Bowen v. Matheson, 14 Allen, 499.
Ladd v. Cotton Press, 53 Tex. 172.
Mogul S. S. Co. v. McGregor, L. R. 23 Q. B. D. 598.
McCauley v. Tierney, 19 R. I. 255.
Brewster v. Miller. 101 Ky. 368.
Boots Co. v. Grundy. 82 L. T. 769.

FOURTH TOPIC. — THE CORPORATION

I. The Nature of the Corporation

(A) The idea of the corporation

1. Definition of the corporation

Liverpool Ins. Co. v. Mass., 10 Wall, 566. S. 1.
Thomas v. Dakin, 22 Wend. 9. S. 4.
Gifford v. Livingstone, 2 Denio, 395. S. 20.
Carr v. Inglehart, 30 Oh. 457. S. 875.
Trustees v. Flint, 13 Metc. 539. S. 876.
Moyer v. Slate Co., 71 Pa. 293. S. 883.

2. Distinction between corporation and shareholders

Waring v. Cataba Co., 2 Bay, 109. S. 39.
Foster v. Commissioners, 1894, 1 Q. B. 516. S. 40.
Williamson v. Smoot, 7 Martin, 31. S. 24.
Burton v. Hoffman, 61 Wis. 20. S. 33.
Moore etc. Co. v. Towers etc. Co., 87 Ala. 206. S. 45.
Salomon v. Salomon Co., 1897, A. C. 22. S. 1143.
Montgomery v. Forbes, 148 Mass. 249. S. 94.
P. v. England, 27 Hun. 139. S. 593.
Sandford v. McArthur, 13 B. Mon. 413. S. 600.

(B) The body corporate

1. Organization of the corporation

Franklin Bridge Co. v. Wood, 14 Ga. 80. S. 65.
State v. Dawson, 16 Ind. 40. S. 69.
Newcomb v. Reed, 12 Allen, 362. S. 77.
Finnegan v. Noerenberg, 52 Minn. 239. S. 87.
Rutherford v. Hill, 22 Ore. 218. S. 109.
Slocum v. Warren, 10 R. I. 116. S. 134.
Bank v. Silk Co., 3 Metc. 287. S. 138.

2. Funds of the corporation

Russell v. Temple, 3 Dane Abr. 108. S. 23.
White v. Salisbury, 33 Mo. 150. S. 1069.
C. v. Crompton, 137 Pa. 138. S. 1073.
Music v. Corey, 129 Mass. 435. S. 1120.
Bank v. Paper Co., 19 R. I. 139. S. 221.
Curries Case, 3 De G., J. & S. 367. S. 817.
Coit v. Gold Amalgamating Co., 119 U. S. 343. S. 839.
Malting Co. v. Brewing Co., Minn. S. 831.
Handley v. Stutz. 139 U. S. 417. S. 844.
Harger v. McCullogh, 2 Denio, 119. S. 839.
Taft v. H. P. & F. R. Co., 8 R. I. 310. S. 347.
C. v. Smith, 10 Allen, 449. S. 190.
Parsons v. Hayes, 11 Abb. N. C. 419. S. 314.

II. The Powers of the Corporation

(A) The capacity of the corporation

1. Rights of the corporation

Downing v. Mt. Washington Rd., 40 N. H. 230. S. 148.
Stockton Bank v. Staples, 98 Cal. 189. S. 179.
Aurora Society v. Paddock, 80 Ill. 264. S. 189.
Bradbury v. Canoe Club, 153 Mass. 77. S. 196.
Norris v. Staps, Hobart 211. S. 209.
Bank v. Paterson, 7 Cranch, 299. S. 213.
Greenwood v. Freight Co., 105 U. S. 13. S. 720.
Sinking Fund Case, 99 U. S. 100. S. 777.
Eagle Co. v. Ohio, 153 U. S. 446. S. 704.

2. Rights of the majority

Dudley v. High School, 9 Bush, 576. S. 224.
Ashton v. Burbank, 2 Dill, 435. S. 229.
H. & H. H. R. R. v. Croswell, 5 Hill, 383. S. 230.
Treadwell v. Salesbury Co., 7 Gray, 293. S. 243.
Taylor v. Earle, 8 Hun. 1. S. 246.
Peabody v. Flint, 6 Allen, 52. S. 263.
Menier v. Telegraph Works, L. R. 9 Ch. App. 350. S. 287.
Foss v. Harbottle, 2 Hare, 401. S. 267.

(B) The incapacity of the corporation

1. Ultra vires

Monument Bank v. Globe Works, 101 Mass. 57. S. 451.
Long v. Georgia Co., 91 Ala. 519. S. 457.
St. L. R. R. v. T. H. R. R., 145 U. S. 393. S. 503.
Marble Co. v. Harvey, 92 Tenn. 116. S. 511.
Washburn Co. v. Bartlett, 3 N. Dak. 138. S. 515.
Davis v. O. C. R. R., 431 Mass. 258. S. 564.
Bates v. Beach Co., 109 Cal. 160. S. 941.

2. Effect of ultra vires

S. v. Oberlin Assn., 35 Oh. St. 258. S. 375.
Wheeler v. Pullman Co., 143 Ill. 379.
Morville v. Tract Society, 123 Mass. 129. S. 588.
Packet Co. v. Shaw, 37 Wis. 655. S. 590.
McCutcheon v. Capsule Co., 37 U. S. App. 586. S. 422.

FIFTH TOPIC. — THE CONSOLIDATION

I. Without Incorporation

(A) Trust agreement

Shepaug Voting Trust Cases, 60 Conn. 553. S. 1032.
Mobile etc. R. R. v. Nicholas, 98 Ala. 92. S. 1043.
Gould v. Head, 38 Fed. 886.
P. v. Sugar Refining Co., 121 N. Y. 582. S. 943.
State v. Distilling Co., 29 Neb. 700.
State v. Standard Oil Co., 49 Oh. St. 137.
Distilling Co. v. Importing Co., 86 Wis. 352.

(B) Partnership agreement

Whittenton Mills v. Upton, 10 Gray 582. S. 935.
Tram Co. v. Bancroft, 16 Tex. C. App. 170.
Mallory v. Oil Works, 86 Tenn. 598.
Lowry v. Tile Assn., 98 Fed. 817.
Addystone Pipe Co. v. U. S., 175 U. S. 211.
Stockton v. Central R. R., 50 N. J. Eq. 53.
U.S. v. Joint Traffic Assn., 171 U. S. 505.

II. With Incorporation

(A) Holding corporation

Pauley v. Coronado Beach Co., 56 Fed. 428.
Milbank v. N. Y. etc. R. R., 64 How. Pr. 20. S. 963.
De La Vigne Co. v. German Institution, 175 U.S. 40.
P. v. Gas Trust, 130 Ill. 268. S. 952.
National Harrow Co. v. Hench, 76 Fed. 667.

(B) Operating corporation

Shade Roller Co. v. Cushman, 143 Mass. 353.
Oakdale Co. v. Garst, 18 R. I. 484.
Richardson v. Buhl, 77 Mich. 632.
McCutcheon v. Capsule Co., 37 U. S. App. 586.
Trenton Potteries v. Oliphant, 58 N. J. Eq. 507.
Distilling Co. v. P., 156 Ill. 448.
Louisville & Nashville R. R. v. Kentucky, 161 U. S. 677.
Keokuk etc. R. R. Co. v. Missouri, 152 U. S. 301.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics 1895-2003, Box 1, Folder “Economics 1901-1902”.

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Mid-year Examination
ECONOMICS 21
1901-1902

Answer seven questions.

  1. The A Railroad Company had by express provision of its charter the exclusive right of transporting persons and property from X to Z by railroad. Later the B Street Railway Company built a line from X to Y; the C Street Railway Company built a line from Y to Z; and the B and C Companies under an agreement began to run through street cars from X to Z. Can the A Company have an injunction against the B and C Companies for this competition?
  2. A and B were rival manufacturers of infant foods. B inserted this advertisement: The A food is less nutritious and less healthful than the B food; therefore, all persons are advised not to buy the A food, but to insist on getting the B food. A thereupon sued B, alleging that an expert examination would prove the A food better than the B food; and that by means of the circulation of these misstatements by B his trade had been ruined. Should A recover damages against B?
  3. A sold button fastening machines to shoe manufacturers. Each manufacturer agreed with A that all staples to be used in the machines should be bought of A. B began the sale of staples to these manufacturers although he knew of the contract between these manufacturers and A. Can A have an injunction against B for such competition?
  4. B, a large manufacturer of saleratus, made a contract with certain jobbers that they should not sell the saleratus of A below a certain price and not more than a certain amount of the saleratus of A in any event. Can A sue B for the damage to his business as consequence to this agreement?
  5. Certain steamship companies formed themselves into the B Steamship Conference. It was agreed amongst the members of the conference that if any rival line entered into competition with them they would cut the rates one-half, also they would raise the rates to double for any shippers who shipped by the new line. Later A entered into competition with a new line against the B Conference; the B Conference put the proposed rates in force; and A was thereby ruined. Can A sue the B Conference?
  6. A and B and C were all that were engaged in the ice business in X. B sold A his ice-houses, teams, etc., and B agreed with A that he would not engage in the ice business in X for five years. C also sold A his ice-houses, teams, etc., and made the same agreement with A. Are these agreements valid?
  7. A, a manufacturer of pianos, enters into a contract with a jobber, B, that B shall have exclusive right to sell the pianos at wholesale in Massachusetts. B enters into a contract with a retailer C, that C shall sell the pianos in Boston at not less than a certain price. Are these contracts valid?
  8. The B Union struck on the A Railroad because the A Railroad took cars from another railroad where the men had gone out for higher wages. The B Union posted men at the yards to persuade new men not to take their places. Can the A Railroad have an injunction?

Source: Harvard University Archives. Harvard University Mid-Year Examination Papers, 1852-1943. Box 6, Bound volume, Mid-year Examination Papers, 1901-02. Sub-volume Papers Set for Final Examinations in History, Government, Economics, … in Harvard College (January 1902).

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Year-end Examination
ECONOMICS 21
1901-1902

Answer seven questions.

  1. By a contract between a fuel company and an association composed of ten concerns engaged in producing coal and coke in a certain district, the company was to handle for a term of years the entire output of the mines of the association intended for the western market. The amount to be furnished by each member of the association was to be fixed by its executive committee; the fuel company was to fix a uniform price from time to time at which it should sell the products turned over. The net profits of the fuel company less its commission were to be turned back to the members of the association pro rata. Is this agreement enforceable?
  2. A retail lumber association agrees not to buy lumber of any wholesale lumber dealer who sells direct to customers. A certain wholesale dealer began to sell to customers direct in car load lots only. Thereupon the executive committee of the lumber association sent notices to all members, warning them not to buy any lumber of this wholesale dealer upon penalty of a fine to be paid in accordance with the by-laws. May the wholesale dealer sue the members of the association for damages caused thereby to his business?
  3. An act of legislature provided: “That X, Y, and Z, proprietors of the Charles River Marshes, are hereby constituted a corporation under the name of the Marsh Company, with authority to assess and collect from each member ten per cent. upon the valuation of his land, to be expended in making and maintaining a street across the same.” X and Y, after giving Z notice of the proposed meeting, meet, organize the corporation, and vote an assessment upon all the members for the amount specified in the charter. Suit against Z to collect the assessment. What decision?
  4. A merchant conveys all the property of his business to a corporation organized by himself and his two brothers, with one share subscribed by each of the three. By vote of them as directors, the merchant takes in payment for the property the debenture bonds of the company at proper valuation. Later the whole capital stock of the corporation is subscribed by outside parties at par. Still later the corporation incurs large debts to bankers. After all this the corporation goes into bankruptcy, with small assets. What is the right to these assets of the merchant? of the bankers? of the stockholders?
  5. In a certain banking corporation with various branches the conduct of the business was as follows: The manager of each branch made to the general manager of the corporation a weekly statement; from these statements the general manager made up a monthly summary for the Board of Directors to examine. The general manager left the weekly statements on the file in the directors’ room. Later the bank failed; it appeared that the general manager had been a rascal from first to last; and that his summaries had been false all the time. Now, the receiver of the banking corporation sues the directors for losses due to their neglect in office. What decision?
  6. The A railroad was chartered to run from X to Y; the stock was all subscribed and the road was built. Later a consolidation was proposed with the B railroad which ran from Y to Z. An act was passed by the Legislature of the State in which both railroads A and B lie, which allowed a new corporation, the C railroad, to be formed to take over both the A and B railroad, and which directed the exchange of the capital stock of each of the railroads A and B share for share for the stock of the new corporation C. The act provided that it should take effect when accepted by a majority of each corporation. A majority is found in each corporation for the scheme; but a minority object in each. Can the scheme be carried out?
  7. On account of a sudden great demand for coal, the A railroad company, running through a coal-mining region, was unable to supply enough cars to carry all the coal offered by the mine owners. A bought and opened a new coal-mine, and presented to the company coal for shipment; the company declined to receive the coal until its old customers were supplied with cars. Can A legally object?
  8. A corporation is formed in California to construct a large storage basin, and conduct the water therefrom by means of a canal to the valley for the purpose of irrigation. The company has given to it the right of eminent domain. When its works are constructed the company publishes the following schedule: “Any consumer must pay to the company $10 per acre in advance every ten years and $1.50 in advance per acre each year. Twenty-five per cent. deduction will be allowed to consumers having 100 acres or over. [”] It is proved that if all consumers, paid $2.50 per acre each year the company would make about 9% on its capital stock. Q, a farmer, applies for water. His farm is, 50 acres in extent. What objections may he bring forward against this schedule?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 6, Bound volume, Examination Papers, 1902-03. Sub-volume Papers Set for Final Examinations in History, Government, Economics, … in Harvard College (June 1902).

Image Source:  Harvard Seal detail from the Harvard Law School Yearbook 1949 cover.

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Exam Questions Harvard

Harvard. Principles of Accounting. Exam questions. W. M. Cole, 1901-1902

Harvard. Life of accounting professor William Morse Cole, A.M. 1896

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Course Description
ECONOMICS 181
1901-1902

For upperclass undergraduates and graduates to prepare for a business career

The Principles of Accounting. Half-course (first half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 3.30. Mr. W. M. Cole.

This course is designed primarily for students who expect to enter a business career, and wish to understand the processes by which the earnings and values of industrial properties are computed. It is not intended to afford practice in book-keeping, but to give students a grasp of principles which shall enable them to comprehend the significance of accounts.

In order that students may become familiar with book-keeping terms and methods, a few exercises will be devoted to a brief study of the common systems of recording simple mercantile transactions. The chief work of the course, however, will be a study of the methods of determining profit, loss, and valuation. This will include an analysis of receipts, disbursements, assets, and liabilities, in various kinds of industry, and a consideration of cost of manufacture; cost of service, depreciation and appreciation of stock and of equipment, interest, sinking funds, dividends, and the like. Published accounts of corporations will be studied, and practice in interpretation will be afforded. Attention will also be given to the functions and methods of auditors.

The instruction will be given by lectures, discussions, reading, and written work.

Course 18 is open to Seniors and Graduates who have taken Economics 1.

Source: Harvard University Archives. Official Register of Harvard University 1901-1902. Box 1. Faculty of Arts and Sciences, Division of History and Political Science (June 21, 1901), University Publications, New Series, No. 16, pp. 46-47.

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Course Enrollment
ECONOMICS 181
1901-02

Economics 181hf. Mr. W. M. Cole. — The Principles of Accounting.

Total 36: 1 Graduate, 24 Seniors, 5 Juniors, 2 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 78.

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Semester Final Examination
ECONOMICS 18
First Half-year 1901-1902

  1. What is the profit and loss account?
    Are charges or credits made direct to this account? If so, under what circumstances?
    How is this account closed?
  2. Formulate journal entries to express each of the following transactions :—
    1. a sale of goods for a note bearing interest;
    2. discounting the above note at a bank;
    3. annulling a personal account as uncollectible;
    4. interest charged, but not paid, on a long-standing account.
  3. What is indicated by each of the following ledger accounts when
    1. the account shows a debit balance, and
    2. the account shows a credit balance: loss and gain, merchandise, rent, commission, purchase ledger, stores?
  4. Illustrate roughly a columnar cash book and a columnar journal. Comment on the columnar system.
  5. Which of the following should be charged to capital account and which to revenue account: The purchase of a patent right; legal fees for organizing a corporation; the purchase of a lease; repairs of machinery; replacement of machinery; the purchase of additional machinery; the loss by fire of uninsured property?
    Explain in each case why you decide as you do.
  6. You contemplate purchasing an interest in a business that has run five years, and agree to pay one third the valuation of its net assets. The following statement is given you by the partners:—

Dr.
Buildings, machinery, etc., at cost $50,000
Expended for repairs and renewals $8,000
Patent rights purchased $14,000
Balance of sales ledger $26,000
Inventory, as per stores and stock books $19,000
$117,000

Cr.
Bills payable $48,000
Balance of purchase ledger $47,000
Partners’ capital $22,000
$117,000
    1. Assuming that this statement gives all that you need to know, how much must you pay for your interest in the business?
    2. Does this statement give all necessary information about the assets? If not, what is lacking?

7.  The chief items on the balance sheet of a firm may be summarized as follows :—

Assets.
Cash, stock, and accts. receivable $48,000
Buildings and machinery $37,000
$85,000
Liabilities.
Notes and accts. payable $33,000
Capital of the partners $62,000
$95,000

Is the firm solvent or insolvent? Why do you think so?

  1. The books of a firm have been kept by the ordinary methods and all transactions prior to the close of business on December 31 have been carried through the books. You are asked to determine profit or loss for the year just closed. Describe carefully the steps that you would take.

Source: Harvard University Archives. Harvard University Mid-Year Examination Papers, 1852-1943. Box 6, Bound volume, Mid-year Examination Papers, 1901-02. Sub-volume Papers Set for Final Examinations in History, Government, Economics, … in Harvard College (January 1902). Also included in Harvard University Examination Papers, 1873-1915. Box 6, Bound volume, Examination Papers, 1902-03. Sub-volume Papers Set for Final Examinations in History, Government, Economics, … in Harvard College (June 1902).

Image Source: Harvard Alumni Bulletin, Vol. XIX, No. 16, p. 308. Portrait of William Morse Cole colorized by Economics in the Rear-view Mirror.