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. In the announcement for the previous academic year students expecting to go to study law had been explicitly not encouraged to take the course.
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Earlier posts concerning
Prof Bruce Wyman
https://www.irwincollier.com/harvard-law-and-economics-syllabus-and-exams-wyman-1901-1902/
https://www.irwincollier.com/harvard-course-with-a-snapper-problem-1910/
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Obituary of Bruce Wyman (1876-1926)
PROF BRUCE WYMAN DIES AT WABAN HOME
Well Known as Authority on Railroad Rates
Taught at Harvard Law and Wrote Many Text Books
NEWTON. June 21—Prof Bruce Wyman, internationally-known authority on public service corporations, railroad rates and restraint of trade, died of heart disease today at his home, 15 Winnetaska road, Waban. He recently had celebrated his 50th birthday anniversary.
Born in Hyde Park, June 15, 1876, the son of Ferdinand A. and Harriet Ann (Bruce) Wyman, he prepared for Harvard at the Chauncy Hall School, Boston, being graduated with the highest possible honors. He was equally distinguished at Harvard, from which he was graduated in 1896. He continued his studies, receiving his master of arts from Harvard the next year and was graduated from the Harvard Law School in 1900.
Prof Wyman made an enviable record during the eight years at Harvard and was once made a member of the faculty of the Law School, making a specialty of public carriers and the laws pertaining to them. He held his position at Harvard until 1914, when he voluntarily resigned following testimony before the Public Service Commission at a railroad hearing that he was retained by the New Haven Railroad.
Wrote Many Books
He did not stop his scholastic work, however, but became a lecturer In the Chicago Law School and Blackstone Institute, and later became affiliated with the Portia Law School of Boston, teaching there for nine years and also serving as its secretary.
His scholarly labors also included the writing of a great mass of papers on his field and he published many books, some of them becoming text books at various schools and universities. Among his books are: “Restraint of Trade,” “Mortgage Securities,” “Administrative Law,” “Railroad Rate Regulation,” “Public Utilities,” “Control of the Market,” “Public Service Corporations.”
Prof Wyman also carried on a considerable practice in Boston and Washington. His office in Boston was at 291 Washington st. From 1900 to 1908, he was engaged in general work, but from then on he entered more and more into a consultive practice. He was retained by the New Haven Railroad for years, having charge of all claims filed before the Interstate Commerce Commission in reference to the road. The New York Central and many other railroads also retained him. He was also counsel for the National Civic Association and an investigator for the Directors of the Port of Boston. As an outstanding authority in his field, Gov Eugene Foss called him into consultation and game him an active part in the framing of the Public Service Commission Act.
Funeral Tomorrow
Prof Wyman was married June 30, 1902, to Ethel Andrews of Cambridge. Before moving to his late home in Waban he lived at 16 Quincy st, Cambridge. He was a member of the Phi Beta Kappa and the Theta Delta Chi Fraternities, was a Republican in politics and an Episcopalian in religion. He was also a member of many social organizations of Boston, Newton, Cambridge, New York and Washington.
He is survived by his wife; a son, Andrews Wyman, who will be graduated from Harvard this week; a daughter, Rosemary Wyman, a student at Wellesley; a sister, Miss Martha A. Wyman of Somerville, and a brother, Walter F. Wyman of Arlington.
Funeral services will be held at the old Wyman home town of Littleton on Wednesday. Services will be conducted at the Littleton Unitarian Church and at Westlawn Cemetery.
Source: The Boston Globe (June 22, 1926), p. 23.
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Course Description
Economics 21
1902-03
- *The Principles of Law in their Application to Industrial Problems. — Competition and Combination. , Wed., and (at the pleasure of the instructor) Fri. at 11. Mr. Wyman.
This course considers certain rules of the law governing the course of modern trade and the organization of modern industry. The commercial law is thus taken up at large in its application to the conduct of modern business. The aim of the course is to give to students who mean to enter business life some contact with the law and some understanding of the legal point of view. At the same time the problems brought forward are actual and the rules of law discussed are specific, so that the instruction may prove of service in a business career. As the course deals with adjudication and legislation on questions of first importance in the economic development of modern times, it may also be of advantage to those who wish to equip themselves for the intelligent discussion of issues having both legal and economic aspects.
In 1902-03 five principal topics will be discussed: Competition — Combination — Incorporation — Consolidation — State Control. In Competition the first issue is the extent to which competition is allowed: in some cases competition is free, in other cases it is unfree. Competition is legal unless there is franchise. The second issue is the methods by which competition is permitted: in some cases competition is fair, in other cases it is unfair. Fraud, Disparagement, and Coercion are not legal. In Combination in Restraint of Trade, the division is between a suppression of competition and a regulation of competition. For example, the railroad pool is illegal, the factors agreement is legal. Thus it is seen that a combination which involves unreasonable restraint and unfair competition is illegal, while if it involves reasonable restraint and fair competition it is legal. Here are examined the corner and the strike. In the Corporation only the main principles involved are taken up: the organization of the corporation and the administration of the corporation. In the treatment of the Consolidation all the previous discussion is summoned up. The public problems presented by the reorganization of the industrial system, now going on so fast, is one question; what regulation of combination there should be, is the other. The most stress is laid upon the last topic — State Control. The proper regulation of the public callings — the railroads and the like — is discussed at much length; so also is the proper police of the private callings — the factories and the like.
The conduct of this course will be by the reading and discussion of cases from the law reports. The cases selected cover the whole field of the industries and the whole course of the trades, so that both fact and law involved are informing. Course 21 is designed for Seniors and graduate students who intend to enter business. If any others wish to take the course they must obtain written consent of the instructor.
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
Economics 21
1902-03
Economics 21. Mr. Wyman. — Principles of Law in their application to Industrial Problems.
Total 58: 4 Gr., 33 Se., 13 Ju., 2 So., 6 Others.
Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.
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Course Examinations
Economics 21
1902-03
ECONOMICS 21
Mid-Year Examination
1902-03
Answer eight questions. Give reasons with care.
- The Bradford Gas Company was chartered to supply gas in Bradford; the Pudsey Gas Company in a similar way was engaged in the supply of gas in Pudsey. It appeared in evidence that the Bradford Company was about to furnish gas to a large mill inside the city limits of Pudsey. May the Pudsey Company have an injunction?
- The makers of Vance’s Infant Food advertise that “Vance’s Food is far more nutritious and healthful than Mellen’s Food; experience shows that babies grow fatter on Vance’s Food than on any other; the analysis by our expert Dr. Muspratt shows that Vance’s Food has 98 per cent. nutritive elements to 78 per cent. such elements in Mellin’s Food.” The proprietors of Mellen’s Food sue the proprietors of Vance’s Food, and in their statement offer to prove the superiority of Mellen’s Food to Vance’s Food in all respects. How will the case probably be decided?
- A travelling agent of the Globe Stove Works goes through the Southwest getting small dealers to sign contracts for stoves. The travelling agent of the World Stove Works crosses his track often. In several instances the agent of the World Company, acting under orders from headquarters, makes a special price to dealers that have bought from the Globe Works, and induces them to cancel their orders for Globe stoves and buy the World stoves. Has the Globe Company any remedy against the World Company?
- A biscuit company begins the sale of a product which they call the “Uneeda biscuit.” Another company later begins the sale of “Iwanta biscuit.” The makers of the “Uneeda biscuit” bring a bill against the makers of “Iwanta biscuit” for an injunction. They next institute a process to get registration of “Uneeda” as their trademark. What is the probable fate of each proceeding? Can they succeed in both?
- The National Harrow Company send broadcast the following circular: “We believe that we have the patents, and we have determined henceforth to sue any dealer handling these infringing harrows wherever they are found.” The infringing harrows referred to were those of the Davison Company. During the year following these circulars the business of the Davison Company fell off 50 per cent. In the year after that the Supreme Court decided in one of the suits which the National Company had prosecuted in good faith that their principal patents were invalid. The Davison Company now sue the National Company for damages done their business by the circulars quoted above. What decision?
- There are two ice manufacturing companies in a Southern city. The second makes a lease of all its plant to the first for ten years for a high rental; then the first leases this same plant to third parities to be used only as a storehouse; thereupon the first ice company increases its rate 50 per cent. according to the previous understanding with the second company. This situation lasts for a year, when a new third company constructs a new plant with modern machinery and puts its rates at 50 per cent. below the first company. The first company reduces its rates, and thereupon refuses to pay the full rental to the second company according to the terms of the lease. What rights has the second company against the first company?
- The Steel Workers Union declares a strike at the steel mills to get an increase of wages. A picket of six men is placed by the Union, two at each end of the block and two at the mill gate, to persuade new workmen that this is a just strike, and that therefore they should not seek employment. Can the employers have an injunction against their employees?
- A retail lumber association agrees not to buy lumber of any wholesale lumber dealer who sells direct to customers. A certain wholesale dealer begins to sell to customers direct in car load lots only. Thereupon the executive committee of the lumber association sends 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?
- The makers of the Cow Brand of saleratus make an arrangement with jobbers that if the jobbers will not sell any saleratus below five cents per pound, the makers of the Cow Brand will grant those jobbers a special discount upon settlement of bills. The makers of the Bull Brand, an inferior quality, are thereby damaged, since the jobbers can make no sales of the Bull Brand under those circumstances. May the makers of the Bull Brand sue the makers of the Cow Brand?
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 21
Year-end Examination
1902-03
Answer nine questions.
- A, B, and C, who comprise all the stockholders in the Central Mfg. Co., execute a deed to X, in their names, describing themselves as sole owners of all the shares in the Central Mfg. Co., which deed purports to convey to X the mill owned by the corporation. The next day A, B, and C hold a corporation meeting, and vote to sell the same mill to Y; the proper officers of the corporation accordingly execute a deed in the name of the corporation to Y. Who gets the mill, X or Y? Both pay full value and neither has notice of the other.
- A general incorporation act provides that seven persons may, by subscribing their names to a memorandum of association, form a corporation. A and six clerks of A sign the memorandum. The capital stock is fixed at $200,000. At the subscription A agrees to take 994 shares and the others one each. The corporation agrees to take the factory of A at a valuation of $150,000, which is not unreasonable. The corporation, in pursuance of the bargain, issues to A $99,400 in paid up shares and $56,000 in first mortgage bonds. The business of the corporation is begun and one B subscribes to $100,000 of the shares, for which he pays $50,000. Later the business incurs debts to the amount of $90,000, which it cannot meet. Finally it fails, with $50,000 assets left. What shall be done?
- Bill in equity by a minority stockholder in a cotton manufacturing company, alleging (1) that the majority are about to expend half the capital in purchasing cotton at such a high price that it will be impossible to manufacture it at a profit; (2) that the majority are about to purchase a steamboat to run in opposition to the existing line of freight boats. Will the stockholders get an injunction in either (1) or (2)?
- A gets a mining corporation formed to buy of him a certain gold mine which he has bought for $10,000, — that is all he believes it to be worth; but he unloads it upon his dummy corporation for $100,000. The stock in this corporation is sold to the public upon a glowing prospectus. Strangely enough, the gold mine upon working proves to be worth $500,000. Has the corporation any right to sue A now?
- The directors in a bank do no more than examine the quarterly summaries of the general manager and compare them with the report of the chief auditor. It turns out that the manager and the auditor have been in collusion all the time for five years to cover up embezzlements and divide the plunder. When the bank fails in consequence the directors are sued by the depositors. What decision?
- A partnership pool is formed between four oil corporations that have control of 80% of the product of their district. By the terms of it all expenses and all receipts are to be pooled and the net earnings paid over at the end of every year in proportion to capitalization. At the end of the second year three of the corporations divide up the profits and refuse to give the fourth anything. The fourth brings suit. What will it recover?
- A securities corporation is formed under the laws of a State which permits a corporation to hold stock in another corporation. This corporation purchases by exchanges of its stock 90% of the stock of the X railroad and 90% of the stock of the Y railroad. The X railroad and the Y railroad lie in distant States, the laws of which forbid consolidation of competing railroads such as the X and Y railroads are throughout. Is this attempted merger legal?
- A railroad corporation refuses to pay its engineers $3.75, an increase of 10% over previous per diem wages. Accordingly the engineers quit work; but, although they watch the situation closely, they offer no show of force. The railroad posts a notice that no more freight will be received until further notice. Have they a legal right to do this?
- A gas company publishes a rule that customers who wish gas must deposit $25. However, gas is furnished to a man who lives on X Street for a month on credit. When he moves to Y Street he refuses to pay for gas consumed at X Street, and the company refuses to supply him with gas at Y Street until he does. The man thereupon tenders the company $25 deposit and demands gas in Y Street; he is refused again and now brings suit. What decision?
- A telephone company also furnishes a messenger service as a separate part of its business. A company which only furnishes messenger service applies for a telephone. The telephone come refuses on the ground that their messenger business will be injured thereby. Is this refusal justifiable?
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).