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Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Exam questions for undergraduate principles of accounting. Cooper, 1937-1938

In the newspaper account of Howard Earl Cooper’s retirement, the Dean of the Johns Hopkins University Evening College, called him “certainly the Mr. Chips” of the cohort retiring in 1969, i.e. a professor who was loved more by his students than he apparently loved doing research. But he was apparently very much loved by his students and we all know just how fickle the reception of our own research can be. One presumes he left with overwhelming fond professional memories.

But we are here to capture the reality of economics education through the years and Cooper’s exam questions from 1937-38 provide us another archival observation.

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Howard Earl Cooper
Chronology of his life and career

1899. October 17. Born in Canon City, Colorado.

Served in an Army intelligence unit in World War I.

1922-26, 1927-28. Registrar, School of Commerce, Accounts and Finance at the University of Denver.

1923. B.C.S. from the University of Denver

1925. S.B. from the University of Denver.

1927. S.M. in banking from Columbia University.

1927-28. Assistant Professor of Accounting at the University of Denver.

1928. Appointed instructor of accounting at Johns Hopkins University.

1932. Ph.D. in Political Economy from Johns Hopkins. Dissertation: The Application of Standard Costs to Factory Overhead Expenses.

1942. Appointed associate professor of accounting.

1946. Appointed professor of accounting.

1951-1969. Associate Dean of McCoy College (earlier called the Hopkins Evening College and later called the School of Continuing Studies) of Johns Hopkins University.

1985. October 9. Died in Baltimore, Maryland.

Sources:

  • Annual Report of the President for 1931-32, p. 246. Johns Hopkins University Circular (September 1932).
  • Retirement announced in The Baltimore Sun, May 24, 1969, p. 10.
  • Obituary in The Baltimore Sun, November 3, 1985, p. 38.

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Howard E. Cooper Jr. Memorial Scholarship

Mary Cooper Evans established this fund in 1985 in honor of Dr. Howard E. Cooper Jr., professor emeritus and former associate dean of McCoy College, who taught at Johns Hopkins from 1928 until his retirement in 1964. This fund supports students majoring in business.

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Course Description
Principles of Accounting
1937-1938

11 B. Principles of Accounting. Dr. Cooper. Three hours weekly, through the year. M., T., F., 2 p.m. Gilman Hall 312.

A study is made of financial statements as the goals of accounting endeavor, of the analysis and recording of business facts in the accounting books and records, and of the methods of opening and closing the books for a single proprietorship, partnership and corporation as well as the use of controlling accounts, and consignment accounts. Many practical problems are assigned to give facility in the handling of accounting records and a ready appreciation of their significance.

Prerequisite: Political Economy 1 C.

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Semester Examinations
Principles of Accounting
1937-1938

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 11 B

Dr. Cooper

February 2, 1938

Please write your answers to these questions legibly and in ink.

  1. (a) What is the purpose of classifying the items in a Balance Sheet?
    (b) What is the purpose of classifying the items in a Profit and Loss Statement?
    (10 points)
  2. (a) What is a trial balance?
    (b) What function does a trial balance serve?
    (10 points)
  3. Set up a schedule of debit and credit showing what kinds of items are to be debited and credited.
    (10 points)
  4. (a) What is the purpose of subdividing the journal?
    (b) What is the purpose of subdividing the ledger?
    (10 points)
  5. (a) What is a controlling account?
    (b) How would you account for the withdrawal of stock in trade by the proprietor in a set of books which had a sales and purchase journal and general journal and a subsidiary accounts receivable ledger?
    (10 points)
  6. From the following information prepare a worksheet.
Advertising $ 6,000 Miscellaneous Selling Expense $ 1,700
Accounts Payable 20,000 Notes Payable 25,000
Accounts Receivable 28,000 Motes Receivable 12,000
Bonds (Investments) 2,000 Purchases 128,000
Buildings 24,000 Purchase Discounts 2,400
Cash 14,000 Reserve for Bad Debts 700
Delivery Equipment 1,900 Returned Pur. and Allowances 4,000
Freight In 1,000 Returned Sales and Allow. 1,600
Furniture and Fixtures 5,800 L. A. Roberts, Capital 68,940
General Expense 5,600 L. A, Roberts, Per. (debit) 8,000
General Salaries 4,000 Sales 178,350
Insurance Expense 1,200 Salesmen’s Salaries 11,000
Interest Expense 1,000 Sales Discounts 680
Land 12,000 Store Equipment 3,000
Merchandise Inventory 24,000 Taxes 2,910
Depreciation on Buildings 5%.
Depreciation on Del. Equip. $720.
Depreciation on Furniture and Fixtures $800.
Depreciation on Store Equipment $400.
Bad Debts $1,760.
Prepaid Advertising $2,000.
Prepaid Insurance $200.
Accrued General Salaries $100.
Interest Accrued on Notes Payable $700.
Accrued Salesmen’s Salaries $350.
Accrued Taxes $300.
Deferred Income-Liability for Gift Certificates $750.
Accrued Interest on Bonds $60.
Accrued Interest on Notes Receivable $300.
Final Inventory $21,000

(50 points)

*  *  *  *  *  *  *  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 11 B

June 2, 1938
1 p.m.

Please use ink and write clearly.

  1. Pic and Pat are partners with capital accounts of $15,000 and $20,000 respectively. Business has not been good. Their assets are converted into $30,000 cash. There are liabilities of $8,000. Set up T accounts and show how the business should be dissolved.
  2. Bergen and McCarthy were engaged in a partnership with capital investments of $10,000 and $20,000 respectively. They decide to admit Lamour into the partnership for a one third interest for an investment of $20,000 in the partnership. Set up T accounts illustrating the admission of the new partner.
  3. Benny and Allen are partners with investments of $10,000 and $25,000 respectively. Their profit and loss sharing ratio is 2 and 3 respectively. Benny is to be allowed a salary of $3,000. Allen receives no salary. Each are to be allowed interest of 6% on their investments. The profits for the year are $4,500. How should they be distributed.
  4. The Baker Corporation is organized under the laws of the State of Maryland with an authorized Capital stock of 10,000 shares with a per value of $100 each. On April 1, 1938 the stock was sold at 90. On April 15, 10% of the stock was donated back to the company and on the 20th was resold for 80. Journalize the above data.
  5. On January 1, 1937 the Vallee Corporation issues $500,000 worth of 5% bonds at 95. Coupons payable on June 30 and December 31. These bonds have ten years to run. Show journal entries for:
    (a) Issuing the bonds
    (b) Payment of interest on June 30 and December 31.
    (c) Ammortizing the discount as of December 31 on a straight line basis.
  6. Set up a cost of goods sold section of a profit and loss statement of a manufacturing company supported by a schedule of the cost to manufacture using your own figures.
  7. What are the advantages and disadvantages in the use of a voucher system?
  8. How would you calculate an open to buy estimate? Illustrate.
  9. Illustrate two methods of accounting for consignments out.
  10. Illustrate the accounting for neglected purchase discounts.

Source: Johns Hopkins University, Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Curricular Materials. Series 6. Box 2. Folder “Department of Political Economy — Exams, 1936-1940”.

Image Source: Portrait of Howard Earl Cooper in the 1940 Johns Hopkins’ yearbook Hullabaloo, p. 9. Colorized by Economics in the Rear-view Mirror.

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Exam Questions Johns Hopkins Principles Undergraduate

Johns Hopkins. Exams for the five sections of principles of economics, 1937-1938

 

This post is the first of transcribed mid-year and end-year course examinations in political economy at Johns Hopkins University for the academic year 1937-1938. Principles of economics was taught in five sections: three for the College of Arts and Sciences, one for the School of Business Economics and one for the School of Engineering.

Related earlier material from Johns Hopkins:

Exams 1921-22;  Exams 1923-24; Exams 1932-33. 

A report of activities of the department of political economy for 1935-1936 has also been transcribed and posted earlier.

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Course Description

1 C. Elements of Economics. Three hours weekly through the year. Section 1: Dr. Bullock, Th., F., S., 8.30. Maryland Hall 110. Section 2: Associate Professor Mitchell, M., Tu., W., 8.30. Maryland Hall 110. Section 3: Associate Professor Weyforth, M. Tu., W., 11.30. Gilman Hall 314. Section 4: Dr. Cooper, M., Tu., W., 10.30. Gilman Hall 311. Section 5: Mr. Deupree, M., Tu., W., 8.30. Gilman Hall 314.

Note: Students in the School of Engineering will be assigned to Section 1; students in the School of Business Economics to Section 3; and students in the College of Arts and Sciences to Sections 2, 4, and 5.

This course teaches the elements of the science, aiming to show the principles upon which economic society is organized and operated. Particular attention is given to the theory of value and the theory of distribution together with their application to leading economic problems. Such subjects as Money and Banking, Rent, Wages, Interest, Profits, Industrial Combinations, International Trade, are treated in the course. It is part of the purpose of the course to indicate the application of scientific principles to current economic problems.

Required of all students before graduation.

Source: The Johns Hopkins University Circular (1937). Vol. LVI, No. 486 (April, p. 61).

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Elements of Economics
Mid-year and End-year Examinations
1937-1938

Elements of Economics. Section 1
Dr. Roy J. Bullock

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Bullock

Wednesday
February 2, 1938, 9 a.m.

I.

Define or identify:

1. Property
2. Utility
3. Laissez-faire
4. Intensive margin of cultivation
5. Cumulative preferred stock
6. Time preference
7. Craft gild
8. Marginal revenue
9. Vertical combination
10. Demand

II.

What would be the difference between monopoly and competitive price under the following conditions:

    1. Elastic demand and increasing costs
    2. Elastic demand and rapidly decreasing costs
    3. Inelastic demand and increasing costs
    4. Inelastic demand and decreasing costs?

Illustrate each with a diagram.

III.

President Roosevelt has proposed a revision of the Federal Anti-Trust Laws. What reasons are there for being dissatisfied with our existing anti-trust laws? Are there any reasons for changing the objectives that have guided our anti-trust policy in the past? In what respects is the trust problem a price problem? Discuss.

IV.

Assume the following data with regard to a grain farm for the years 1930 and 1936:

1930 1936
Number of bushels produced 5,000 7,000
Total expenses of production $4,500 $8,000
Price of grain per bushel $.90 $1.30
Rate of return expected on farm investments 5% 4%
    1. What was the economic rent of this farm in 1930? in 1936? As a tenant what rent could you have afforded to pay in each year?
    2. Does the rent paid by the former have any effect on the price of grain at the primary market? Explain.
    3. As a buyer of land how much would you have been willing to pay for this farm in 1930? in 1936? Why?
    4. If grain alcohol became a commercial success as a substitute for gasoline, what would be the probable effect on the economic rent of this farm?

V.

Compare the advantages and disadvantages of the individual proprietorship, the corporation and the partnership from the point of view of the organizer of a business. Why has the corporation gained in relative importance during recent years?

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Bullock

Friday, June 3, 1938 – 9 a.m.

I

Explain briefly the meaning or significance of:

1. Legal tender
2. Favorable balance of trade
3. Interstate Commerce Act of 1887
4. American Federation of Labor
5. Fiat money
6. Stoppage at the source
7. Elastic currency
8. Committee for Industrial Organization
9. Taxation according to benefit
10. Workmen’s compensation law.

II

(a) Explain clearly how commercial banks are able to make loans greatly in excess of their cash resources.

(b) Explain the difference between the equation of exchange and the quantity theory of money.

III

A popular slogan of recent years has been, “More business in government, less government in business.” Developments have been in the opposite direction to that advocated. Have these developments been the result of party politics or are they in accord with underlying economic tendencies? Evaluate the slogan in the light of current conditions.

IV

Appraise national legislation to stablish a minimum weekly wage and a maximum number of hours work per week with regard to its probable effect on laborers income and on the business cycle.

V

(a) “The restoration of the pound sterling to its pre-war value was equivalent to the imposition of a heavy tax upon the British exporting industries.” Explain. Did the increase in the value of the pound make it easier or more difficult for other countries on the gold standard to sell in the British market? Explain.

(b) Explain and illustrate the difference between a tariff schedule designed as a revenue measure and a schedule aimed primarily at protection.

*  *  *  *  *  *  *  *  *  *  *  *

Elements of Economics. Section 2
Associate Professor Broadus Mitchell

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
Political Economy 1 C

[Monday, Jan. 31, 1938. 9 a.m. Dr. Mitchell]

  1. What is the general theory of the competitive economic system?
  2. (a) Show how prices are determined under conditions of competition.
    (b) What are some of the forces which, in fact, interfere with this perfect operation of competition?
  3. On what economic theory do inflationists rely? Explain this theory briefly.
  4. State and explain the marginal utility theory of value.
  5. Identify briefly: the Physiocrats, Colbert, Kirkcaldy, James Watt, P. S. DuPont, Salmon P. Chase, R. B. Taney, Friedrich Engels, holding company, consumer‘s surplus, elastic demand.
  6. (a) Discuss the chief means used in this country to cope with the problem of unemployment.
    (b) What is meant by “technological unemployment”?
  7. Explain the changes made in the Federal Reserve System as a result of the depression of 1929.

 

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
IN
POLITICAL ECONOMY 1 C

Dr. Mitchell

May 30, 1938
9 a.m.

  1. (a) Give the purposes, structure, and method of operation of the Federal Reserve System.
    (b) Why, in your opinion, did it fail to prevent the depression of 1929 and the subsequent closing of the banks of the country?
  2. (a) Explain the differential or Ricardian theory of rent.
    (b) What were the influences responsible for Henry George’s book, Progress and Poverty?
    (c) What is the Socialist’s criticism of the single tax proposal?
  3. State and discuss the Wage Fund Theory and the Exploitation theory of wages.
  4. (a) How do pure profits arise?
    (b) What developments in American economic life appear to make our old reliance upon the profit motive inappropriate now?
  5. In what sense is it true that the cost known as interest would be present even in a collectivist economy?
  6. What forces are responsible for the present increased demand for industrial unionism as against craft unionism in the United States?
  7. Contrast the teachings of Robert Owen with those of Karl Marx.

*  *  *  *  *  *  *  *  *  *  *  *

Elements of Economics. Section 3
Assoc. Professor William O. Weyforth

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Weyforth

February 3, 1938
9 a.m.

  1. What is meant by the doctrine of “laissez faire”? That were the conditions under which the doctrine was developed? Explain the arguments in favor of the doctrine, and the factors responsible for a departure from the doctrine in recent years.
  2. What are the essential features of the corporation as a form of business organization? How do you account for the rise of the corporate form of business organization in recent years? Distinguish the following: common stock, preferred stock, bonds.
  3. What are the “factors of production” and the “agents of production”? What is meant by the “best combination of the agents of production” as applied to any business enterprise. Distinguish between the average total unit cost of production and the marginal cost of production. Illustrate by diagram.
  4. Explain what is meant by an individual demand schedule for any commodity. Show the relationship between such a demand schedule and the theory of marginal utility. Upon what principles does a consumer tend to divide his expenditures among different commodities? How is the total demand schedule in any market for a certain commodity related to the individual demand schedules?
  5. Show how the market price is determined by supply and demand under conditions of competition. Show how an increase in supply, demand remaining constant, will lead to a decline in price. Would the decline in price be greater where the demand is elastic or inelastic? Explain the problem by the use of diagrams.
  6. In what way is the monopolist able to control price? What is the theory of monopoly price? Explain the statement that the monopolist will tend to fix the price at the point where the marginal revenue curve intersects the marginal cost curve.
  7. What is meant by monopolistic competition? State some of the circumstances under which it tends to appear. Explain the difference in the shape of the demand curve for the product of an individual producer under conditions of pure competition and those of monopolistic competition.
  8. Explain the distinction between industries of constant cost, increasing cost, and decreasing cost. What are the factors primarily responsible for these differences, that is, under what circumstances are we likely to have each type of industry? How can we have an industry of increasing cost and at the same time constant or falling prices for the product of that industry over a period of years.
THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Weyforth

June 2, 1938
9 a.m.

  1. In the regulation of public utilities, what are the important economic problems involved in the determination of a fair price to be charged for the services rendered?
  2. Show how bank deposits subject to check serve as a medium of exchange. Explain how the volume of such deposits may be affected by the loan and investment policies of banks.
  3. What are business cycles? Explain the theory that fluctuations in general business activity are due primarily to fluctuations in the volume of investment. What are the possibilities of public spending as a means of remedying business depression?
  4. Explain the theory that under conditions of competition the rate of wages in any occupation tends to correspond to the marginal productivity of labor in that occupation. According to this theory how do you explain the relatively higher wages paid to skilled workers as compared with unskilled workers?
  5. Explain how, other things being equal, the growth of population will affect the rent of land. How is this explanation related to Henry George’s proposal. for a single tax on land?
  6. Show how interest rates are determined by the supply of and the demand for loanable funds. What are the sources of the supply of and demand for loanable funds? How may banking policy affect interest rates? What are the limits of banking policy in this respect?
  7. What are the factors that give rise to profits? What functions do profits perform in an economic system of free enterprise?
  8. What are the characteristic features of capitalism? What do you mean by socialism? by communism? What is “utopian” socialism? “scientific socialism”?
  9. Explain the law of comparative cost as applied to international trade.

    *  *  *  *  *  *  *  *  *  *  *  *

Elements of Economics. Section 4
Dr. Howard E. Cooper

THE JOHNS HOPKINS UMIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

[Dr. Cooper]

January 31, 1938
9 a.m.

Please write your answers to these questions legibly and in ink.

  1. “The Production of wealth may take the form of the creation of form utility, of place utility, or of time utility.”
    Explain and give examples of each.
  2. What would be the effect on our industrial system of too much saving, of too little saving?
  3. “The division of labor promotes production by economizing labor, increasing its efficiency, and making more effective use of capital.” This is all helpful from the point of view of capital. How about the laborer?
  4. What is the concept of marginal utility?
  5. What are some examples of elastic demand?
    What are some examples of elastic supply?
  6. Distinguish between increasing costs and decreasing costs.
  7. What is the meaning of imperfect competition?
  8. What are some of the limitations on monopoly price?
  9. Suppose the quantity of money held by everyone were to be doubled. Would we be twice as wealthy? Explain.
  10. Discuss briefly some of the factors which influence the rate of interest.
THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
IN
POLITICAL ECONOMY 1 C

Dr. Cooper

Monday [May] 30, 1938
9 A.M.

Please use ink and write clearly.

  1. In what ways does the Federal Reserve System seek to control credit?
  2. (a) What is the significance of the double budget made use of by President Roosevelt?
    (b) Trace briefly the National Debt of the United States?
  3. (a) What is meant by combining business risks to prevent their harmful effects? Illustrate.
    (b) What is meant by passing risks to the shoulders of others more able or willing to bear them? Illustrate.
  4. Define the following:
    (a) a pool
    (b) a trust
    (c) a holding company
    (d) a consolidation
    (e) a merger.
  5. The newspapers frequently carry statements to the effect that local patriotism requires that you patronize local merchants and industries in order to keep money at home. Criticize.
  6. What factors lead to fluctuations in foreign exchange?
  7. Would you advocate an early return to the gold standard? Give reasons for and against.
  8. Discuss briefly the factors affecting the supply and demand for labor.
  9. Distinguish between the craft or trade union, and the industrial union. Which do you think will be the union of the future? Why?
  10. Marx held that the tendency toward concentration, and the increasing numbers and misery of the laboring class would lead us into Socialism. Taking into consideration the long time period, is it possible that he was right?

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Elements of Economics. Section 5
Dr. Robert G. Deupree

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Deupree

February 1, 1938
1 p.m.

  1. Define: wealth, utility, income, capital, functional distribution.
  2. Contrast: the manorial system, guild system, and domestic system.
  3. Distinguish between the following forms of the business unit: Individual proprietorship, partnership, limited partnership, and corporation.
  4. Discuss the economic effects of division of labor.
  5. Explain the marginal utility concept.
    How does it relate to price?
    Explain marginal cost of production.
    How does it relate to price?
  6. Distinguish between production under conditions of increasing, decreasing, and constant costs, giving examples of each.
  7. A monopolist finds the following cost and demand schedules prevailing in the market for his commodity:
Quantity Cost per unit Selling price per unit
1,000,000 1.00 1.00
750,000 1.07 1.10
500,000 1.36 1.40
250,000 1.49 1.50

What would be the monopoly price in this market? Why? Are there any limitations upon the monopolists’ power to fix price? Explain.

  1. Show how economic rent arises on urban lands. Does the law of diminishing returns apply to urban lands? If so, in what manner? Explain what is meant by the extensive and intensive margins of cultivation in agriculture and their relation to economic rent.
  2. What is the time preference theory of interest?
    How would the rate of time preference be affected by:
  1. a steady growth of the national income?
  2. extravagance in consumption?
  3. old age pensions paid by the government?
THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Deupree

June 1, 1938
9 a.m.

  1. Identify or define:
    1. Karl Marx
    2. Thomas Malthus
    3. Gresham’s law
    4. Knights of Labor
    5. Rochdale system
    6. Law of large numbers
    7. Hedging
    8. Processing taxes
    9. Gold export point
    10. Mint par of exchange.
  2. a. Discuss money.
    b. Define a commercial bank and discuss its functions.
    c. Define a central bank and discuss its functions.
  3. Summarize the major provisions of and evaluate any two of the following:
    a. Banking Act of 1935
    b. Social Security Act
    c. Trade Agreements Act
    d. National Labor Relations Act
    e. National Industrial Recovery Act
    f. Clayton Anti-trust Act
  4. a. Sketch the basis of the conflict between the American Federation of Labor and the Committee for Industrial Organization. Discuss the relative merits of the arguments.
    b. How would you account for the wages paid a particular group of workers — for example, carpenters in Baltimore?
  5. a. What are the basic Socialist proposals?
    b. Distinguish: Socialism, Communism, Fascism.
  6. How would you meet the unemployment problem in the United States? Give reasons for each step you propose.

Source: Johns Hopkins University, Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Curricular Materials. Series 6. Box 2. Folder “Department of Political Economy — Exams, 1936-1940”.

Categories
Economics Programs Johns Hopkins

Johns Hopkins. Activities of department of political economy, 1935-1936

 

Annual reports by university presidents often include chapters submitted by individual faculties, schools, and/or departments about their instructional, research, and outreach activities. Economics in the Rear-view Mirror is as good a place as any to serve as a digital depository of such dispersed material that can document time-lines for individual economics departments and economists. It would be boring for both the curator and subscribers to be subject to a long continuous stream of such material from any one department, so from time to time, I’ll just add additional years and gradually complete the time-series of reports.

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1935-1936
POLITICAL ECONOMY
[at Johns Hopkins University]

The instruction in Political Economy was directed by Professor Hollander, who met students daily in seminary organization for formal study and for cooperative research. The courses were designed to afford systematic instruction in general economic principles, intimate acquaintance with special fields of economic activity, and, most important of all, knowledge of and ability to employ sound methods of economic research. Dr. George E. Barnett, Professor of Statistics; Dr. William O. Weyforth, Associate Professor of Political Economy; Dr. Broadus Mitchell, Associate Professor of Political Economy; Dr. George H. Evans, Jr., Associate Professor of Political Economy; Dr. Howard E. Cooper, Associate in Political Economy; and Dr. Roy J. Bullock, Associate in Political Economy, assisted in the conduct of the work.

ECONOMIC SEMINARY

The papers and reports presented to the Seminary were as follows: Gregory King, the Political Arithmetician, by Professor Barnett; The History of British Preference Shares, by Dr. Evans; The Baltimore Wholesale, Fresh Fruit and Vegetable Market, by Mr. Deupree; Tench Coxe and the Federal Constitution, by Mr. Hutcheson; Hamilton’s Early Financial Papers, by Dr. Mitchell; Constitutional Restrictions on Economic Liberty, by Dr. Kahn; The Historical Development of the Massachusetts Municipal List, by Mr. Hickman; Food Marketing and Public Policy, by Dr. Bullock; The Baltimore Clearing House Association, by Mr. Hales; Real Property Tax Delinquency in Maryland, by Miss Wolman; The Trade Acceptance in America, by Mr. Wilcox; The Banking Principle and the Currency Principle, by Dr. Weyforth; The Settlement of Frederick County, Maryland, by Mr. Douglas; The Literary and Economic Influences upon Alexander Hamilton, by Mr. Rappeport; Tench Coxe’s Plea for a National Economy, by Mr. Hutcheson; Real Property Tax Delinquency in Baltimore, by Miss Wolman; Administrative Control of Labor Relations, by Mr. Ziskind; The Fiduciary Nature of the Savings Bank, by Mr. Hickman; The Street Railway Industry, by Mr. Saks; The History of Marsh Market, by Mr. Deupree; The Origin of the Baltimore Clearing House, by Mr. Hales; Industrial Corporate Surplus, by Dr. Cooper; The Concept of Self Interest in Adam Smith and Related Writers, by Mr. Lovenstein; The Growth of Municipal Indebtedness in the United States, by Mr. Shattuck; Investment Affiliates in Recent American Banking, by Mr. Peach; Small Scale Enterprise in the Anthracite Coal Fields, by Mr. Lanyon.

Appreciable progress has been made by members of the Seminary in the study of special aspects of the several questions chosen for investigation. The income of the Lessing Rosenthal Fund for Economic Research has been of aid in connection with Mr. W. Braddock Hickman’s study of “The Legal Control of Savings Bank Investments in Massachusetts” and with Mr. Harold Hutcheson’s study of “Tench Coxe.” The Fund was also drawn upon for temporary advances toward defraying the cost of publication by the Johns Hopkins Press of Dr. Evans’ “British Corporation Finance,” of Dr. Wyckoff’s “Tobacco Regulation in Colonial Maryland,” and also a second impression of five numbers of the Economic Tracts, out of print.

The Hutzler Collection has continued to add to its works disclosing the development of American economic thought and American economic history. During the present session we have also acquired an admirable copy of the rare first edition of Graunt’s “Bills of Mortality,” and photostat copies of important writings of Gregory King and Charles Davenant for use in the forthcoming series of Economic Tracts. The recataloguing and the rearrangement of the collection, in progress for the past two years, will be completed in the coming months.

Professor Hollander lectured one hour a week on the Development of Economic Theory and one hour a week on Theory and Practice of Public Expenditure.

Professor Barnett lectured one hour a week throughout the year on American Trade Unionism.

Associate Professor Weyforth lectured one hour a week throughout the year on Industrial Fluctuations.

Associate Professor Mitchell lectured one hour a week throughout the year on The Slave South.

Associate Professor Evans lectured one hour a week during the first half-year on Index Numbers.

Dr. Cooper gave a series of lectures in the second half-year on The Interpretation of Financial Statements.

Dr. Bullock gave a series of lectures in the second half-year on Marketing of Consumers’ Goods by Manufacturers.

Members of the staff were called upon for public service in various capacities. Professor Barnett continued his service as a representative of the American Economic Association on the Advisory Committee of the Census. He was also appointed chairman of the Nominating Committee of the American Economic Association and Vice-President of the American Statistical Association. Dr. Weyforth was reappointed to the Maryland State Board of Examiners of Public Accountants. Dr. Mitchell served as consultant to the Director, Division of Review of the N. R. A. from November 1935 to March 1936. He was elected for the second time to membership on the Executive Committee of the American Economic Association.

The following undergraduate courses were given:

1. Elements of Economics. Three hours weekly, through the year. Associate Professor Weyforth, Associate Professor Mitchell, and Associate Professor Evans.

2. Statistics. Three hours weekly, through the year. Associate Professor Evans.

3. Money and Banking. Three hours weekly, through the year. Associate Professor Weyforth.

6. Corporation Finance and Investments. Three hours weekly, through the year. Professor Barnett.

11. Principles of Accounting. Three hours weekly, through the year. Dr. Cooper.

12. Economic History. Three hours weekly, through the year. Associate Professor Mitchell.

14. Advanced Principles of Accounting. Three hours weekly, through the year. Dr. Cooper.

16. The Money Market. One hour weekly, through the year. Professor Hollander.

18. Wages and Employment. One hour weekly, through the year. Professor Barnett.

20. Marketing. Three hours weekly, through the year. Dr. Bullock.

21. Advanced Marketing. Three hours weekly, through the year. Dr. Bullock.

22. Commercial Law. Two hours weekly, through the year. Dr. Howell.

23. Mathematics of Finance and Statistics. Three hours weekly, through the year. Dr. Richeson.

 

EVENING COURSES IN BUSINESS ECONOMICS

During the past twenty years The Johns Hopkins University has offered a series of Evening Courses in Business Economics under the general direction of the Department of Political Economy. Such instruction is made available at hours and under conditions designed to meet the convenience of those likely to make use thereof. While designed in the main to offer instruction to young men and women actually engaged in or contemplating entrance into business, industry and commerce, the courses are planned to meet the needs also of those who have a more general interest in the subjects. The following courses were offered during the year:

Current Economic Problems, Professor Hollander; Investments, Professor Barnett; Money and Banking, Associate Professor Weyforth; Political Economy, American Economic History, Associate Professor Mitchell; Business Statistics, Corporation Finance, Associate Professor Evans; Corporation Accounting, Dr. Cooper; Elements of Business Administration, Marketing, Dr. Bullock; Elementary Accounting, Dr. Bryan; Mercantile Credit, Mr. Clautice; Auditing Principles and Practice, Federal and State Tax Accounting, Mr. Baker; Advanced Commercial Law, Dr. Watkins; Salesmanship and Salesmanagement, Mr. Ramsen; Advanced Auditing and Accountant’s Working Papers, Mr. Stegman; Applications of Psychology to Business, Dr. Bentley; Advanced Accounting Problems, Mr. McCord; Principles of Advertising, Mr. Corner; Commercial Law, Mr. Thomsen; Specialized Accounting, Cost Accounting, Mr. Smith; Business English, Public Speaking, Dr. Lyons.

SCHOOL OF BUSINESS ECONOMICS

The academic year 1935-36 marked the fourteenth year of operation of the School of Business Economics. The School was established to take care of the increasing need of specialized academic training for men contemplating a business career. In planning the curriculum of the School of Business Economics there was kept in mind the need for an adequate training in certain fundamental subjects, as well as for specialized instruction in economics and business subjects. Accordingly, during the first two years the studies are rather closely prescribed and are selected so as to furnish an essential background for a career in any field of business. In these years the curriculum is very similar to that which would be taken in the College of Arts and Sciences. In the third year greater latitude is allowed the student in the selection of subjects, and in the fourth year nearly all the subjects are elective. During these last two years it is intended that there should be intensive specialization in studies in business economics.

Students in the School of Business Economics are called upon, in partial fulfillment of the requirements for the degree of Bachelor of Science in Economics, to submit in the last year of residence an essay dealing with some business or economic subject. A wide range of choice is permitted to students in the selection of subjects. A suggested list of topics is submitted to them, but they are not restricted to such topics. It is believed that one of the principal benefits that a student may derive from the writing of such an essay is the experience obtained in the independent gathering and organization of material; and the industry and zeal of the student is likely to be enhanced if the subject on which he is working is one of special interest to him. The subjects on which essays were written in the year 1935-36 included the following: Interest as a Cost to Manufacture; The Chain Store Movement in Men’s Wear Merchandising; Control and Planning of Department Store Merchandising; Accounting Presentation for the Executive; Production Indexes; Should Public Utility Holding Companies be Eliminated?; Advertising Agencies in the United States; Investment Value of Low, Medium, and High Priced Common Stocks; Public Policy Toward Chain Stores; The Federal Securities Act of 1933 and Its Amendments; Revaluation of Fixed Assets; The American Paper Industry; The Baltimore Consumer Market. Several students wrote on the Analysis of Financial Statements, each one selecting a different corporation as the basis of his study.

In 1936, 17 students were graduated. These students were awarded the degree of Bachelor of Science in Economics.

PUBLICATIONS

George E. Barnett.

Review of History of Labor in the United States, 1896-1932, volumes III and IV, in American Economic Review, June 1936, pp. 339-342.

George Heberton Evans, Jr.

British Corporation Finance 1775-1850; A Study of Preference Shares. (Baltimore, The Johns Hopkins Press), pp. 208.

Jacob H. Hollander.

Two Letters on the Measure of Value by John Stuart Mill, 1822 (Editor). Fourth number of fourth series of Reprint of Economic Tracts. (Baltimore, The Johns Hopkins Press, 1936), pp. 24.

Broadus Mitchell.

American Radicals Nobody Knows, in South Atlantic Quarterly, October 1935, pp. 394-401.

Economists and the Depression, in Social Frontier, April 1936, pp. 215-217.

Articles in Dictionary of American Biography, as follows: vol. XV—Enoch Pratt, pp. 171-172; John Rae, pp. 321-322; vol. XVI—Edward Van Dyke Robinson, pp. 42-43; Jacob Schoenhof, pp. 450-451; XVII—Stephen Simpson, pp. 183-184; Lysander Spooner, pp. 466-467; XVIII—Philip Evan Thomas, pp. 442-443; Robert Ellis Thompson, pp. 469-470; Daniel Augustus Tompkins, pp. 581-583.

—and reviews as follows:

Parmelee, Farewell to Poverty, in Social Frontier, January 1936, p. 122.

Lawrence, Stumbling into Socialism, in The Annals, January 1936, pp. 281-282.

Ely and Bohn, The Great Change, in The Annals, November 1935, pp. 191-192.

Douglas, Controlling Depressions, and Fledderus and van Kleeck, On Economic Planning, in New Republic, August 28, 1935, p. 81.

Harvey, Samuel Gompers, in Journal of Political Economy, February 1936, pp. 106-107.

Baker, Concerning Government Benefits, in The Survey, June 1936, p. 188.

Keynes, The General Theory of Employment, Interest and Money, in Virginia Quarterly Review, July 1936, pp. 453-457.

William O. Weyforth.

Review of A New Monetary System of the United States (Related Studies), in Weltwirtschaftliches Archiv, November 1935, pp. 308-309.

Jacob H. Hollander,
Abram G. Hutzler Professor of Political Economy.

 

Source: Johns Hopkins University. University Circular. Annual Report of the President, 1935-1936, Vol. 481, (November 1936), pp. 99-103.