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.
