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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”.

______________________________

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).

______________________________

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.

Categories
Chicago Economists Money and Banking

Chicago. Ph.D. Thesis Committees in Monetary Economics. Patinkin’s Research, 1968

The first boxes of archival material that I examined as my research project on the evolution of graduate economics training was beginning to take shape came from Don Patinkin’s papers back when Duke’s Economists’ Papers Archive still bore the modest descriptor of “Economists’ Papers Project”.

This post transcribes some of the research material collected by Patinkin in his survey of Chicago style monetary economics. Fun Fact: his research assistant while on leave at M.I.T. was the graduate student Stanley Fischer, from whom incidentally I was to take my first graduate macroeconomics course (Patinkin’s book was on the reading list, surprise, surprise).

Doctoral theses advisers were identified for a dozen and a half Chicago theses that drew Don Patinkin’s attention. This is the sort of information that doesn’t normally jump at you in digitised form through a duly diligent internet search, so I thought it worth my time to file this information for now in a blog post. Minor additions have been added in square brackets for the sake of completeness.

______________________________

List of Patinkin’s copy request for Chicago Ph.D. theses

Author

Article Details of parts photographed

Box No.

1.
Bach, George [Leland]

Price Level Stabilization: [Some Theoretical and Practical Considerations]

[blank]

[blank]

2.
Bloomfield, Arthur [Irving]

International Capital Movement and the American Balance of Payments 1929-1940 Title, Contents, Bibliography.
pp. 513-514, 578-579.

T-304

3.
Bronfenbrenner, Martin

Monetary Theory and General Equilibrium Title, Preface, Bibliography.
Chaps. 1, 4, 7, 8, 9, 10, 11.

T-10250

4.
Brooks, Benjamin [Franklin]

A History of Monetary Theory in the United States Before 1860 Contents, Preface, Bibliography.
Chap. 11.

T-9885

5.
Caplan, Benjamin

The Wicksellian School—A Critical Study of the Development of Swedish Monetary Theory, 1898-1932 Title, Contents, Preface, Bibliography.

T-7847

6.
Cox, Garfield V.

Business Forecasting in the United States 1919-1928 Title, Contents, Preface, Bibliography.

T-17-91

7.
Daugherty Marion [Roberts]

The Currency-Banking Controversy Title, Contents, Bibliography
pp. 41, 54, 130, 133, 246, 316.

T-10282

8.
Harper, [William Canaday] Joel

Scrip and Other Forms of Local Money Title, Contents, Bibliography.

T-145

9.
Leigh, Arthur Hertel

Studies in the Theory of Capital and Interest Before 1870 Title, Contents, Bibliography.

T-554

10.
Linville, Francis [Aron]

Central Bank Co-operation Title, Contents, Bibliography.

T-11508

11.
McEvoy, Raymond H.

The Effects of Federal Reserve Operations 1929-1936 Title, Contents, Preface Bibliography.

T-7731

12.
McIvor R. Craig

Monetary Expansion in Canadian War Finance, 1939-1946 Title, Contents, Bibliography.

T-10268

13.
McKean, Roland Neely

Fluctuations in Our Private Claim-Debt Structure and Monetary Policy Title, Contents, Bibliography.
Chaps. 1, 2, 3, 4, 5, 6, 7, 8

T-90

14.
Reeve, Joseph [Edwin]

Monetary Proposals for Curing the Depression in the United States 1929-1935 [blank]

T-11022

15.
Shaw, Ernest Ray

The Investment and Secondary Reserve Policy of Commercial Banks Title, Contents, Preface, Bibliography.

T-8322

16.
Snider, Delbert [Arthur]

Monetary, Exchange, and Trade Problems in Postwar Greece Title, Contents, Bibliography.

T-1031

17.
Tongue, William [Walter]

Money, Capital, and the Business Cycle Title, Contents, Preface, Bibliography.

T-670

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library, Economists’ Papers Archive. Don Patinkin Papers, University of Chicago School of Economics Raw Materials, Box 2, Folder “Chicago, general (?). from binder: “U. Chicago Ph.D. Theses”, folder 1 of 2”.

______________________________

The University of Chicago
Chicago, Illinois 60637

Department of Economics

August 21, 1968

Professor Don E. Patinkin
Economics Department
Massachusetts Institute of Technology
Cambridge, Massachusetts

Dear Professor Patinkin:

            I am listing below the information (Committee members) you requested in your letter of July 8, 1968. I am also hoping that you have received your microfilm by now. The Photoduplication department was to have mailed them to you on August 13.

Bach, George [Leland] 1940 S. E. Leland
C. W. Wright
H. C. Simon
Bloomfield, Arthur [Irving] 1942 J. Viner
Lloyd W. Mints
O. Lange
Bronfenbrenner, Martin 1939 Frank Knight, chr.
S. E. Leland
Brooks, Benjamin [Franklin] 1939 Frank Knight, chr.
Lloyd Mints
[Viner also thanked in thesis preface]
Caplan, Benjamin 1942 J. Viner
O. Lange
L. W. Mints
H. C. Simons
Cox, Garfield [V.] 1929 Lionel D. Edie, chr.
Jacob Viner
Chester W. Wright
Daugherty, Marion [Roberts] (Mrs.) 1941 Jacob Viner, chr.
Garfield Cox
Lloyd Mints
Harper, Joel [William Canady] 1949
[Summer 1948]
F. Knight
O. Lange
H. Simons
C. W. Wright
L. Mints
S. Leland
Leigh, Arthur [Hertel] 1946 Frank Knight, chr.
Jacob Viner
Oskar Lange
McEvoy, Raymond [H.] 1950 Lloyd W. Mints, chr.
Earl J. Hamilton
Lloyd A. Metzler
McIvor, Russel [Craig] 1947 Roy Blough, chr.
J. K. Langum
L.W. Mints [in thesis acknowledgement Mints as the doctoral committee chair]
McKean, Roland [Neely] 1948 Lloyd W. Mints, chr.
Lloyd A. Metzler
Earl J. Hamilton
A. Director
Reeve, Joseph [Edwin] 1939 Lloyd W. Mints, chr.
Garfield V. Cox
Jacob Viner
Shaw, Ernest [Ray] 1930 Lionel D. Edie, chr.
Lloyd W. Mints
Stuart P. Meech (Bus. School)
Snider, Delbert [Arthur] 1951 L. Metzler, chr.
R. Blough
Bert Hoselitz
Tongue, William [Walter] 1947 L. W. Mints, chr.
Frank H. Knight
H. Gregg Lewis

            As you can see in some instances the Chairman was not listed, but the examining committee was listed. I wrote to Professor Cox, 660 W. Bonita, Apt. 24 E, Claremont, California 91711, to get the committee members for him and for Professor E. Shaw. Professor Cox also gave me the address of Professor Lloyd W. Mints, 618 E. Myrtle St., Ft. Collins, Colorado, should you have any interest. I hope this is sufficient.

Yours truly,
[signed]
(Mrs.) Hazel Bowdry
Sec. to Professor Telser

*  *  *  *  *  *  *  *  *  *  *

The University of Chicago
Chicago, Illinois 60637

Department of Economics

October 23, 1968

Professor Don Patinkin
Department of Economics
The Eliezer Kaplan School of
Economics and Social Sciences
The Hebrew University
Jerusalem, Israel

Dear Professor Patinkin:

            In answer to your letter of October 4, I have rechecked the files and find the below listed information.

George Bach’s committee members:

L. W. Mints, chr.
S. E. Leland
C. W. Wright
Oskar Lange
F. H. Knight
H. C. Simons
Jacob Viner
Jacob Left
Maynard Krueger

This is the order in which the examining committee is listed.

Martin Bronfenbrenner:

Henry Schultz chr.
J. Viner
L. W. Mints
F. Knight
A. G. Hart
H. C. Simon

Joel Harper:

S. E. Leland, Chr.
H. Simons
L. W. Mints
Mr. Chatters

Benjamin Brooks:

L. Mints, chr.
J. Viner
F. Knight

            I checked Faculty records with Mrs. Mosby, and found a re-appointment for Henry Simons dated June 3, 1930.

            I hope this information is helpful, and I am sorry I cannot give more definite committee members in the case of Bach.

Sincerely yours,
[signed]
(Mrs.) Hayzel Bowdry

P.S. I hope you have received the microfilm by now. It was mailed via airmail yesterday.

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library, Economists’ Papers Archive. Don Patinkin Papers, University of Chicago School of Economics Raw Materials, Box 2, Folder “Chicago, general (?), Simons, Mints, Knight materials”.

Image Source: Don Patinkin article at Gonçalo L. Fonseca’s History of Economic Thought website. Colorized at Economics in the Rear-view Mirror.

Categories
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

____________________________

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.

____________________________

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.

____________________________

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

Categories
Exam Questions Harvard

Harvard. Exam questions for European countries’ resources and economies. Ripley and Meyer, 1901-02

This post adds to the expanding collection of Harvard economics examinations. European economic geography was the subject of a year-long course co-taught in 1901-1902 by William Zebina Ripley and Hugo Richard Meyer.

_____________________________

Last minute staff replacements for 1901-1902

It will be recalled that the Harvard economics department was faced with enormous staffing problems for the 1901-1902 academic year. Frank Taussig was on sick-leave and Edward Cummings and William Ashley had left the department for other pastures.

In an earlier post we saw that Charles W. Mixter substituted for William Ashley in a history of economic thought course.

Thomas Nixon Carver had to fill-in for Frank Taussig for the advanced theory course.  He also took over Taussig’s methods course.

Thomas Nixon Carver and Frederick Bush were needed to cover the “Socialism and Communism” course previously taught by Edward Cummings.

In this post Economics in the Rear-view Mirror adds the transcriptions of exams for a course on European resources and organization that had been previously taught by William Ashley but was taught by William Z. Ripley and Hugo R. Meyer in 1901-1902.

Examinations for Professor William J. Ashley’s course in 1900-01  posted earlier.

Biographical information for Professor William Z. Ripley also posted earlier.

Economics in the Rear-view Mirror has also posted some life and career information for Hugo Richard Meyer.

_____________________________

ECONOMICS 17
Course Description
1901-1902

For Undergraduates and Graduates

[Economics] 17. The Economic Organization and Resources of European Countries. Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Professor Ashley.

This course will begin with a survey of the physical geography and of the distribution of population and wealth in Europe as a whole, in order to explain (1) the relative position at present of agriculture in its various forms on the one side and mining and manufacture on the other, and (2) the presence in their several localities of the chief industries. The great countries — Great Britain and Ireland, France, Germany, Austria-Hungary, Russia, and Italy — will then be taken in order; and a statement will be made (1) of their natural resources, and (2) of the manner in which these are utilized. Under the latter head will be considered such topics as the following: the investment of capital, the forms of business organization, the means of transportation, the relations between private enterprise and governmental stimulus and control, and the character and supply of labor. Returning, then, to Europe as a whole, attention will be directed to the points at which the interests of the several countries appear to conflict, and to the attempts to remove or mitigate the antagonism by international agreements — as, for instance, in the matters of customs tariffs, bounties, and labor legislation. Finally, a survey will be made of the main lines of transportation for commodities between one country and another and between Europe and the rest of the world, and of the economic effects of recent changes in this regard.

Course 17 is open to those who have passed satisfactorily either in History 1 or in 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, p. 39.

_____________________________

Enrollment
1901-02
ECONOMICS 17

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

Total 24: 2 Graduates, 13 Seniors, 6 Juniors, 2 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 77.

_____________________________

ECONOMICS 17
Mid-year Examination
1901-1902

  1. English farming and German farming from 1879 to 1900: a study of the respective effects of the policy of free-trade in grains and meats and the policy of protection to agriculture.
    Alternative:—
    The arguments for and against the small farm and the peasant farm. Take your facts from the history of England; Belgium or France; and Germany.
  2. The German customs duties on grains and meats, and Germany’s position in the “struggle for the export markets.”
    Alternative:—
    Give an account, descriptive and critical, of the beet-sugar policy of the countries of continental Europe from 1870 to 1900
  3. What facts and what kinds of statistics were used in the discussion of the failure of the Prussian (German) State Railways to contribute materially to the industrial development effected in Germany in the years 1880 to 1900?
  4. What kinds of statistics were used in discussing the mineral resources of England, Germany, France, and the United States?
  5. The birth-rate in France in the last twenty-five years.

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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ECONOMICS 17
Year-end Examination
1901-1902

  1. State four economic reasons for the imperial federation movement in Great Britain.
  2. Analyze the principal characteristics of British foreign trade, comparing it with Germany.
  3. When and why did Germany change from a free trade to a protectionist country, and what had Prince Bismarck to do with the movement?
  4. How do the Agrarian demands in the present tariff discussion in Germany compare with those of a generation ago?
  5. Outline the present status of France, in respect of population, industry, and foreign trade.
  6. What are some of the international industrial combinations?
  7. What are the main features of the E. J. Smith type of industrial combinations in Great Britain?
  8. Compare Germany and Austro-Hungary in respect of the industrial combination movement.

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: Political Map of Europe, ca. 1890 in Wikimedia Commons.

Categories
Labor Princeton Sociology

Princeton. Life and writings of economic sociologist Walter A. Wyckoff, 1895-1908

 

At the time of his premature death at age 43, the assistant professor of political economy at Princeton University, Walter A. Wyckoff, had been a member of the American Economic Association for a dozen years. His passing in May 1908 was noted in the AEA’s Economic Bulletin (June 1908, p. 114) where he was described as being “one of the best known of the younger economists.” Wyckoff cultivated the intersection of sociology and economics and made a name for himself through a pair of books that described his observer-participant experiences as a casual laborer during a year and a half tramp across the United States in 1891-93. 

Sociologists today appear to claim exclusive rights to Wyckoff but in his own day, it was far from clear that his particular brand of sociology was anything but a subfield of political economy, labor economics if you will. He can be compared to Edward Cummings at Harvard.

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Wyckoff’s Greatest Hits

The Workers, an Experiment in Reality: The East. New York: Charles Scribner’s Sons, 1897.

The Workers, an Experiment in Reality: The West. New York: Charles Scribner’s Sons, 1898.

A Day with a Tramp, and Other Days. New York: Charles Scribner’s Sons, 1901.

“In justice to the narratives it should be explained that they are submitted simply for what they are, the casual observations of a student almost fresh from college whose interest in life led him to undertake a work for which he had no scientific training.”

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Three internet sources about the life of Walter A. Wyckoff

Brett Tomlinson, The worker: How a cross-country trek defined the life of one of Princeton’s first social scientists. Princeton Alumni Weekly, 23 September 2009.

Beau Driver, “ ‘A place among original investigators’: Walter Wyckoff, Alfred Pierce, and Me” originally published in the blog of the Society for Historians of the Gilded Age and Progressive Era (March 5, 2019). Republished in his personal blog 26 December 2019.

Website by Albert and Phyllis Krause “On the Trail of Walter A. Wyckoff” that traced his cross-country travels 1891-1893.

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Wyckoff’s life

Born April 12, 1865 in Mainpuri, India. Son of a Presbyterian missionary.

Prepared for college at the Hudson Academy and Freehold Institute.

1888. B.A. from College of New Jersey (i.e., Princeton).

Enrolled at the Princeton Theological Seminary for a year and then left to study and travel in Europe.

1891-1893. Spent 18 or 19 months as an unskilled worker. Left July 1891 to work from Connecticut to California  reaching San Francisco in early 1893.

1893-1894. Travelled twice around the world.

1894. Appointed Social Science Fellow upon return to Princeton.

1895. Wyckoff appointed lecturer in sociology at Princeton

Wyckoff’s 1895-96 course
  1. Sociology. An historical review of the evolution of modern industrialism. A critical analysis of the principal theories of social reconstruction. The genesis and development of a science of sociology. A review of the methods and results of sociological study. Senior Elective and Graduate course; second term [2]. Mr. Wyckoff. Lectures and recitations.

Note: this course was offered in “III. History and Political Science” that was distinct from “IV. Jurisprudence and Political Economy”

Source: Catalogue of the College of New Jersey at Princeton 1895-1896, p. 41.

1898. Promoted to assistant professor of political economy.

1899. Accompanied Princeton biologists on excursion to northern Greenland.

1900-1901.  Princeton academic department V. Political Economy and Sociology (staffed by Daniels and Wyckoff)

Wyckoff’s course listings 1900-1901.
  1. History of Social Theory. An historical and critical analysis of the principal theories of social reconstruction from the early Utopias to the various forms of modern anarchy and socialism. Senior Elective, open to both Academic and Scientific students; first term [2]. Lectures. Professor Wyckoff.
  1. Private Property Rights. The origin of private property rights and their subsequent modifications in civilized society, with special reference to present problems of land tenure and to private and public ownership and management of monopolies. Senior Elective, open to both Academic and Scientific students; second term [2]. Lectures. Professor Wyckoff.

[…]

Economic Seminary

[…]

  1. Genesis of Industrial Order. An ethnological study of industry, including the earliest forms of the division of labor, the domestication of animals and plants, the rise of slavery, the use of money, etc. Seminary course, open to graduates and approved Seniors, both Academic and Scientific; first term [2], not given in 1900–1901. Professor Wyckoff.
  1. Development of Industrialism. This course will continue and supplement course 7, and will treat of the rise of a new industrial order as an outcome of the industrial revolution, of the fac tory system, its development in the growth of capitalism and in the organization of labor, involving combinations, trusts, monopolies, and trades unions. Seminary course, open to graduates and approved Seniors, both Academic and Scientific; second term [2]. Professor Wyckoff.

Source.   Catalogue of Princeton University 1900-1901, p. 59-60.

Early 1900s. interviewed workers in London and Paris.

1903. Marriage to Leah Ehrich from Colorado (they had one daughter).

One of his students Norman Thomas (1905) joked that his (Wyckoff) professor “did a pretty good if by no means lasting job” of explaining to him why socialism could never work.

Economics Course Offerings at Princeton in 1907-08

Princeton University
Department of History, Politics, and Economics
Courses of Instruction in Economics 1907-08

Economics Faculty

Walter Maxwell Adriance, A.M., Preceptor in History, Politics, and Economics

Ernest Ludlow Bogart, Ph.D., Preceptor in History, Politics, and Economics

Winthrop More Daniels, A.M., Professor of Political Economy

Royal Meeker, Ph.D., Preceptor in History, Politics, and Economics.

Walter Augustus Wyckoff, A.M., Assistant Professor of Political Economy

Courses of Instruction

35, 36. Elements of Economics. This course will comprise the essential elements of the abstract theory of economics and some of the more essential applications and exemplifications of the theory, such as money, banking, transportation, international trade, and monopoly problems. There will be regularly one lecture a week, and two recitations in small groups to test the student’s apprehension of the subject matter covered in the reading. Fetter: Principles of Economics. Junior course, both terms, 3 hours a week. Prerequisite course: History 22. Prerequisite to Public Finance and General Social Theory. Professor Bogart and Professor Wyckoff.

[…]

  1. Economics. Public Finance. This course will cover the theory of public finance. Lectures with weekly conferences. Daniels: Public Finance. Reference book: Bullock: Selected Readings in Public Finance. Senior course, first term, 3 hours a week. Prerequisite courses: History 22 and Economics 35, 36. Professor Bogart.
  1. Economics. Social Theory. The course will cover the development of theories of social reconstruction with special reference to modern socialism and anarchy. Rae: Contemporary Socialism. Reference books: Webb: Industrial Democracy; Hobson: Evolution of Modern Capitalism. Senior course, second term, 3 hours a week. Prerequisite courses: History 22 and Economics 35, 36. Professor Wyckoff.

[…]

THE PRO-SEMINARY. In the Department of History, Politics, and Economics there will be a pro-seminary both terms; the pro-seminary to be divided into sections, one for history, one for politics, and one for economics. Admission to the pro-seminary will be conditioned upon a student’s obtaining in the Junior year courses in the Department the standing prescribed for entrance upon pro-seminary work. Professor Garfield will be the director of the pro-seminary, and will will take special charge of the pro-seminary section in politics. Professors Paul van Dyke and McElroy will conduct the historical section, and Professors Wyckoff and Meeker the economic section.

[…]

  1. Advanced Economic Theory. An exposition of economic theory; essentially a contrast of the classical and post-classical theories of distribution. Seminary course for competent graduates. Graduate course, second term, 3 hours a week. Professor Daniels.

121, 122. History of Economics. A résumé of economic ideas from the Middle Ages to modern times. Graduate course, both terms, 3 hours a week. Professor Adriance.

  1. Economic Regulation. A study of Factory Acts, Tenement Acts, Limited Liability Acts, and Employer’s Liability Acts, conducted in connection with the pro-seminary in 1907-1908. Graduate course, second term, 3 hours a week. Professor Wyckoff.
  1. History and Theory of Transportation. A survey of the improvements in methods and instruments of transportation since the application of steam, with the consequent changes in legal and economic theories relating to public carriers. The questions of state control, ownership, and operation are treated with special reference to American conditions. A reading knowledge of French and German will be helpful. Graduate course, first term, 3 hours a week. (Given in connection with the pro-seminary in 1907-1908.) Professor Meeker.
  1. The Industrial Evolution of the United States. An investigation in the development of typical American industries, domestic and foreign commerce, labor organizations, and similar problems. Graduate course, second term, 3 hours a week. Professor Bogart.

Source: Catalogue of Princeton University, 1907-1908, pp. 127, 129-132.

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Walter Augustus Wyckoff died May 15, 1908 in Princeton at age 43 following an aneurysm of his aorta.

Source: The Princeton yearbook Brick-a-Brack 1910, p. 16. The portrait has been colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard History of Economics

Harvard. Final exams for history of economics up through Ricardo. Mixter, 1901-1902

 

With Edward Cummings and William J. Ashley gone and Frank W. Taussig on a medical leave-of-absence, the Harvard economics department had to scramble to cover its course offerings in 1901-02. The course on the history of economics up through the early nineteenth century was then taught by Harvard economics Ph.D. alumnus, Charles W. Mixter. His semester final examinations questions have been transcribed below.

In an earlier post we find the exams from 1900-01 when William J. Ashley last taught the course at Harvard.

The immediately preceding post provides us with a student’s POV of University of Vermont Professor Charles W. Mixter in the classroom. 

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

Charles Whitney Mixter
(b. Sept. 23, 1869 in Chelsea, MA;
d. Oct. 21, 1936 in Washington, D.C.)

A.B. Johns Hopkins University (Md.), 1892; A.M. Harvard University, 1893; 1897 Harvard Ph.D.

Thesis title: Overproduction and overaccumulation: a study in the history of economic theory.

Edited Work

John Rae. The Sociological Theory of Capital, being a complete reprint of the New Principles of Political Economy, 1834Edited with biographical sketch and notes by Charles Whitney Mixter, Ph.D., Professor of Political Economy in the University of Vermont. New York: Macmillan, 1905.

OBITUARY
The Burlington Free Press (Oct. 22, 1936), p. 14

Charles Whitney Mixter, for nine years a member of the University of Vermont faculty, died at a hospital in Washington, D. C., on Tuesday evening. [October 20]

Dr. Mixter was born in Chelsea, Mass., in 1867. He received his early education at Thayer Academy and Williston Seminary, and received his A.B. degree from John Hopkins University in 1892.

This was followed by graduate studies at Berlin, Goettingen and Harvard, from which he received his doctorate in 1897. Then followed a series of teaching positions: Assistant in economics at Harvard, 1897-98; Trinity College, Hartford, Conn., 1899-1900; instructor in economics, Harvard, 1901-1903; professor of economics, University of Vermont, 1903-1912.

Then Dr. Mixter served as efficiency expert for Towne and Yale at New Haven, Conn., and later for several manufacturing concerns in New Hampshire. For a year he was professor of economics at Clark University, and for a brief period he was an investigator in the service of the United States Chamber of Commerce.

For the last 13 years he had been connected with the tariff commission in Washington.

Professor Mixter had an unusually fertile mind, was an accomplished scholar in his special field, and widely read in related subjects. he became an enthusiastic student of scientific management introduced by the late Frederick W. Taylor and an active exponent of the system. He was a member of the leading economic organizations and a frequent contributor to economic journals.

He was a strong advocate of free trade. Interment was made in Plymouth, Mass.

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Charles W. Mixter’s Tragic End of Life

 Report of Death, Memorial Service and Interment

MIXTER, DR. CHARLES W. — On Wednesday, October 21, 1936, at the Washington Sanitarium, Takoma Park, Md., DR. CHARLES W. MIXTER.
Services will be held at Joseph Gawler Son’s chapel, 1756 Pennsylvania Avenue, Northwest, on Thursday, October 22, 1936, at 10 a.m.
Interment Plymouth, Mass.

Source: The Washington Herald, 22 October 1936 p. 29.

Dr. Charles Mixter Commits Suicide
Former Johns Hopkins Physician [sic]
Drowns Self After Escaping From Nurse

Breaking away from his male nurse, Dr. Charles Mixter, 68, former Johns Hopkins Hospital physician, locked himself in a bath room and drowned himself early today in a tub at Washington Sanatorium, where he had been confined for a year and a half. A certificate of suicide was issued by Dr. O.S. Parrott, Takoma Park, Md., coroner.

Orville Zeismer, the nurse, was unable to break into the bath room after Dr. Mixter got away from him. He finally gained entrance by jumping from a balcony to the bath room window ledge and cutting his way through the screen with a knife.

He found Dr. Mixter unconscious, his head under the water in the tub. The physician was pronounced dead an hour and a half later, after doctors and rescue squad men failed to revivie him.

Dr. Mixter lived at 1830 R street. Hospital attaches said he had no close relatives.

Source: Evening Star (Washington, D.C.), 21 October 1936, p. 8.

Note: The false report of Mixter being a physician, formerly from Johns Hopkins Hospital, might have been due to a misunderstanding regarding the fact that Mixter had received his undergraduate degree at Johns Hopkins in 1892; or perhaps Mixter had earlier been a patient at the Johns Hopkins Hospital. In any event, the reported address is for that of Dr. Charles W. Mixter according to published D.C. city directories. Also he was buried in Plymouth with his wife Harriet French Mixter who died on 22 November 1934 at the residence, “1830 R st. n.w.” (reported p. 9 in Evening Star of 22 November 1934). Harriet C. French and Charles W. Mixter married in South Braintree, MA on December 27, 1890.

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ECONOMICS 15
Course Description
1901-02

Primarily for Graduates

[Economics] 15. The History and Literature of Economics, to the opening of the Nineteenth Century.
Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Ashley.

The course of economic speculation will here be followed, in its relation alike to the general movement of contemporary thought and to contemporary social conditions. The lectures will consider the economic theories of Plato and Aristotle; the economic ideas underlying Roman law; the medieval church and the canonist doctrine; mercantilism in its diverse forms; “political arithmetic”; the origin of the belief in natural rights and its influence on economic thought; the Physiocratic doctrine; the beginnings of academic instruction in economics; the work and influence of Adam Smith; the doctrine of population as presented by Malthus; and the Ricardian doctrine of distribution.

The lectures will be interrupted from time to time for the examination of selected portions of particular authors; and careful study will be given to portions of Plato’s Republic and Aristotle’s Politics (in translation), to Mun’s England’s Treasure, Locke’s Consideration of the Consequences of the Lowering of Interest, certain Essays of Hume, Turgot’s Réflexions, and specified chapters of Adam Smith’s Wealth of Nations, Malthus’ Essay, and Ricardo’s Principles. Students taking the course are expected to procure the texts of the chief authors considered, and to consult the following critical works: Ingram, History of Political Economy; Cossa, Introduction to the Study of Political Economy; Cannan, History of the Theories of Production and Distribution; Bonar, Philosophy and Political Economy; Böhm-Bawerk, Capital and Interest; Taussig, Wages and Capital.

Course 15 is open to those who have passed satisfactorily in Course 1. It is taken to advantage after Course 2, or contemporaneously with that Course.

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, p. 45.

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ECONOMICS 15
Enrollment
1901-02

Economics 15. Dr. Mixter. — The History and Literature of Economics to the opening of the Nineteenth Century.

Total 5: 3 Graduates, 2 Seniors.

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

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ECONOMICS 15
Mid-year Examination
1901-02

  1. Give an account of Aristotle on “the art of money-making”(χρηματιστική) as contrasted with “household management” (οἰκονομική); on the institution of private property.
  2. Why was economics little cultivated in classical times: in Ingram’s opinion; in your opinion?
  3. Where, in economic literature, do the following expressions occur, and what was meant by them: “City of pigs”; “Private Vices, Public Benefits”; “led by an invisible hand”?
  4. The chief distinction between man and the inferior animals consists in this: They are moved only by the immediate impressions of sense, and, as its impulses prompt, seek to gratify them from the objects before them, scarce regarding the future, or endeavoring from the experience of the past to provide against what is to come. Man, as he is endowed with reason,…” Who first expressed this thought? What use was made of it by a later writer?
  5. What passage in the Wealth of Nations has frequently been quoted as giving a concise statement of the author’s theory of the law of profits? What is the usual criticism of this passage? What your own criticism?
  6. Many writers have held that the increase of capital lessens at the same time the demand for the products of capital, since savings are made by curtailing one’s consumption. Show the fallacy of this contention?
  7. State the doctrine of wages in the Wealth of Nations, bringing out the contrast with the pre-Smithian doctrine.
  8. What are Adam Smith’s four “maxims” or canons of taxation, and what his position on “Taxes upon Profit, or upon the Revenue arising from Stock”?
  9. Comment on the leading arguments of the chapter, “Of Restraints upon the Importation from foreign Countries of such Goods as can be produced at Home.”
  10. What are the “Effects of the Progress of Improvement upon the real Price of Manufactures”? What is the significance of this doctrine in the history of economic opinion?

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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ECONOMICS 15
Year-end Examination
1901-02

  1. Who were they and what do they stand for: Nicholas Oresme, Acquinas, Thomas Mun, Boisguillebert, Turgot, Gournay?
  2. What was the general advance in economic thought during the century preceding the publication of the Wealth of Nations?
  3. Comment upon Jones’ „Primitive Political Economy in England” and Schmoller’s Mercantile System.
  4. Give a critical account of the history of opinion on the subjet of lending money at interest.
  5. Sketch in outline the history of the theory of “natural law” and indicate the way in which it came in contact with economics.
  6. What part of the teaching of the Physiocrats do you consider to have helped forward economic science, and what part to have been of little or no use?
  7. What was “Political Arithmetic”?
  8. Give a brief account of :–
    1. Speculation on the subject of population before Malthus.
    2. The Malthusian doctrine, its purpose, its content, the argument put forward in its support.
    3. The bearing of Rae’s principle of “the effective desire of offspring” upon the Malthusian doctrine.

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 University Archives. Hollis Images. College Yard, ca. 1900.

Categories
Economists Funny Business Harvard Undergraduate

Vermont. Yearbook account of economics lecture by Harvard PhD Charles W. Mixter, 1904

While trolling the yearbook of the University of Vermont in search of a portrait of Professor Charles W. Mixter (Harvard Ph.D. 1897), I came across the following student account of what one presumes is a not an untypical classroom performance by Professor Mixter. He appears to have been pretty proud of his Harvard connection, in particular with Professor O.M.W. Sprague.

Incidentally, I have yet to discover a photograph of Charles W. Mixter anywhere on the internet, and I have tried…

…and what pray are “Persian Alexis overshoes” anyhow?

_______________________________

Pol. Econ. à la Mixter

A room in the Old Mill. The bell strikes and during the next ten minutes the class straggles in. The second bell strikes; some minutes elapse during which Burrows ’o4 amuses himself — and the class — by crayon sketches from life ( ?). Macrae, to whom art of so high an order does not appeal, looks at his watch and announces that the five minutes are up. A discussion follows as to the advisability of cutting. Finally better instincts prevail and the class decides to stay. At the end of another five minutes, Pomeroy, from his lookout at the window, descries the Professor in the distance. Informed of the fact the class rushes up just in time to see His Portlyship, in Persian Alexis overshoes, and English Ulster [Note: apparently the sort of overcoat worn by Sherlock Holmes], rounding the statue of Lafayette and puffing like a tug under full steam.

 

The Professor’s tread is soon heard on the stair and the class take their seats just as he enters the room. In answer to the chorus of good-mornings, he nods a general recognition, divests himself of ulster, overshoes and Alexis and takes his seat. These preliminaries over, he fumbles for some time in the recesses of an inner pocket and at length pulls forth a slip of paper upon which is the frame-work of a lecture. After vainly trying to read his own writing, the Professor gives up in despair, puts back the notes, and launches out on another tack.

 

His eye lighting on Macrae nodding on the back seat, he explodes this poser at the offending member:

 

My friend Sprague — the great economist — of course you’ve all heard of him — edited Dunbar blur—r—r um and all that sort of thing — well he’s just returned from Oklahoma — he says the banks are holding the largest deposit in the Territory’s history. What does that indicate for general prosperity, Mr. Macrae?

 

Macrae, to whom reciting is a bore, pulls himself together with a supreme effort and begins a learned disquisition on the inter-relation of loans to deposits and the utter uselessness as an index to prosperity of bank statements in general and of this report in particular.

 

Whenever a glint of truth appears in Macrae’s remarks — which is far from often — the Professor nods approvingly, assumes his Rooseveltian grin and rumples his hair encouragingly.

 

Macrae finally comes to the end of his rope and the Professor, suddenly recollecting an anecdote that “my friend Sprague” told him at Harvard, springs it on the guileless members of Economics II. When the laughter incident on this effort has subsided, the Professor has some interesting things to say on railroad stocks.

 

Prof. (clearing his throat and groping for his handkerchief in a hip pocket) Um — yum yum yum yum yum — I own some stock myself — huh — oh yes — huh (grimace à la Roosevelt). Hasn’t paid me any dividend for seventeen years, though. Speaking of railroads puts me in mind of a man I met up in the Berkshire Hills once. Oh yes — um I — I was up in the Berkshires and I met a man who had lost his fortune during the war — well he — huh — huh huh. The Professor, anticipating the ludicrous end of his tale, cannot resist the temptation to laugh, and the rest of his speech is lost in a gurgle of merriment, in which the class feels itself called upon to join.

 

Turning from the Berkshire Hermit the Professor travels to Tennessee, where he tells how he proffered a check in payment and how that check was actually received! Next he leads the class a pretty pace through Threadneedle Street, where they enter the Bank of England and help the Professor cash a ten pun’ note, after which they awake to find themselves reposing quietly in their seats none the worse for wear but a little dazed in spirit.

 

The remainder of the Professor’s talk is a brilliant counterpane, with which he covers his subject, resplendent with purple patches of travel, finance, the stock exchange, international trade, panics, industrial organization, underwriting, indigestible securities, and bank history from Daniel to Dunbar, freely interspersed with the dicta of Ami Sprague. The Professor is in the midst of an interesting Harvard reminiscence when the bell strikes and he makes a hasty end, regretting  — as always — that he hasn’t covered as much ground as he had hoped to. The class escapes furtively while the Professor worms himself into his ulster, sticks on the Alexis and descends the stair ruminating on the value of anecdote as a means of inculcating the fundamental principles of that most abstruse science of political economy.

Source: The University of Vermont Libraries, Digital Collections.Yearbook, The Ariel 1905, Vol. XVIII, pp. 277-278.

Image Source: University of Vermont (between 1900 and 1906) from the Library of Congress Prints and Photographs Division, Washington, D.C. Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Socialism

Harvard. Final exam questions for Socialism and Communism. Carver and Bushée, 1901-1902

Thomas Nixon Carver was originally hired to beef up the economic theory side of the Harvard curriculum but soon found himself holding an instructional portfolio that included sociology, schemes of social reform (i.e. socialism and communism), and agricultural economics. The fields of sociology and socialism were briefly left fallow when Edward Cummings resigned to become the minister at Boston’s South Congregational Church before Carver joined the faculty in 1900.

Artifacts included below are a thick course description, enrollment figures, and the final exam questions for the half-year course “Socialism and Communism” that was co-taught by assistant professor Thomas Nixon Carver and Frederick Bushée during the Fall term of 1901-02.

______________________________

Material from earlier years: Exams and enrollment figures for economics of socialism and communism taught by Edward Cummings, 1893-1900.

Material from later years: Thomas Nixon Carver (1920), Edward S. Mason (1929), Paul Sweezy (1940), Wassily Leontief  (1942-43), Joseph Schumpeter (1943-44), and Overton Hume Taylor (1955).

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Socialism and Communism
1901-02

ECONOMICS 141
For Undergraduates and Graduates

Socialism and Communism. Half course (first half-year). Tu., Th., at 1.30. Asst. Professor Carver.

Course 14 begins with an historical study of socialistic and communistic writing and agitation. This is followed by a critical examination of socialistic theories as presented in the works of representative socialists. The purpose is to get a clear understanding of the economic reasoning that lies at the base of socialistic contentions and of the economic and social conditions which make such reasoning acceptable to socialists. Attention will be given largely to the reading of Marx’s Capital, but parts of the writings of other expounders of socialism will also be read.

Course 14 is open to those who have passed satisfactorily in Course 1; but it is to the advantage of students to take or to have taken either Course 2 or Course 3.

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, p. 37.

______________________________

Economics 14
(Carver and Bushée)
1901-1902 Syllabus

Previously posted: https://www.irwincollier.com/harvard-socialism-communism-carver-bushee-1901/

______________________________

Enrollment 1901-02
Economics 141

Economics 141 hf. Asst. Professor Carver and Mr. Bushée. — Socialism and Communism.

Total 27: 5 Graduates, 14 Seniors, 2 Juniors, 3 Sophomores, 3 Other.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 77.

______________________________

Semester Final Examination
1901-02

ECONOMICS 14

Write on the following topics.

  1. The definition of Socialism and its relation to competition
  2. Fourier’s plan of social organization.
  3. Lassalle’s place in the socialistic movement.
  4. Marx’s theory of the evolution of society.
  5. Marx’s theory of value.
  6. Marx’s theory of interest.
  7. How does Bernstein’s theory differ from that of Marx?
  8. The problem which George set out to solve and his solution of it.
  9. George’s theory of interest.
  10. The origin and early development of the German Social Democratic Labor Party.

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 Sources:

Thomas Nixon Carver (left). The World’s Work. Vol. XXVI (May-October 1913) p. 127.

Frederick Alexander Bushée (right). Detail from portrait in the University of Colorado Archives. Charles Snow photograph of Professor Bushee (March 30 1921). Detail reproduced in the 1924 University of Colorado Yearbook.

Both portraits colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard

Harvard. Final exam for graduate economics course on methods. Carver, 1902

 

This post resumes the systematic transcribing of Harvard economics exam questions year-by-year and course-by-course. Today we visit young Thomas Nixon Carver‘s graduate methods course (incidentally attended by zero graduate students during the second semester of the 1901-02 academic year). The recently hired assistant professor found Frank Taussig’s methods course dropped into his lap when the latter went on a two year leave for personal health reasons (Schumpeter called it recovery from a “nervous breakdown”, i.e., Taussig almost certainly suffered from clinical depression).

Carver’s exam questions from 1900-01 for the course have been previously posted.

Fun fact with supporting image: While a graduate student at Cornell, Thomas Nixon Carver rowed on the varsity crew. He is seen sitting on the far left in the yearbook image posted above.

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Methods of Economic Investigation
[2nd half-year, 1901-1902]

Primarily for Graduates

[Economics] 13. Methods of Economic Investigation. Half-course (second half-year). Tu., Th., at 1.30. Asst. Professor Carver.

Course 13 will examine the methods by which the important writers of modern times have approached economic questions, and the range which they have given their inquiries; and will consider the advantage of different methods, and the expediency of a wider or narrower scope of investigation. These inquiries will necessarily include a consideration of the logic of the social sciences. Cairnes’ Logical Method of Political Economy and Keynes’ Scope and Method of Political Economy will be carefully examined. At the same time selected passages from the writings of Mill, Jevons, Marshall, and the Austrian writers will be studied, with a view to analyzing the nature and scope of the reasoning.

Course 13 is designed mainly for students who take or have taken Course 2 or Course 15; but it is open to mature students having a general acquaintance with economic theory.

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. 45-46.

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Enrollment 1901-02

ECONOMICS 132

Economics 132 hf. Asst. Professor Carver. — Methods of Economic Investigation.

Total 5: 1 Senior, 1 Junior, 1 Sophomores, 2 Others.

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

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Semester Final Examination

ECONOMICS 13

Discuss the following topics.

  1. The relation of economics to history, to ethics, and to sociology.
  2. The division of economics into departments.
  3. Methods of reasoning, methods of investigation, and methods of exposition as distinguished from one another.
  4. The nature of an economic law.
  5. The methods of investigating the causes of poverty.
  6. The use of hypotheses in economic investigation.
  7. The application of mathematics to economics.
  8. The meaning of an economic quantity.

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: The Cornell varsity crew of 1894. Thomas Nixon Carver standing on the far left. The Cornellian 1895, p. 197.

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Harvard Regulations Teaching

Harvard. On the organization of the Division of History, Government, and Economics. Burbank, 1934

 

Professor Harold H. Burbank (Burbie to his friends) was a decades-long administrative multitasker during the first half of the 20th century. His realms covered both the tutorial system in the Division of History, Government, and Economics as well as the chairmanship of the economics department.The document transcribed for this post appears to have served as Burbank’s background briefing on the organization of the Division of History, Government, and Economics for the committee, chaired by the President of Princeton, Harold W. Dodds, tasked with establishing a school of public administration at Harvard.

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Who’s Who

James Bryant Conant (1893-1978) was a chemist, educator and public servant. The wide variety of his interests and occupations are reflected in the title of his memoirs, My Several Lives. Conant’s “several lives” included periods as a chemistry instructor, University president, national director of defense research, ambassador to Germany and as an author of critical works examining secondary education in the United States. Conant’s pursuits carried him from his boyhood home in Boston to Harvard University and eventually around the globe.

Conant graduated from Harvard College in 1914, completing a three-year program as an undergraduate concentrator in chemistry. He remained at the University, studying with Elmer Kohler, and received his degree two years later. An academic career followed, during which time Conant worked at Harvard as an instructor (1917), assistant professor (1919) and eventually as a tenured professor (1927) of organic chemistry. In 1921 he married Grace Thayer Richards, daughter of chemistry professor Theodore William Richards, whom Conant had met at a dinner for graduate students at Professor Richards’ house.

In 1933, despite the fact that his only previous administrative experience was a term as chair of the Chemistry Department, Conant was appointed to succeed A. Lawrence Lowell as President of Harvard University. President Conant worked to enhance Harvard’s position as a national institution with an international reputation for academic achievement. He established the National Scholarships which allowed young men of intellectual promise to attend Harvard College regardless of their financial circumstances or proximity to Cambridge, Massachusetts. He also broadened the intellectual scope of the undergraduate student body through the General Education Program. This program required each undergraduate, regardless of his concentration, to take courses in three broad disciplines: the humanities, the social sciences, and the natural sciences. President Conant further promoted intellectual exchange through the establishment of the prestigious University Professorships, which gave leading scholars tenured appointments at the University, unencumbered by ties to specific faculties or departments.

Conant’s achievements also included expansion in the teaching of education and of journalism. In the fall of 1935 the Harvard Faculty of Arts and Sciences and the Graduate School of Education voted to recommend his plan for the establishment of a new degree, the Master of Arts in Teaching (M.A.T.). The M.A.T. required prospective teachers to demonstrate a command of educational theory as well as familiarity with specific subjects by undergoing examination by members from both the teaching faculty and their specific subject faculty. Three years later, Conant helped to establish the Nieman Fellowships. These fellowships fund a year of study at Harvard for professional journalists.

During wartime, Conant balanced his service to the University with a commitment to national affairs. In 1917 he briefly left Harvard to join the Chemical Warfare Service and by the end of the First World War he was promoted to the rank of major. Conant, an outspoken critic of Nazi Germany, played a more prominent role during the Second World War. As a member and chairman of the National Defense Research Committee, he and his colleagues were responsible for the technical direction of military scientific research, including atomic research. At the end of the war he declined to become the first chairman of the Atomic Energy Commission, although he continued to serve as Chairman of the National Science Board.

Conant retired from Harvard in 1953. He immediately began another of his “lives,” serving as U.S. High Commissioner to Germany and Ambassador to Germany. In 1957 he resigned his diplomatic post and once again turned his attention to American education. In 1957, Conant, along with the Educational Testing Service, administered a large scale study of American high schools. Following this, he studied and reported on teacher education in American Universities. In 1964, he returned to Berlin for eighteen months as an educational advisor under the auspices of the Ford Foundation.

Conant spent his final years as a resident of New York City, Summering in Hanover, New Hampshire. He took ill in Hanover during the spring of 1977 and remained there until his death on February 11, 1978. He was survived by his wife who died in 1985 and his sons James Richards and Theodore Richards.

Source:  Harvard University Archives. Collection overview: Papers of James Bryant Conant, 1862-1987.

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Vernon Munroe, Jr., Harvard Class of 1931. One of three members of a special committee of the Student Council who wrote a report “The Tutorial System in Harvard College” (published as a supplement to the Harvard Alumni Bulletin, October 9, 1931).

SourceReport of the President of Harvard College 1930-31, p. 96.

MUNROE RESIGNS AS SECRETARY TO PRESIDENT CONANT

The Harvard Crimson, May 7, 1934

Announcement was made at University Hall yesterday of the resignation of Vernon Munroe, Jr. ’31, as secretary to President Conant.

Munroe has held the position since September 1, 1933 when he was appointed by the Corporation to a new post as assistant to the President of the University.

Graduating from Harvard in 1931 he spent the next year at the Law School, leaving there to assume his post as aide to the President. He plans to continue next year with his work in the Law School.

At college Munroe was President of the Student Council, Captain of the University track team, Chairman of the Dunster House Committee, and Third Marshal of his class. As President of the Student Council he was active in preparing a special undergraduate report on the Tutorial System at Harvard.

Although no one yet has been chosen to succeed Munroe, it is believed that the appointment of his successor will be made in the near future.

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Princeton University President (1933-57) Harold W. Dodds  was appointed by President Conant as head of a commission to consider the establishment of a new school of public administration (today’s John F. Kennedy School of Government).

Source: Report of the President of Harvard College 1934-35, p. 23.

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Harold Hitchings Burbank. Chairman of the department of economics 1927-38 and 1942-46 and Chairman of the Board of Tutorials in the Division 1916-46.

From the active list, Harold Hitchings Burbank, David A. Wells Professor of Political Economy, died on February 6, 1951, in his sixty-fourth year. He began his career in the field of Economics at Dartmouth where he taught for one year, 191o-11. He came to the University in 1911 as an Assistant in Economics, becoming an Instructor in 1912. In 1914 he was appointed a Tutor in that Department, and from 1916 to 1946 he served as Chairman of the Board of Tutors in the Division of History, Government and Economics. He was Assistant Professor of Economics from 1919 to 1923, Associate Professor from 1923 to 1926, and Professor of Economics from 1926 to 1932. From 1932 until his death he held the David A. Wells Professorship of Political Economy. He was also Chairman of the Department of Economics from 1927 to 1938, and again from 1942 to 1949; he acted as Chairman of the Division of History, Government and Economics from 1942 to 1946. Few Harvard teachers ever worked with as many students individually or gave so lavishly of their time and energy.

Source: Harvard University. Report of the President of Harvard College, 1950-51, p. 29.

Cf. Burbank’s earlier report, transcribed and archived at Economics in the Rear-view Mirror:  Report on the Tutorial System in History, Government and Economics. Burbank, 1922.

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Background information on the Division of History, Government, and Economics written by the Chairman of Economics Department, 1934

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

H. H. BURBANK

41 HOLYOKE HOUSE
CAMBRIDGE, MASSACHUSETTS

May 21, 1934

Dear Mr. Munroe,

The organization of the Division of History, Government, and Economics is complicated. I am listing below some comments on the questions raised by President Dodd. [sic, almost certainly should be “Dodds”] I can give you complete details should you require them.

  1. The Division has developed through the separation from History of the Departments of Economics and Government. The Division is composed of the members of these three departments.
  2. The Division unit was maintained before 1914 primarily for the administration of graduate degrees. Emphasis was placed upon the formulation and administration of the degree requirements rather than on the development and coordination of the curriculum. I believe that some attention was given also to candidates for Honors for the Bachelors‘
  3. As I recall it, there was a small independent budget to provide for secretarial assistance to the Chairman of the Division and to provide for the printing of the Division pamphlet and the schedule of graduate degree examinations.
  4. The administration of graduate degrees has continued since 1914, but latterly, the programs of the three departments have become characterized by their differences rather than by their unity of conception and action.
    1. The independent Division budget for the purposes summarized above has been continued. It is prepared and administered by the Chairman of the Division.
  5. In 1914 on the recommendation of the Division, Comprehensive Examinations and a system of Tutorial Instruction were initiated. To a small degree the curriculum within the Division was coordinated. Correlation among the subjects taught in the several departments was required. To meet the new objectives, an Examining Committee, appointed by the President, was created, and the general development and supervision of the Tutorial Instruction was placed in the hands of a new Division officer — the Chairman of the Board of Tutors in the Division of History, Government, and Economics.
    1. All tutors, whether in History, Government, or Economics, were, in theory, recommended by the Division. The appointment was, and is, in the Division rather than in a particular department.
    2. Until about 1925, a Division Committee on Appointments — the Chairman of the Board of Tutors, the Chairman of the Division, and the Chairmen of the three Departments — passed upon all recommendations for appointments in the Division as tutors. Since 1925, this Committee has not been active. All appointments as tutor therefore are now on the basis of Departmental recommendation. The Chairman of the Board of Tutors is usually consulted.
    3. With the appointment of Divisional Examiners and Tutors, a budget was called for, which included the expenditures for Tutorial Instruction, for the Examiners, and for Administration.
    4. Until 1931, this budget, prepared by the Chairman of the Board of Tutors was altogether distinct from Departmental budgets, although it was always prepared in consultation with the Division Chairman.
    5. During the last five years there has developed a tendency toward complete Departmental control of Tutorial Instruction. With the development of Departmental control and responsibility, the Division budget has become less important, until for the forthcoming year it will practically disappear except for the maintenance of a small sum for administration and examining.
  6. It may be stated that from 1914 to 1928, or 1929, there was thorough Division control in the development of Tutorial Instruction. After the functions and methods of instruction had been established on a satisfactory plane, Division control was slowly withdrawn and instruction decentralized. The Division still operates unqualifiedly as a unit in the administration of examinations.
  7. With the rapid increase in the membership in the Division since 1914, the group became ineffective as an administrative unit. For some years, the affairs of the Division have been administered by a Committee of Seven— the Chairman of the Division, the Chairmen of the three Departments, and delegates from each Department — which meets when necessary. Although the principal work of the Committee is confined to the administration of graduate degrees, the Committee frequently concerns itself with Tutorial Instruction and with questions of the curriculum which have common interest. The Division meets as a group for the recommendation of degrees — A.B., A.M., and Ph.D.
  8. Until 1930, instruction in Sociology was offered by the Department of Economics. Also, some subjects ordinarily regarded as belonging to the subject of Sociology were offered by the Department of Social Ethics which was affiliated with the Department of Philosophy. Independent instruction in Sociology has been established and the Department of Sociology stands as a Division without direct affiliation with other Departments.

Sincerely yours,
[signed]
H. H. Burbank

Mr. Vernon Munroe, Jr.
VS

Source: Harvard University Archives. Records of President James B. Conant, Box 9, Folder “History, Government & Economics, 1933-1934.”

Image Source: Portrait of Professor Harold H. Burbank in the Harvard Classbook 1934. Colorized by Economics in the Rear-view Mirror.