Category: Harvard

Harvard. Money, Banking, Crises. Description, enrollment, final exams. Day, 1912-1913

Post author By Irwin Collier
Post date 2026-08-19
No Comments on Harvard. Money, Banking, Crises. Description, enrollment, final exams. Day, 1912-1913

The Central Bank: Why should Uncle Sam establish one, when Uncle Pierpont is already on the job?

The origin of monetary macroeconomics at Harvard can be traced to the second decade of the twentieth century when money and banking became merged with the topic of commercial crises as taught by Edmund Ezra Day. This post offers rich biographical detail about the two teaching assistants for the course as an added bonus to the course description, enrollment and semester examinations.

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Banking, Foreign Exchange and Crises pre-1912/13

Links to earlier course material for Banking, Foreign Exchange, and Crises from Harvard, 1902-03 through 1911-12.

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Meet the Teaching Assistants

John Christopher Ise (Ph.D., 1914)

JOHN ISE, Mus.B.( Univ. of Kansas) 1908, A.B. (ibid.) 1910, LL.B.( ibid.) 1911, A.B. (Harvard Univ.) 1912. Subject, Economics. Special Field, Economics of Agriculture. Thesis, “The History of the Forestry Policy of the United States.” Assistant Professor of Economics, Iowa State College.

Source: Harvard University. Report of the President of Harvard College, 1913-1914, p. 93.

For greater biographical detail, see the post: Economics Ph.D. Alumnus, John Christopher Ise, 1914

* * * * * * * * *

Frederic Ernest Richter (A.M., 1916)

General Examination in Economics, Monday, May 18, 1914.
Committee: Professors Sprague (chairman), Turner, Gay, Day, and Anderson.
Academic History: Harvard College, 1909-13; Harvard Graduate School, 1913—. A.B., 1913. Assistant in Economics, Harvard, 1912—.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistics. 4. Money, Banking and Commercial Crises. 5. Economics of Corporations. 6. History of American Institutions since 1783.
Special Subject: Economics of Corporations.
Thesis Subject: “Underwriting and Marketing Securities in the United States and England.” (With Professor Sprague.)

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1913-14”.

Frederick Ernest Richter (1917)

Born at Brooklyn, N.Y., Jan. 25, 1889.
Parents: Charles, Mary Emma (Lockwood) Richter.
School: Boys’ High School and Adelphi Academy, Brooklyn, N.Y.
Years in College: 1909-13.
Degrees: A.B. 1913; A.M. 1916.
Unmarried.
Occupation: Assistant Professor.

Address: (home) 235 Bergen St., Brooklyn, N.Y.; (business) 31 West Lake St., Chicago, Ill.

THE three academic years following graduation I spent at Harvard, doing graduate work in economics; holding in the first two years an assistantship and in the last an instructorship and a tutorship in the department. I was, during this time, and am still, a candidate for a Ph.D. in economics. My doctoral thesis is “The Copper Industry of the United States, 1845-1915.” In connection therewith I was granted a small Sheldon Travelling Fellowship for the summer of 1915, for a trip to the chief copper-mining camps and copper smelteries of the United States. I had planned to stay at Harvard until I had received my doctorate, but in May of last year (1916) I was offered the position I now hold and accepted it. I now hope to come up for my degree in 1918.

During the summer of 1914, I carried on a little investigation into the seasonal character of the employment of labor on municipal work in and around Boston. This was done under the auspices of the American Association for Labor Legislation and a committee of the Boston Chamber of Commerce. It resulted in the first of the two articles mentioned below.

I am engaged to be married to Miss Eutha C. Downs of Baltimore, Maryland.

PUBLICATIONS: “Seasonal Fluctuations in Public Works,” in American Labor Legislation Review, June, 1915; “The Amalgamated Copper Company: a Closed Chapter in Corporation Finance,” in Quarterly Journal of Economics, February, 1916.

MEMBER: Harvard Club of Chicago; University Club of Evanston, Illinois; American Economic Association; American Statistical Association.

Source: Harvard College Class of 1913, Secretary’s Second Report, (June, 1917), p. 262.

Frederick Ernest Richter (1920)

…TAKING up the narrative from 1916, I spent the academic year as Assistant Professor of Money and Banking at Northwestern School of Commerce, Chicago and Evanston, Ill. On June 27, 1917, I was married in Baltimore. In September, 1917, I was commissioned a 2nd Lieutenant in the Adjutant General’s Department. I was assigned to duty in Washington, where I remained until February, 1918, when I was ordered overseas. I was abroad until July, 1919, during most of which time I was Statistical Officer at the Air Service Headquarters. Immediately on my return to this country I was discharged [July 9, 1919, as 1st Lieutenant].
On August 13, 1919, I began work with the Guaranty Trust Co. of New York, at their main office, as a member of the editorial staff of the publicity department….

Source: Harvard College Class of 1913, Secretary’s Third Report, (June, 1920), pp. 311-312.

Frederick Ernest Richter (1928)

Address (home): 81-28th St., Jackson Heights, L.I., N.Y. (business): c/o American Telephone & Telegraph Co., 195 Broadway, New York City.
Occupation: Economic Statistician.
Married: Eutha C. Downs, June 27, 1917.
Child: Eutha Helen, November 6, 1925.

Still with the American Telephone and Telegraph Company, in New York, where, as economic statistician, am in charge of the general economic research work and specifically of the studies of external business conditions. Been with the company since September, 1921. This being the case, and my residence being the same as it has been since 1921, and nothing exciting having happened to me, there’s nothing to report except the birth of our daughter, chronicled herewith. Said young lady has been the greatest of joys to her parents.

Necessarily do a great deal of writing of one sort or another, but have produced no books. Various articles on divers economic subjects have appeared over my signature (which means I really wrote ’em !) in the Harvard Business Review, the Quarterly Journal of Economics, the ( Harvard ) Review of Economic Statistics, the Journal of the American Statistical Association, the Annalist, and the Bell Telephone Quarterly.

Source: Harvard College Class of 1913, Fifteenth Anniversary Report, (1928), pp. 168-169.

Frederick Ernest Richter (d. 7 Feb 1974)

F.E. Richter, economist, dies

Princeton, N.J., (Special)—Frederic Ernest Richter, an economist and former Baltimore resident died at a nursing home near here yesterday after a long illness.

Mr. Richter, who was 85 and lived in Princeton in recent years, had lived at the Broadview Apartments, in Baltimore, from 1961 to 1968.

He had moved to Baltimore, the hometown of his wife, the former Eutha Charlotte, Downs, whom he married in 1917, after his retirement as an economic consultant to the federal Renegotiation Board.

Before his 10-year association with the board in Washington, he had served as an economist with several New York firms.

A native of Brooklyn, N.Y. he graduated from Harvard University in 1913. He then taught at Harvard while obtaining a masters degree there.

In addition to his wife, he is survived by a daughter, Mrs. Gavin Hildick-Smith, of Princeton, and two grandsons.

Source: The Baltimore Sun, 8 February 1974, p. 11.

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ECONOMICS 3
Course Description
1912-13

[Economics] 3 (formerly 8). Money, Banking, and Commercial Crises. Mon., Wed., Fri., at 1.30. Dr. Day, assisted by ——.

This course aims to analyze the principal problems of money and credit. An examination is first made of the more important existing monetary systems. This is followed by a careful review of the more instructive chapters in the monetary history of England, Germany, France, the United States, Austria, British India, Mexico, and the Philippines.

The nature, origin, and early growth of commercial banking are considered. An investigation of present banking practice in England, France, Germany, and Canada is followed by a study of banking history and present banking problems in the United States. In this connection foreign exchange and the money markets of London, Paris, Berlin, and New York are examined.

Finally attention is turned to those problems of money and credit which appear most prominently in connection with economic crises. Though emphasis is thrown upon the financial aspects of the trade cycle, the investigation covers the more fundamental factors causing commercial and industrial fluctuations.

Short papers upon assigned topics will be required of all students.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, p. 60.

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ECONOMICS 3
Course Enrollment
1912-13

[Economics] 3. Money, Banking, and Commercial Crises. Dr. E. E. Day, assisted by Messrs. Ise and F. E. Richter.

Total 119: 3 Graduates, 31 Seniors, 67 Juniors, 16 Sophomores, 1 Freshman, 1 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 57.

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ECONOMICS 3
Mid-year Examination
1912-13

Assuming the laws of the United States to remain unchanged, how would our monetary stock be affected if the market ratio of gold and silver should become 18 to 1; 15 to 1; 12 to 1?
What monies circulated in the United States in 1810; 1850; 1862; 1887; 1900?
State briefly the arguments for and against international bimetallism. How does the case for national bimetallism differ? What has caused bimetallism to disappear as an important political issue?
In Austria, “after 1870, — the value of paper money with respect to silver steadily rose until in 1878 it reached parity with silver. … In 1879 the free or private coinage of silver was stopped.” Consider whether, after this action, the (1) silver pieces, and (2) the paper notes were commodity, credit, of fiat money? Had Austria not closed the mints to the free coinage of silver, how would the following have been affected in that country: (a) the monetary stock; (b) the monetary standard; (c) the value of money?
Compare the clearing-house certificate with the clearinghouse loan certificate. What advantages result from the issue of the loan certificate? It has been said that, in 1907, by the issue of loan certificates, “all the reserves of all the banks were made available for those banks which were in temporary straits.” Do you agree? Why or why not?
Explain briefly: (a) free-banking principle; (b) asset banking; (c) safety-fund system; (d) bond-secured circulation; (e) branch banking. Indicate, if possible, one advantage and one disadvantage in each. Cite an illustration of each in banking in the United States before 1860.
Compare the joint-stock banks of England, the credit companies of France, and the credit banks of Germany with reference to: (a) their business; (b) the size and composition of their reserves; (c) their relation to their respective central banks.
On November 11, 907, sterling exchange was quoted in New York at the following rates: long bills, 4.79 at ½ ; sight bills, 4.86 at ¼ ; cables, 4.89 at ¼ . Explain the differences in these rates.
On the same day, gold was engaged by the New York banks for import. How do you account for this?

Source: Harvard University. Mid-year examinations, 1852-1943. Box 9, bound volume Examination Papers, Mid-Years 1912-13.

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ECONOMICS 3
Year-end Examination
1912-13

What factors favored the monetary rehabilitation of silver in the United States during the 70’s? Which of these factors are still operative? Explain the disappearance of the others.
What banking abuses were most common in the United States early in the nineteenth century? When and how, if at all, have these since been eliminated?
What is the relation between the Bank of England rate and the London market rate of discount when (a) funds are abundant; (b) funds are relatively scarce? In what ways does varying the Bank rate accomplish the protection of the English banking reserves?
What is meant by a free gold market? Are the following such: London; Paris; Berlin; New York? In each case, why or why not?
How will the rate of sterling exchange in New York be affected by: (a) a crop failure in the United States; (b) hoarding of specie in Europe; (c) a slump on the New York Stock Exchange; (d) a banking panic in this country?
“The call-loan market . . . furnishes to the banks of the country under the present organization of banking, their only means of mobilizing their reserves, of liquifying their assets, and of securing flexibility in their lending power.” Explain and criticize. How, if at all, should this feature of our system be changed?
In the equation of exchange given by Professor Fisher, what is the relation of M, M’, V, and T (a) during a period of rising prices; (b) during a period of settled prices?
Describe the crisis of 1873 with reference to: (a) its general antecedents; (b) its more important causes in the United States; (c) its final outbreak in this country; (d) the territorial extent of the reaction; (e) the severity and duration of the subsequent depression.

Sources: Harvard University Examinations. Papers set for final examinations in history, history of science, government, economics, philosophy, social ethics, education, fine arts, music in Harvard College (June 1913), pp. 41-42.

Image Source: Frank A. Nankivell’s cover drawing “The central bank” for Puck, vol. 67, no. 1718 (2 February 1910). J. Pierpont Morgan clutching to his chest with his right arm large New York City buildings labeled “Billion Dollar Bank Merger”; in the foreground, a young child puts a coin in a “Toy Bank” as Morgan’s left arm reaches around the buildings to grab the toy bank for himself. United States Library of Congress, Prints and Photographs Division, Washington, D.C.

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Exams from earlier years

1902/03-1907/08. Commercial Crises and Trade Cycles (A.P. Andrew)
1906/07. Banking and Foreign Exchange (A.P. Andrew)
1907/08. Banking and Foreign Exchange (A.P. Andrew)
1908/09. Commercial Crises and Trade Cycles (Wesley Clair Mitchell)
1908/09. Banking and Foreign Exchange (W.C. Mitchell)
1909/10. Commercial Crises and Trade Cycles [Not offered].
1909/10. Banking and Foreign Exchange (O.M.W. Sprague)
1910/11. Commercial Crises and Cycles of Trade (E.E. Day)
1910/11. Banking and Foreign Exchange (E.E. Day)
1911/12. Money, Banking, and Commercial Crises (E.E. Day)

Tags Day, Ise

Economic History Exam Questions Harvard

Harvard. 19th century European economic history. Description, enrollment, final exam. Gay, 1912-1913

Post author By Irwin Collier
Post date 2026-08-18
No Comments on Harvard. 19th century European economic history. Description, enrollment, final exam. Gay, 1912-1913

To add a personal touch to this artifact, it is headed with an image of a coal-miner, a “Collier”, the origin of Economics in the Rear-view Mirror‘s curator’s family name. And nothing says European Industrial Revolution quite like coal mines and steam engines.

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Earlier Harvard courses
on European economic history

Links to earlier course material for European Economic History from Harvard, 1883-84 through 1911-12.

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Meet the Teaching Assistant
Melvin Thomas Copeland

MELVIN THOMAS COPELAND, A.B. (Bowdoin Coll.) 1906, A.M. (Harvard Univ.) 1907. Subject, Economics. Special Field, Economic History. Thesis, ” The Organization of the Cotton Manufacturing Industry in the United States.” Frederick Sheldon Fellow, continuing his studies in Europe.

Source: Harvard University. Report of the President of Harvard College, 1909-1910, p. 100.

Biography

Melvin Thomas Copeland, 1884 to 1975, earned the BA from Bowdoin in 1906, an MA from Harvard in 1907, and a Ph.D. (Economics) from Harvard in 1910. He served as an Instructor in Economics at Harvard from 1909 to 1910 and at New York University from 1911 to 1912. He was an instructor at HBS from 1912 to 1918 and Professor of Marketing from 1919 to 1953. He was Director of the Bureau of Business Research at HBS from 1916 to 1926 and Director of Business Research from 1942 to 1953. Copeland served as Chair of the Massachusetts Committee on Post-War Readjustment from 1943 to 1946; chaired the Harvard Advertising Award Jury from 1925 to 1931; was a commentator on Harvard Business Reports from 1927 to 1931; and served on the Board of Overseers at Bowdoin College from 1934 to 1947. He was the author of the first casebook used at HBS, Marketing Problems, as well as numerous other publications on manufacturing, merchandising, process, and the role of business executives.

Source: Finding Guide to Melvin Thomas Copeland Papers, 1919-1953. Harvard Business School, Baker Library Special Collections and Archives.

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ECONOMICS 2a¹Course Description
1912-13

[Economics] 2a ¹hf. (formerly 6a ¹hf.). European Industry and Commerce in the Nineteenth Century. Half-course(first half-year). Th., Sat., at 9. Professor Gay, assisted by Mr. ——.

Course 2a undertakes to present the general outlines of the economic history of western Europe since the Industrial Revolution. Such topics as the following will be discussed: the economic aspects of the French Revolution and the Napoleonic régime, the Stein-Hardenberg reforms, the Zollverein, Cobden and free trade in England, labor legislation and social reform, nationalism and the recrudescence of protectionism, railways and waterways, the effects of transoceanic competition, the rise of industrial Germany.

Since attention will be directed in this course to those phases of the subject which are related to the economic history of the United States, it may be taken usefully before Economics 2b.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, p. 59.

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ECONOMICS 2a¹Course Enrollment
1912-13

[Economics] 2a ^lhf. (formerly 6a ¹hf). Professor Gay, assisted by Dr. M. T. Copeland. European Industry and Commerce in the Nineteenth Century.

Total 99: 16 Graduates, 14 Seniors, 44 Juniors, 17 Sophomores, 3 Freshmen, 5 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 57.

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ECONOMICS 2a¹
Mid-year Final Examination
1912-13

“The effect of Peel’s measures of 1842-1845 was to demonstrate how much the trade and industry of the country might be encouraged by the readjustment of fiscal burdens.” Explain.
Is a similar readjustment needed in England at the present time? Why or why not?
(a) How was the capital for the construction of railroads prior to 1870 obtained in the different European countries? Why?
(b) Why was the railroad policy of Prussia modified after 1870? With what results?
Compare the organization of the wool manufacturing industries in England, Germany, and France at the present time, explaining to what the differences are due. How far are these differences typical?
Compare the English and Belgian methods of relieving the recent agricultural depression.
In which industries have Kartells been formed in Germany? Why? Compare with the movement for combination in England.
Explain the statement in regard to English agriculture that “after the middle of the eighteenth century the two revolutions, the industrial and the agricultural, which are indeed only manifestations of the same scientific and commercial spirit, go hand in hand and supplement one another.” Does this statement apply also to Germany? Why or why not?
Discuss briefly —

(a) English “Friendly Societies”
(b) Pitt’s Sinking Fund.
(c) Zollverein.
(d) French shipping subsidies.
(e) Charter and line traffic.

Source: Harvard University Examinations. Papers set for final examinations in history, history of science, government, economics, philosophy, social ethics, education, fine arts, music in Harvard College (June 1913), pp. 39-40.

Image Source: “The Collier” in George Walker, The Costume of Yorkshire (1814).

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Links to earlier course material for
European Economic History.
Harvard 1883-84 through 1911-12

1883-84. Economics 4. Economic History of Europe and America since the Seven Years’ War. [C.F. Dunbar]
1884-85. Economics 4. Economic History of Europe and America since the Seven Years’ War. [C.F. Dunbar]
1885-86. Economics 4. Economic History of Europe and America since the Seven Years’ War. [C.F. Dunbar]
1886-87. Economics 4. Economic History of Europe and America since the Seven Years’ War. [C.F. Dunbar]
1887-88. Economics 4. Economic History of Europe and America since the Seven Years’ War. [C.F. Dunbar]
1888-89. Economics 4. Economic History of Europe and America since the Seven Years’ War. [Gray]
1889-90. Economics 4. Economic History of Europe and America since the Seven Years’ War. [A.C. Miller]
1890-91. Economics 4. Economic History of Europe and America since the Seven Years’ War. [C.F. Dunbar]
1891-92. Economics 4. Economic History of Europe and America since the Seven Years’ War. [W.M. Cole]
1892-93. Economics 4. Economic History of Europe and America since the Seven Years’ War. [W.M. Cole]
1892-93. Economics 10. Economic History of Europe and America, to 1763. [W.J. Ashley]
1893-94. Economics 10. Elements of Economic History from the Middle Ages to Modern Times. [W.J. Ashley]
1893-94. Economics 13. Development of Land Tenures and of Agrarian Conditions in Europe. [W.J. Ashley]
1894-95. Economics 10. Elements of Economic History from the Middle Ages to Modern Times. [W.J. Ashley]
1895-96. Economics 10. Mediaeval Economic History of Europe. [W.J. Ashley]
1896-97. Economics 11. Modern Economic History of Europe and America [W.J. Ashley]
1897-98. Economics 11. Modern Economic History of Europe and America [W.J. Ashley]
1898-99. Economics 8. Western Civilization, mediaeval and modern, in its Economic Aspects [W. Cunningham, Reading List]
1898-99. Economics 11. Industrial Revolution in England. [W. Cunningham]
1899-1900. Economics 11. Modern Economic History of Europe [W.J. Ashley, Reading List]
1900-01. Economics 10. Mediaeval Economic History of Europe. [W.J. Ashley]
1901-02. No course in European economic history offered.
1902-03. Economics 10. Mediaeval Economic History of Europe. [E.F. Gay]
1902-03. Economics 11. Modern Economic History of Europe [E.F. Gay]
1903-04. Economics 10. Mediaeval Economic History of Europe. [not offered]
1903-04. Economics 11. Modern Economic History of Europe [E.F. Gay]
1903-04. Economics 24. General Outlines of Agrarian History [E.F. Gay]
1904-05. Economics 10. Mediaeval Economic History of Europe. [E.F. Gay, only one student enrolled, no printed exam available]
1904-05. Economics 11. Modern Economic History of Europe [E.F. Gay]
1905-06. Economics 10. Mediaeval Economic History of Europe. [E.F. Gay]
1905-06. Economics 11. Modern Economic History of Europe [E.F. Gay]
1906-07. Economics 6a. European Industry and Commerce in the Nineteenth Century. [E.F. Gay]
1906-07. Economics 10. Mediaeval Economic History of Europe. [not offered]
1906-07. Economics 11. Modern Economic History of Europe [E.F. Gay]
1907-08. Economics 6a. European Industry and Commerce in the Nineteenth Century. [E.F. Gay]
1907-08. Economics 10. Mediaeval Economic History of Europe. [not offered]
1907-08. Economics 11. Modern Economic History of Europe. [E.F. Gay]
1908-09. Economics 6a. European Industry and Commerce in the Nineteenth Century. [E.F. Gay with M.T. Copeland]
1908-09. Economics 10. Mediaeval Economic History of Europe. [not offered]
1908-09. Economics 11. Modern Economic History of Europe. [not offered]
1909-10. Economics 6a. European Industry and Commerce in the Nineteenth Century. [E.F. Gay with H. L. Gray]
1909-10. Economics 10. Mediaeval Economic History of Europe [H.L. Gray]
1909-10. Economics 11. Modern Economic History of Europe [E.F. Gay]
1910-11. Economics 6a. European Industry and Commerce in the Nineteenth Century. [E.F. Gay with J. Klein]. Reading list included.
1910-11. Economics 11. Modern Economic History of Europe [E.F. Gay]
1911-12. Economics 6a. European Industry and Commerce in the Nineteenth Century. [E.F. Gay with J. Klein].
1911-12. Economics 11. Advanced Modern European Economic History. [E.F. Gay]

Tags Copeland, Gay

Economic History Exam Questions Harvard

Harvard. US Economic History. Description, enrollment, final exam. Gay, 1912-1913

Post author By Irwin Collier
Post date 2026-08-15
1 Comment on Harvard. US Economic History. Description, enrollment, final exam. Gay, 1912-1913

Lincoln and Chase working on the national banking legislation. Painted by N.C. Wyeth

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Earlier Harvard courses
on U.S. economic history

Links to earlier course material for U.S. Economic History taught at Harvard, 1901-1902 through 1911-12.

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ECONOMICS 2^b
Course Description
1912-13

[Economics] 2b ²hf. (formerly 6b ²hf.). Economic and Financial History of the United States. Half-course (second half-year). Tu., Th., Sat., at 9. Professor Gay, assisted by Mr. ——.

The following are among the subjects considered: aspects of the Revolution and commercial relations during the Confederation and the European wars; the history of the protective tariff policy and the growth of manufacturing industries; the settlement of the West and the history of transportation, including the early canal and turnpike enterprises of the states, the various phases of railway building and the establishment of public regulation of railways; banking and currency experiences; various aspects of agrarian history, such as the public land policy, the growth of foreign demand for American produce and the subsequent competition of other sources of supply; certain social topics, such as slavery and its economic basis, and the effects of immigration.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, p. 60.

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ECONOMICS 2^b
Course Enrollment
1912-13

Economics 2b ²hf. Professor Gay, assisted by Dr. M. T. Copeland. Economic and Financial History of the United States.

Total 124: 18 Graduates, 22 Seniors, 50 Juniors, 27 Sophomores, 1 Freshman, 6 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 57.

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ECONOMICS 2^b
Year-end Final Examination
1912-13

“The most important feature of life in a newly settled community is its commercial connection with the rest of the world.” Why? How is this illustrated (a) by the history of the American colonies and (b) by the history of the West?
What were the causes for the decline of the American merchant marine? What attempts have been made to assist its recovery? With what results?
Compare in its main features the economic history of the decade 1830-40 with that of the decade 1880-90.
Compare the conditions which stimulated industrial combinations in the ’90’s with those which resulted in railroad combinations in the ’70’s.
Within the last twelve months the New England Cotton Yarn Company, the U. S. Finishing Company, and the International Cotton Mills Corporation have each undergone reorganization. What was the earlier history of these companies and how far did that history foreshadow the necessity for such reorganizations?
If you were to establish a mill for manufacturing silk goods at the present time, how would the conditions which you would meet in that industry differ from those which confronted a silk manufacturer forty or forty-five years ago? Why have these changes taken place? How far are they typical of the general industrial development of the United States during this period?
(a) Comment on the following statement, which was made in a speech in Congress in 1846. “It is a protective tariff which gives to American industry the only effectual guaranty that it will not be brought down to a level with the degraded labor of Europe. It furnishes the only security that our standard of wages is not to be measured by the cost of production in those countries where the life of the laborer is but an incessant struggle for bread.”
(b) Judging from the history of the years 1893-1900, as well as from present conditions, is the present year more or less opportune than 1909 for a downward revision of the tariff? Why?

Image Source: Website of the Office of the Comptroller of the Currency. Webpage: History. Lincoln and the Founding of the National Banking System.

“Lincoln and Chase working on the national banking legislation. N.C. Wyeth painted this mural in the lobby of what was then the Federal Reserve Bank of Boston. The former bank building is today the Langham Hotel.”

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Economic History Materials
Posted Earlier

Economic History of the United States

1901-02. Economics 6. Economic History of the United States. [O.M.W. Sprague and J.H. Patten]

1902-03. Economics 6. Economic History of the United States. [O.M.W. Sprague]

1903-04. Economics 6. Economic History of the United States. [O.M.W. Sprague]

1904-05. Economics 6. Economic and Financial History of the United States. [O.M.W. Sprague]

1905-06. Economics 6. Economic and Financial History of the United States [with Frank W. Taussig]

1906-07. Economics 6b. Economic and Financial History of the United States. [E.F. Gay]

1907-08. Economics 6b. Economic and Financial History of the United States. [E.F. Gay]

1908-09. European and U.S. Economic History. Reading Lists and Exams. [E.F. Gay]

1909-10. European and U.S. Economic History. Reading Lists and Exams. [E.F. Gay and H.L. Gray]

1910-11. Economic and Financial History of the U.S. [Gay and Klein]. Including reading list.

1911-12. Economics 6b. U.S. Economic History. E.F. Gay with J. Klein].

Tags Copeland, Gay

Exam Questions Harvard Principles

Harvard. Principles of Economics. Description, enrollment, and final exams. Taussig and Day, 1912-1913

Post author By Irwin Collier
Post date 2026-08-12

Frank William Taussig and Edmund Ezra Day

In the beginning (of economics instruction) was Economics 1. And the Word was Frank Taussig’s at early 20th century Harvard.

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Exams for principles (a.k.a. outlines)
of economics at Harvard
1870/71-1911/12

1871-75	1880-81	1890-91	1900-01	1910-11
	1881-82	1891-92	1901-02	1911-12
	1882-83	1892-93	1902-03
	1883-84	1893-94	1903-04
	1884-85	1894-95	1904-05
	1885-86	1895-96	1905-06
1876-77	1886-87	1896-97	1906-07
1877-78	1887-88	1897-98	1907-08
1878-79	1888-89	1898-99	1908-09
1879-80	1889-90	1899-00	1909-10

Frank Taussig completed the first edition of his Principles of Economics [Volume I; Volume II] in March 1911 [Preface]. Links to the references from that first edition have been posted. Taussig expected his students to acquire a personal copy of the textbook and wrote a letter (transcribed and posted here) to Harvard President Lowell, dated October 6, 1911 giving his reasons for not putting a large number of copies into libraries as a reference book for students for them to consult. Taussig did allow one major exception to his textbook ownership policy: “I do not want to compel the poor fellows to buy my book. There is a text-book loan library in Phillips Brooks House, and this I have supplied with a sufficient number of copies for the use of the needy.”

For those seeking further questions, one might consult the book first published in 1915 by Edmund Ezra Day and Joseph Stancliffe Davis, Questions on the Principles of Economics (New York: Macmillan, 1915). From their Preface (p. vi): “The book is arranged particularly for use with Professor Taussig’s ‘Principles of Economics’ (revised edition, 1915).”

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Meet the Teaching Assistants
Econ. 1. Principles of Economics
1912-13

Heilman, Ralph Emerson. Ph.D. Harvard 1913.

RALPH EMERSON HEILMAN, Ph.B. (Morningside Coll.) 1906, A.M. (Northwestern Univ.) 1907.
Subject, Economics. Special Field, Social Ethics. Thesis, ” Chicago Traction: A Study in the Efforts of the City to Secure Good Service.” Assistant Professor of Economics, State University of Iowa.

Source: Report of the President 1912-13, p. 90.

Jones, Eliot. Ph.D. Harvard 1913.

ELIOT JONES, A.B. (Vanderbilt Univ.) 1906, A.M. (Harvard Univ.) 1908.
Subject, Economics. Special Field, Railroad Transportation. Thesis, ” The Anthracite Coal Combination in the United States, with some Account of the Early Development of the Anthracite Industry.” Instructor in Economics, University of Pennsylvania.

Source: Report of the President 1912-13, p. 90.

Burbank, Harold Hitchings. Ph.D. Harvard 1915.

HAROLD HITCHINGS BURBANK, A.B. (Dartmouth Coll.) 1909, A.M. (ibid.) 1910.
Subject, Economics. Special Field, Public Finance. Thesis, ” The General Property Tax in Massachusetts, 1775 to 1792, with some Consideration of Colonial and Provincial Legislation and Practices.” Instructor in Economics, and Tutor in the Division of History, Government, and Economics, Harvard University.

Source: Report of the President 1914-15, p. 103.

Crosgrave, Lloyd Morgan. A.B. (Indiana) 1909, A.M. (Harvard University) 1911.

Travelling Fellow. Frederick Sheldon Fellow. Economics. Brussels. Instructor in Economics, University of Minnesota. From Report of the President 1913-1914, p. 98.;

Source: Harvard University. Quinquennial catalogue (1930), pp. 63, 712.

Lloyd M. Crosgrave

BIRTH. 21 Apr 1887. Jamestown, Chautauqua County, New York, USA

DEATH. 19 Jun 1961 (aged 74). Muncie, Delaware County, Indiana, USA

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

LLOYD CROSGRAVE, EX-UNIVERSITY PROF, DIES HERE

Lloyd M. Crosgrave, 74, 2320 S. Walnut St., died at home at 11:30 a.m. Monday after an extended illness. Crosgrave was born in Jamestown, N.Y., and moved to Muncie when he was five years old.

He attended Purdue University, received his bachelor’s degree at Indiana University and his master’s in economics at Harvard. He taught economics at Harvard, IU, the University of Minnesota, and the University of Pittsburgh.

He retired from teaching several years ago due to failing health. Since then he has owned and operated a greenhouse at his home where he grew house plants, specializing in the growing of African violets.

Crosgrave was a member of the Senior Citizens of Muncie.

He is survived by a sister, Miss Pearl G. Crosgrave, who resided at the same address.

Muncie Evening Press. Mon, Jun 19, 1961, p. 8

Source: Find-A-Grave webpage for Lloyd W. [sic] Crosgrave.

Eldred, Wilfred. Ph.D. (Harvard University, 1919).

WILFRED ELDRED, A.B. (Washington and Lee Univ.) 1909, A.M. (ibid.) 1909, A.M. (Harvard Univ.) 1911. Subject, Economics. Special Field, Economic History. Thesis,’ The Wheat and Flour Trade of the United States under the Control of the Food Administration.” Statistician, U. S. Grain Corporation, 42 Broadway, New York, N. Y.

Source: Report of the President 1918-19, p. 81.

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ECONOMICS 1
Course Description
1912-13

Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second year of their college career. It may not be taken by Freshmen without the consent of the instructor. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics 1….

[Economics] 1. Principles of Economics. Tu., Th., Sat., at 11. Professor [Frank William] Taussig and Dr. [Edmund Ezra] Day, assisted by Messrs. ——, ——.

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

The course will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Course 1 may not be taken by Freshmen without the consent of the instructor.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, pp. 57-58.

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ECONOMICS 1
Course Enrollment
1912-13

[Economics] 1. Professor Taussig and Dr. E. E. Day, assisted by Messrs. Heilman, Jones, Burbank, Crosgrave, and Eldred. Principles of Economics.

Total 481: 1 Graduate, 21 Seniors, 93 Juniors, 307 Sophomores, 21 Freshmen, 38 Others.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 57.

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ECONOMICS 1
Mid-year Final Examination
1912-13

[Arrange your answers strictly in the order of the questions. Answer all the questions; and give your reasons in every case.]

Give examples of each of the following:—

vertical combination;
internal economies;
localization of industry;
increasing returns.

In the case of a commodity produced under constant returns, does demand determine the price of the commodity or the quantity produced? Illustrate by diagram.
Would your answer be the same if the commodity were produced under diminishing returns?
The cost of raising wheat on new land in Canada is said to be far below the average cost raising of wheat in the United States. Supposing this to be the case, can wheat grown in the United States continue to be sold in foreign countries in competition with Canadian wheat?
How would a great increase in the world’s supply of gold affect:—

(1) The value of the gold dollar.
(2) The value of the silver dollar.
(3) The price of silver bullion.
(4) The price of gold bullion.

State briefly what was the course of prices in the United States (a) between 1860 and 1870, (b) between 1900 and 1910. What were the causes of the price changes in each period; what evils arose; and how could the evils have been avoided?
Arrange the following items of a bank statement in their proper order:—

Loans	$380,000
Bonds	$50,000
Notes	$50,000
Capital	$100,000
Other Assets	$40,000
Surplus	$30,000
Undivided Profits	$10,000
Real Estate	$22,000
Deposits	$350,000
Due from banks	$10,000
Notes of other banks	$3,000
Cash	$35,000

Could this be the statement of a national bank, conducting its business in conformity to law?
Suppose the bank to sell bonds which on this statement are carried as worth $20,000; selling them at a profit of $1,000, and receiving cash for them. Rearrange the statement, and consider whether it could then be the statement of a national bank conducting its business in conformity to law.

How would a great increase in the production of gold in the United States affect:—

the imports and exports of the United States;
the “balance of trade” of the United States;
the price of foreign exchange in New York?

Suppose large remittances to be made by immigrants from the United States to their native countries: what consequences would you expect on (1) the stock of specie circulating in the United States; (2) the relation between merchandise exports and imports; (3) the gain which the people of the United States secure from foreign trade?
Which of the following would you reckon as part of the wealth of the country? as part of its capital?

The Great Lakes,
The Panama Canal,
Deposits in banks.

Is the establishment of a manufacturing industry, brought into existence by a protective tariff, advantageous in that it creates a home market for agricultural products?

Source: Harvard University. Mid-year examinations, 1852-1943. Box 9, bound volume Examination Papers, Mid-Years 1912-13.

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ECONOMICS 1
Year-end Final Examination
1912-13

To what extent and in what manner do the following contribute to the formation of capital: (a) a government loan; (b) the stock exchange; (c) commercial banks; (d) the corporate form of business organization?
Explain “margin of cultivation.” Distinguish between the intensive margin of cultivation and the extensive margin of cultivation. What is the relation between (a) the margin of cultivation in agriculture and the price of a bushel of wheat; (b) the margin in gold mining and the value of an ounce of gold?
Assume that a monopoly produces a commodity under conditions of constant cost. What determines the extent to which the monopoly price will be above the price which competition, if existent, would establish? Illustrate by diagram.
The rentals from a New York office building amount to $50,000 a year. The building is worth $200,000. To provide for insurance, depreciation and such fixed items, $10,000 is expended annually. The current rate of interest upon investments of equal security is 5%. What is the value of the land?
What is “dumping “? What induces it? To what extent is it dependent upon (a) monopoly conditions; (b) tariff barriers?
Explain briefly why (a) the rates of wages are generally higher in the United States than in Germany; (b) higher for plumbers than for unskilled laborers; (c) for domestic servants than for women employed in shops and factories. Suppose a socialist community apportioning wages on the basis of equality of sacrifice: would these differences persist?
How are the wages and the number employed within a particular industry affected, immediately and ultimately, by the invention of labor-saving devices in that industry?
Explain: (a) railroad rebates; (b) over-capitalization; (c) public service industries; (d) “reasonable restraint of trade”; (e) stoppage at the source.

Image Source: Frank William Taussig and Edmund Ezra Day’s portraits from The Harvard Class Album, 1915.

Tags Burbank, Crosgrave, Day, Elfred, Heilman, JonesEliot, Taussig

Exam Questions Harvard Social Insurance Social Work

Harvard. Social Ethics Courses. Enrollments and Final Exams. Peabody et al., 1911-1912

Post author By Irwin Collier
Post date 2026-08-07

Harvard professor Francis G. Peabody and his team tried to establish something like a school of social work at Harvard that offered courses covering a great range of economic and social policy. As befitting a “Department of Social Ethics” the emphasis was on applied ethics, which is something distinct from the interest of a Department of Economics in applied economics. The intersection of the two was located in real-world problems.

Previously posted course material for social ethics at Harvard.

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Social Ethics Instructors
1911-12

Jeffrey Richardson Brackett
Robert Franz Foerster
James Ford
Ray Madding McConnell
Francis Greenwood Peabody

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Social Ethics 1-7
1911-12

Social Ethics 1. Application of Ethical Theory
Social Ethics 2. Practical Problems of Social Service
Social Ethics 3. Criminology and Penology [omitted 1911-12]
Social Ethics 4. Selected Topics in Social Ethics
Social Ethics 5. The Moral Responsibilities of the Modern State [omitted 1911-12]
Social Ethics 6. Social Amelioration in Europe
Social Ethics 7. Rural Social Development

The courses in this group are designed to apply philosophical principles to the modern problems of philanthropy, industry, and social life. They begin with a general introduction to Social Ethics and proceed to methods of applied ethics which approach those of a professional school. Students should have already elected courses both in Philosophy and in Economics, and should regard the courses in Social Ethics as concerned with the transition from academic to practical life.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), pp. 70-74.

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Application of Ethical Theory
to Present Social Problems

Course Description
1911-12

The Problems of Poor-Relief, The Family, Temperance, and various phases of the Labor Question, in the light of Ethical Theory. Lectures, special researches, and prescribed reading. Tu., Th., Sat., at 10. Professor Peabody, Dr. McConnell, Dr. Ford, and Dr. Foerster.

This course is an application of ethical theory to the social problems of the present day. It is to be distinguished from economic courses dealing with similar subjects by the emphasis laid on the moral aspects of the social situation and on the philosophy of society involved. In addition to lectures and required reading a special and detailed report is made by each student, based as far as possible on personal research and observation of scientific methods in industrial reform. These researches are arranged in consultation with the instructors; and an important feature of the course is the suggestion and direction of such personal investigation and the provision to each student of special literature and opportunities for observation. Students are advised, before beginning the study of Social Ethics, to take courses both in Economics and Philosophy; and must have taken a course, or the equivalent of a course, in one of these subjects.

The following courses are planned for students who take or have taken Social Ethics 1 or its equivalent.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 70.

Course Enrollment
1911-12

Social Ethics 1 ²hf. Professor Peabody, Drs. Ford and Foerster. — Social Problems in the light of ethical theory.

Total 43: 3 Graduates, 11 Seniors, 12 Juniors, 8 Sophomores, 2 Freshmen, 7 Others.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 69.

SOCIAL ETHICS 1
Year-end Final Examination
1911-12

This paper should be considered as a whole. The time should not be exhausted in answering a few questions, but such limits should be given to each answer as will permit the answering of all the questions in the time assigned.

Explain briefly: —

“Economic determinism”;
“Social labor time”;
“The capitalistic appropriation of surplus value”;
“The class-conscious conflict.”

Lassalle and Marx compared as influences on German socialism.
What legislation on Woman and Child Labor has been enacted in the United States? (Adams & Sumner, pp. 30–37.)
What is the Sweating-System, and what forms does it take? (Adams & Sumner, pp. 114–119.) What legislation has been enacted to deal with it? (pp. 122–126.)
Explain and criticise the following statement: “Co-operation differs from profit-sharing primarily by reason of the fact that, in its industrial form, at least, its aim is to modify radically, and finally to utterly abolish, the wage system.” (Adams & Sumner, p. 379, and Dr. Ford’s Lectures.)
Compare the advantages of industrial partnership under the direct-bonus plan with those of a pension system or a stock offering.
The conclusions of physiology concerning the function of alcohol.
The history of the liquor traffic in Boston from 1875 to 1894. What are the comparative merits of the three types of licensing boards operating in Boston during that period?

Source: Harvard University Archives. Harvard University — Examination papers, 1873-1915. Box 6. Bound volume, Examination Papers, 1912. Harvard University Examinations. Papers Set For Examinations in History, History of Science, Government, Economics […], pp. 87-88.

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Public Aid, Charity, and Neighborhood Work:
Practical Problems

Course Description
1911-12

²hf. Practical Problems of Social Service: Public Aid, Charity, and Neighborhood Work. Lectures, prescribed reading, and observation of work under skilled direction. Half-course (second half-year). Tu., Th., at 2.30. Dr. Brackett.

This course is for advanced students, especially for those who plan, as ministers, teachers, or as citizens, whatever their vocation, to be actively interested in charity, correction, or any form of social work. It is also an introduction to Social Ethics 20c, the School for Social Workers. It is a study of tendencies in Social Service, of law and custom, especially in England and the United States, bearing directly on such topics as neighborhood improvement, forms and sources of relief, modification of charitable trusts, treatment of special types of the needy, organization of charity, financial management, supervision of work by public and private agencies.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), pp. 70-71.

Course Enrollment
1911-12

Social Ethics 2 ²hf. Dr. Brackett. — Practical Problems of Social Service: Public Aid, Charity, and Neighborhood Work.

Total 14: 2 Graduates, 4 Seniors, 5 Juniors, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 69.

SOCIAL ETHICS 2

In all answers, give your reasons.

“A community can have as much pauperism as it will pay for.” Comment on this, with illustrations from English or American history.
What are the “feeble-minded”? In what ways would you have provision made for them?
A homeless, able-bodied machinist, who says there is no one dependent upon him, but he is at the end of his money, tells you he can have a good job in Providence, R.I., where he formerly lived, if he can get there tomorrow and be ready for work the next morning. He asks a railroad ticket to that place. What would you do, and why?
What have been the chief steps in progress in the treatment of offenders?
—
1. What was the chief principle for administration of public aid, laid down by the English poor-law commission of 1832–34?
2. How was it to be carried out?
—
1. In taking up neighborhood work, what kinds of persons in the neighborhood, would you aim primarily to reach?
2. When and how would you decide what methods to use for reaching them?
What is meant by “organizing charity”? I.e., when we speak of the work of an associated charities or other agency for organizing charity.
—
1. To what extent would you advise residents in a “settlement” to give material relief to persons in the community?
2. To what extent would you advise pastors of churches to give it?
What are the chief lessons you have learned from your field work connected with this course?

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Criminology and Penology

Course Description
Not taught in 1911-12

¹hf. Criminology and Penology. Lectures, prescribed reading, and reports. Half-course (first half-year). Mon., Wed., Fri., at 1.30. Dr. McConnell.

This course aims to offer a brief general study of crime and its prevention. As a necessary preparation for the meeting of present problems some investigation of historical as well as of present conditions will be attempted. The subjects considered will include the following: methods of study in criminology; classes of crimes and of criminals; causes and effects of crime; prevalent conceptions of crime and of the treatment which society should accord it; agencies especially intended for the punishment and prevention of crime (including certain features of criminal law and its administration, the identification of criminals, the indeterminate sentence, institutions for the detention, punishment, and reformation of criminals, the supervision and aid of convicts on probation or parole or after discharge, and special methods for dealing with young criminals); the influence on the volume of crime of various agencies designed for general social betterment.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 71.

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Selected Topics in Social Ethics

Course Description
1911-12

¹hf. Selected Topics in Social Ethics. Lectures and prescribed reading. Half-course (first half-year). Mon., Wed., Fri., at 12.

Subjects for 1911-12: –

The State and Charity. Dr. Brackett.
The Ethical Relations of the State to Industrial Affairs. Dr. McConnell.
The Ethical Aspects of Industrial Coöperation. Dr. Ford.
The Ethics of Immigration. Dr. Foerster.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 71.

Course Enrollment
1911-12

Social Ethics 4 ¹hf. Selected Topics in Social Ethics.

Dr. Brackett. — The Ethics of Public Aid and Private Charity.
Dr. Ford. — The Ethical Aspects of Industrial Coöperation.
Dr. Foerster. — The Ethics of Immigration.

Total 10: 2 Graduates, 2 Seniors, 5 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 69.

SOCIAL ETHICS 4

What do you say (1) in favor of, and (2) in opposition to the provision by the state of non-contributory old-age pensions for all persons beyond the age of 69, and below a small income line?
How are profits divided in (1) the Rochdale Equitable Pioneers’ Society; (2) the Scottish Wholesale Society; (3) a typical Copartnership Housing Association; (4) an Irish Co-operative Dairy; (5) the New England Cranberry Sales Co. (or some other American Co-operative Sales Association)?
Describe the economic and co-operative features of the credit unions of Massachusetts. What are the essential dissimilarities in method and purpose between the credit unions and the “co-operative banks” of this State?
“Distributive co-operators are anti-capitalists and class-conscious.” Examine carefully and in detail the truth of this statement as applied to the distributive movements of England, Belgium and Germany.
What are the usual features of the padrone commissary system?

Devote not less than one hour to this question.

The following citations give the main arguments of an address recently reported in the newspapers.
1. 1. “Why exclude the immigrant when there is so much room for him? . . . Texas alone could support our entire population without worrying about the problem of congestion. . . . The trouble in America is usually not a lack of work but a lack of workers.”
  2. “If he accepts a small wage, his need is responsible and it is to be deplored that Americans should be content to take advantage of this desperate need and convert the hunger of this stranger into more dollars for themselves.”
  3. “Thirty of every ten thousand immigrants become paupers. . . . While the thirty are costing us $3000 a year, the other 9970 are adding almost $40,000,000 to the wealth of the land. And this exclusive of the taxes each pays.”
  4. “There is a higher rate of crime among the native born than among the foreign born.”
  5. “The solution . . . is distribution, not exclusion. . . . We should be undeserving our blessings if we selfishly refused to share them.”

Illustrate your answer to the following questions from the reading and lectures of the course. So divide your time that you may write upon all questions; avoid generalities. The lettered divisions correspond with those just given.

1. In what sense does a lack of workers exist? When would it not exist, — e.g., when Texas should be as densely populated as Europe?
2. Is the immigrant underpaid? What consequences would follow for employers, consumers, and immigrants if employers were compelled to pay their immigrant workmen wages not less than twice as high as they are now paying? What effect has immigration had on wages in the United States?
3. In what sense is wealth “added”? If, by adding wealth, immigrants save Americans labor, should they not be welcomed like any other labor-saving device — a machine, typically? What kind of relation has immigration with dependency?
4. Describe the criminal aspects of immigration.
5. What can the best system of distribution accomplish? What can it not accomplish?

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Moral Responsibilities
of the Modern State

Course Description
Not taught in 1911-12

²hf. The Moral Responsibilities of the Modern State. Lectures and prescribed reading. Half-course (second half-year). Mon., Wed., Fri., at 12. Dr. McConnell.

This course considers the fundamental ethical principles involved in the organization of the modern State, and the duties of public authorities in regard to defectives, charity, the child, and public health.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 72.

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Social Amelioration in Europe

Course Description
1911-12

²hf. Social Amelioration in Europe. Lectures and prescribed reading. Half-course (second half-year). Mon., Wed., Fri., at 11. Dr. Foerster.

This course is mainly concerned with schemes of social amelioration that have so far been little considered in the United States. Remedial methods of dealing with poverty will be treated only incidentally. Chiefly the course will make a comparative study of the preventive and constructive measures, public and private, of several countries. After a brief consideration of the place of thrift institutions, unemployment and the important recent efforts to meet it will be discussed at some length. The experience of several countries in providing for the indigent in case of accident, sickness, invalidity, and old age will, in turn, be examined. The course will close with a study of recent developments of legislation governing conditions of labor.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 72.

Course Enrollment
1911-12

Social Ethics 6 ²hf. Dr. Foerster. — Social Amelioration in Europe.

Total 19: 7 Graduates, 5 Seniors, 7 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 69.

SOCIAL ETHICS 6

So allot your time that you may answer all questions.

“Putting these unemployed men to work in industries already fully manned or over-manned would solve nothing. . . . The problem which the Labour Party desires the state to face is therefore that of the development of its unused resources. . . . Neither relief works nor the National Workshops of 1848 (except for training, perhaps) are asked for, but a policy of national development. . . . As part of this programme, the Socialist has long been crying for afforestation, national drainage and reclamation, labour farm colonies . . . and the pressure of social misery and depopulation has at length come to his aid.” (J. R. Macdonald, The Socialist Movement.) What is the value of such a policy in dealing with the problem of unemployment?
What are the salient features of the English Workmen’s Compensation Act? What are its defects? How are these defects avoided in the legislation of other countries?
What effect upon the industriousness and thrift of the population have the following?
1. Provision for old age in Denmark.
2. Provision for old age in England.
3. Savings bank insurance in Massachusetts.
4. Provision for sickness, old age, etc., in the mutual aid societies of France.
5. Unemployment benefits under the Ghent system.

In each case show specifically to what feature of the institution in question the effect is to be traced.

Why did state insurance in Germany signify a less radical departure from previous social policy and thought than it would signify in the United States? How serious a burden has it laid on employers?
Mr. Lloyd George said of the English old age pensions plan, that “it is just as much a contributory scheme as one financed directly by means of contributions arranged on the German basis.” Indicate in detail by what course of reasoning this statement may be supported. Or, if you believe it false or in part false, indicate precisely the gounds of your opinion.
Present the best arguments you can for compulsory (and subsidized) insurance against unemployment. Then make out the best case against compulsion. Which way does the net advantage lie? In answering this question it may be assumed that a system of well-organized labor exchanges exists.
Outline the Swiss methods of dealing with vagrancy.

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Rural Social Development

Course Description
1911-12

¹hf. Rural Social Development. Lectures and prescribed reading. Half-course (first half-year). Mon., Wed., Fri., at 10. Dr. Ford.

This course is concerned with rural life as a problem in itself and as a solution of urban problems. It will study the distribution of population and its consequences; the development of country life from without, through suburban, “Garden-city, “ “Back-to-the-land,” and other movements, and rural reconstruction from within, through private initiative, coöperative movements, and State activity.

One hour will be devoted each week to the discussion of prescribed reading.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 72.

Course Enrollment
1911-12

Social Ethics 7 ¹hf. Dr. Ford. — Rural Social Development.

Total 17: 1 Graduate, 8 Seniors, 7 Juniors, 1 Freshman.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 69.

SOCIAL ETHICS 7

What is meant by a “rural social survey”? What facts must be gathered? (Give reasons in each instance.) What are the probable sources of this material for a Massachusetts or New York community?
—
1. What essential differences do you note between the pleasures of the village and of the rural population in Blanktown?
2. What is meant by pleasures of receptive sensation? What part have they played in the social evolution of Blanktown? (Williams, An American Town.)
What is the rural housing problem in America? State the problem in detail with reference to construction and interior arrangement of farm houses.
(a) Outline the rural health problem. (b) Under what conditions do each of the following matters require action by local or state boards of health? What sort of action is necessary? Why?
1. 1. Illness in the farm home.
  2. Farm water supply.
  3. Farm sanitation.
  4. Milk production.
—
1. “When the rural social sense is thoroughly established, we shall be in a new epoch of rural civilization.” (Bailey, The Country Life Movement.) What is meant by this statement?
2. By what methods can the “rural social sense” be developed in this generation? In the next?
3. Describe in detail the structure and function of any three local socializing agencies (excluding church and school).

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Social Ethics à la Peabody
1888/89—1910/11

A short history of Harvard’s Department of Social Ethics through 1920.

Exam questions for late 19^th century versions of Francis Greenwood Peabody’s course on the Ethics of Social Reform have been transcribed and posted:

1888-1889; 1889-1890; 1890-1891; 1892-1893; 1893-1894; 1894-1895; 1895-1896.

Earlier 20th century course material:

1902-03. Listed as Philosophy 5. Taught by Peabody and Ireland.
1904-05. Listed as Philosophy 5 and Ethics 1. Taught by Peabody and Rogers.
1906-07. Taught by Peabody and Rogers.
1907-08. Taught by Peabody and Rogers.
1908-09. Taught by Peabody, McConnell, Ford and Foerster.
1909-10. Taught by Peabody, McConnell, Ford, and Foerster.
1910-11. Taught by Peabody, McConnell, Ford, Foerster, and Brackett. [complete set of social ethics exams]

Image Source: Francis G. Peabody, The Social Museum as an Instrument of University Teaching. Publications of the Department of Social Ethics in Harvard University, Number 4 (Cambridge, MA: 1911).

Tags Brackett, Foerster, Ford, McConnellRM, Peabody

Accounting Exam Questions Harvard Industrial Organization

Harvard. Corporation Finance. Description, Enrollment, Final Exam. Dewing, 1911-1912

Post author By Irwin Collier
Post date 2026-08-05

Arthur Stone Dewing was reborn as an economics instructor in 1911 according to his own account. He went on to become a finance professor at the Harvard Business School. A busy, full and complete life, successful by any metric, and yet the sort of academic that requires a professional historian of economics to go deep into the weeds just to seek an interesting trace of a lasting contribution. His Boston Globe obit credits him with the introduction of the case method into the Harvard Business School program. Worth checking if in fact a true claim.

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From Dewing’s Entry in the 1922 Report of the Harvard Class of 1902

ARTHUR STONE DEWING

BORN at Boston, Mass., April 16, 1880.
PARENTS: Charles Hamlet, Eliza Williams Stone (Paine) Dewing.
SCHOOL: Cambridge High School, Cambridge, Mass.

DEGREES: A.Β. 1902; A.M. 1903; Ph.D. 1905.

MARRIED: Frances Hall Rousmaniere, Boston, Mass., June 3, 1910.
CHILDREN: Mary Stone, March 18, 1911; Abigail Starr, June 1, 1912; Ruth Rousmaniere, Aug. 31, 1915.

OCCUPATION: Assistant Professor of Economics.

ADDRESS: (home) 469 Broadway, Cambridge, Mass.; (business) Upper Massachusetts Hall, Harvard University, Cambridge, Mass.

THE proper preface to an account of this kind is the altogether prosaic comment that my biography is of little interest; it is quite uninteresting and adventureless. After graduation I spent a year in the Graduate School, and later a year in Germany studying philosophy. I tutored awhile and taught science in a private school to keep the pot boiling, meanwhile serving as an assistant in philosophy courses at Harvard. For a while I taught philosophy at Simmons, and then spent some time in Europe. The outstanding feature of this period was a delightful trip through Greece. In 1911 I decided to teach economics instead of philosophy, and somewhat later was appointed instructor at Harvard. I was at Yale for a couple of years, and saw the “bowl” properly baptized by the victorious Harvard eleven. Not having absorbed enough of that subtly elusive Yale spirit I was told to return whence I had come, a wiser but not a sadder man. Incompatibility of temperament, ran the decree. For three years I lived quietly in Belmont doing some writing and some private work and teaching. I had devoted quite a little study to the Sherman Act of 1890 and its judicial interpretation; and a considerable task at this time was the preparation of the appellant’s brief of the facts for a larger industrial consolidation in its appeal to the United States Supreme Court from a decree of dissolution. In 1920 I was appointed Assistant Professor of Economics at Harvard. Since that time I have also taught in the Business School. Needless to say I am especially interested in the ideals of the Business School as interpreted by the present Dean. As I understand them they are the inculcation in college graduates, likely to become business executives, of the economic and social foundations of modern industry; and with this goes the belief that the morale of business can be put on a new and lighter level by developing a professional spirit among business executives.

My hobbies are few and simple. I am as interested as ever in mountain climbing and the woods. I don’t play golf, nor belong to a country club. I’m a director of a number of public utilities. I’m cursed with the collectors’ bacillus, — at present it’s old colonial furniture, and if any of you gentlemen know of any old chairs made here in New England before 1620, please send word.

PUBLICATIONS: Chemistry laboratory note book, L. E. Knott, Boston; Biology laboratory note book, L. E. Knott, Boston; Introduction to the History of Modern Philosophy, 1903, J. B. Lippincott & Co., Philadelphia; Life as Reality, 1910, Longman’s, New York. In National Cordage Company, 1913, Harvard University Press, Cambridge; Corporate Promotions and Reorganizations, 1914, Harvard University Press, Cambridge; The Financial Policy of Corporations, 5 volumes, 1920, The Ronald Press, New York. Have also published numerous magazine articles.

MEMBER: American Economic Association; New England Historical Geneological society; Massachusetts Society of Mayflower Descendants.

Source: Secretary’s Sixth Report, Harvard College Class of 1902 (June, 1922), pp. 134-135.

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Obituary
Arthur Stone Dewing
(b. 16 Apr 1880 in Boston;
d. 29 Jan 1971 in Cambridge)

Arthur Stone Dewing, 90, of 8 Willard st., Cambridge, noted author, philosopher, professor and businessman, died yesterday afternoon at Massachusetts General Hospital.

Mr. Dewing, once referred to as the “best loved professor at Harvard,” was still active in business and various other interests until he entered MGH in the first week of December.

He was born in Boston April 16, 1880, to Charles Hamlet and Eliza Williams Stone and spent most of his life in this area.

Mr. Dewing received an A.B. degree in 1902, an A.M. in 1903, and a Ph D in philosophy in 1905, all from Harvard University. He also did graduate work at the University of Munich in Germany.

In 1910, he married the late Frances Hall Rousmaniere, by whom he had three daughters, all of whom survive.

Mr. Dewing served in the Harvard faculty as an assistant in philosophy between 1902 and 1911, when he became an instructor in economics for a year before resigning his time solely to business.

He rejoined the Harvard faculty in 1919 as an assistant professor of economics and served as an associate professor of finance from 1922 until 1927, when he was made a full professor.

Mr. Dewing, who was considered an international authority in the field of corporation practice, was one to the professors who founded the Harvard University School of Business.

He resigned his position of professor of finance at the school in 1933 because of what he termed attempts by Dean Wallace B. Donham to direct by dictation his teaching methods and private affairs.

Dr. Dewing was considered an innovator while at Harvard and formulated the case study method, which is still in use. In 1951, Business Week magazine referred to him as “the best loved professor at Harvard.”

Among the companies he headed were: the Portland, Chatham, Hazardville and Jewett City water companies; the Illinois Gas Co.; Pinetum, Inc.; Wetmore Gas Producing Co.; and the Granite State Gas and Electric Co.

He was also on the board of directors of the Manchester (N.H.) Gas Co.; Edward Durant Investment Co.; Fall River Gas Co.; and the Keene (NH.), Sentinel Publishing Co. He was chairman of the board of the Old Colony R.R. Bondholders Protective Committee.

Dr. Dewing was a member of the Numismatic Society and Royal Numismatic Society, and his extensive collection of Greek coins is presently on loan at the Fogg Art Museum.

He was a fellow in the American Academy of Arts and Sciences and was a member of the board of visitors to the classical art department of the Boston Museum of Science.

His other memberships included the American Friends of Greece, Massachusetts Historical Society, Massachusetts Society of Mayflower Descendants, Society for Preservation of New England Antiquities (past president), and the Archeological Institution of America.

He had a life-long interest in wild animals and was vice president of the Ross Allen Reptile Institute in Florida.

Among the many books he authored were Corporate Promotions and Reorganization, published in 1914, which is considered a classic. It was reprinted in American Life and Culture in 1969.

He also wrote Life as Reality (1910) Financial Policy of Corporations (1920) The Corporation — A Study of Its Financial Structure (1934), two books on philosophy, and one each on chemistry and biology.

Mr. Dewing leaves three daughters, Mrs. Lloyd L. Morain of San Francisco; Mrs. Stuart B. Avery Jr. of Lincoln; and Mrs. James D. Ewing of Keene, N.H. He also leaves eight grandchildren and five great grandchildren.

Arrangements for a memorial service are being made.

Source: The Boston Globe, January 21, 1971, Page 47.

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Course Description
1911-12

[Economics] 30 ¹hf. The Financial Aspects of Combinations. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Dr. [Arthur Stone] Dewing.

The course considers the financial aspects of combinations in the United States, giving attention, however, to the economic rather than to the business or legal problems involved. Examples of financial history and policy will be considered in some detail. The psychological as well as the economic conditions that determine the market price of railroad and industrial securities will be described with the purpose of formulating general principles. Each student will select a typical episode in the history of some combination and some general subject, such as promotion, minority rights, effect on prices, and will present reports at conferences which will sometimes replace the lectures of the course. This course is open only to those who have passed in Economics 1.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), pp. 65-66.

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Course Enrollment
1911-12

Economics 30¹hf. Dr. [Arthur Stone] Dewing. — The Financial Aspects of Industrial Combinations.

Total 19: 1 Graduate, 8 Seniors, 9 Juniors, 1 Sophomore.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 64.

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ECONOMICS 30
CORPORATION FINANCE
Mid-year Final Exam
1911-12

Be concise.

THEORY. (¾ hour.)

Does the law of diminishing returns usually operate in the investment of capital in (a) new steam railroads in an undeveloped country; (b) four tracking of steam railroad in a thickly settled region; (c) extensions to an electric lighting system; (d) a large cotton mill; (e) the “Westinghouse Company” (see Haskins & Sells report to receivers)?
(a) What is pure interest? (b) Compensation for risk? (c) How do you determine what proportion of any given dividend return belongs to each? (d) Are there other factors included in the ordinary returns on capital? If so state the relation to (a) and (b).
State briefly the most universal circumstance that has led to the necessity of re-organization in those industrial corporations which you have studied?

FINANCE

The following questions are to be answered directly from the Corporation reports PLACED IN YOUR HANDS. (1¼ hours.)

See U. P. Reports for 1909–10, page 29. The capital liability on June 30, 1910 is less than on June 30, 1909. Explain.
See “Western Maryland Railroad Co.’s” report June 30, 1907, page 2. Note decrease of surplus for year. Show from statistics in other parts of the report, whether or not this decrease foretells impending disaster.
See U. S. Steel Report, 1910. Consolidated balance sheet (between pages 32 and 33). The last entry of liabilities calls for $33,704,439.32. Explain the significance of this entry. Should it be used as a basis for the declaration of dividends? Could a similar entry appear in a railroad report? Why?
See Massachusetts Electric Company’s Report, 1910. Explain the presence of the two balance sheets, pages 10, 12 and 13. From an examination of these balance sheets what would you consider the weakest point, from an investment point of view, of the stocks of Massachusetts Electric Companies?
Amalgamated Copper Company’s Report, 1911, p. 10.

Assets. Is “investment in securities” a good basis for estimating the assets of a mining corporation? Why? Suggest, if you can, a better basis?

INVESTMENTS. (1 hour.)

A trust estate purchased two underlying bonds of the “Illinois Central” of approximately the same security and both maturing the same year (1951); one bears interest at 3% and is bought at 75; the other bears interest at 5% and is bought at 115. State how you would think it just to deal with the interest and principal in both cases.
The following securities all pay 8% on par value. They are all non-taxable in Massachusetts. Which one should you select for a trustee to invest in, provided the trust already held none of them?
Arrange the others in the order of their intrinsic merit. Give basis for your judgment.

New York, New Haven, & Hartford Stock, market price 140. (For financial condition see your reports.)
Arlington Mills. (Lawrence, Mass.)

Dividends, 1877–1903, 6%; 1903, to date, 8%; market price, 124; 63,000 cotton spindles, 202,804 worsted spindles.

Assets

	1910	1909	1908	1907
Real Estate & Machinery	$4,750,000	$3,500,000	$3,500,000	$3,500,000
Merchandise & in Process	7,884,672	8,630,718	6,729,446	5,784,449
Cash & Debts Receivable	2,550,891	2,213,565	1,810,229	2,650,131
Miscellaneous	257,741	207,457	179,934	163,865
	$15,443,304	$14,551,740	$12,219,609	$12,098,445

Liabilities

	1910	1909	1908	1907
Capital stock	$8,000,000	$6,000,000	$6,000,000	$6,000,000
New Cap. stock pay Acc’t.		1,434,530
Debts payable	4,924,911	4,292,901	4,499,662	4,187,708
Surplus	2,518,393	2,824,309	1,719,947	1,910,737
	$15,443,304	$14,551,740	$12,219,609	$12,098,445

1. American Glue Company—Preferred Stock, market price 152.

Assets

	1910	1909	1908
Real Estate & Machinery	$477,412	$508,701	$520,597
Stock in Process	1,015,578	941,247	1,361,245
Cash & Debts Receivable	1,551,164	1,394,607	830,917
Other items — (largely securities)	1,439,520	1,503,032	1,489,616
	$4,483,674	$4,347,587	$4,202,375

Liabilities

	1910	1909	1908
Capital Stock Preferred	$1,600,000	$1,600,000	$1,364,300
Capital Stock Common	800,000	800,000	800,000
Account Payable	1,120,165	1,054,290	1,257,714
Surplus	963,509	893,297	780,361
	$4,483,674	$4,347,587	$4,202,375

1. American Telephone & Telegraph Company Stock, market price, 139.

Assets

Stocks & Bonds of Associates Co.’s			$393,712,837.53
Telephones, Real Estate & Lines			59,702,088.10
Cash & Short Term Notes			13,736,806.84
Special Demand Notes			16,970,229.34
Accounts Receivable			6,093,415.42
Treasury Bonds			17,300,000.00
			$507,515,377.23

Liabilities

Capital Stock			$263,335,600.00
Bonds, etc.			146,618,000.00
Dividend, Interest, and Taxes accrued but not due			8,027,025.26
Depreciation Reserve			37,425,080.08
Surplus			52,109,671.89
			$507,515,377.23

COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES FOR 1909–1910

Earnings

	1909	1910
Dividends	$15,949,213.73	$19,205,494.35
Interest and other revenue from Ass. Co.’s	10,661,431.03	10,838,442.84
Telephone Traffic (net)	4,360,104.94	4,893,513.39
Real Estate	95,723.97	95,119.69
Other sources	1,694,867.76	325,758.44
Total	$32,761,341.43	$35,358,328.71
Expenses	2,570,575.57	3,425,114.22
Net Earnings	$30,190,765.86	$31,933,214.49
Deduct Interest	7,095,377.34	5,077,321.33
Balance	$23,095,388.52	$26,855,893.16
Dividends Paid	17,036,275.64	20,776,822.12
Balance	$6,059,112.88	$6,079,071.04
Carried to Reserves	3,000,000.00	3,000,000.00
Carried to Surplus	3,059,112.88	3,079,071.04
	$6,059,112.88	$6,079,071.04

Examine carefully the following investment list. The current rates of dividend for stocks can be ascertained from your reports. (a) Arrange the securities by letters (not repeating the titles), in the order of their merit, bearing in mind both security and return. (b) If the list were to be taken over by a trust, the beneficiary of which was a widow of middle age, what securities, if any, should be sold? . . . Briefly indicate the basis for your judgment. Suggest other securities which it would be desirable to purchase in place of those sold.

The principal is about evenly divided among the following:—

1. Union Pacific stock at 166.
2. Chicago & Alton 1950 Prior lien 3½’s at 67.
3. N. Y. Westchester & Boston 1st M. 1946 4½’s at 98. (N. Y. New Haven & Hartford guarantor.)
4. Brooklyn Rapid Transit stock at 74.
5. Westinghouse Electric & Manuf. Co. stock at 73%.
6. U. S. Steel Preferred stock at 111.
7. New York Central Lines Equipment 1925 4½’s at 102.
8. Detroit Edison Convertible 6’s 1920 at 115.
9. Southern Pacific stock at 110.
10. Erie Ry. (N. Y. & Erie 1st M. 4’s 1947) at 100.

Image Source: The Harvard Business School Yearbook 1924-25, p. 14.

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Agricultural Economics Exam Questions Harvard

Harvard. Agricultural economics. Description, enrollment, final exam. Carver, 1911-1912

Post author By Irwin Collier
Post date 2026-08-04

In 1911 Harvard economics professor Thomas Nixon Carver published a textbook Principles of Rural Economics that undoubtedly encompassed the content of his course on agricutural economics first taught in 1903-04. Somewhat unusually his book is prefaced with an eight page bibliography.

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Carver’s Earlier Courses
on Agricultural Economics

Links to earlier course material for agricultural economics at Harvard, 1903-04 through 1908-09.

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Course Description
1911-12

[Economics] 23 ²hf. Economics of Agriculture, with special reference to American conditions. Half-course (second half-year). Tu., Th., at 2.30. Professor Carver.

A study of the relation of agriculture to the whole industrial system, the relative importance of rural and urban economics, the conditions of rural life in different parts of the United States, the forms of land tenure and methods of rent payment, the comparative merits of large and small holdings, the status and wages of farm labor, the influence of farm machinery, farmers’ organizations, the marketing and distribution of farm products, agricultural credit, the policy of the government toward agriculture, and the probable future of American agriculture.

This course is open to students who have passed in Economics 1, and, with the consent of the instructor, to Juniors and Seniors of good standing who are taking Economics 1 at the same time.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 65.

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Course Enrollment
1911-12

Economics 23 ²hf. Professor Carver. — Economics of Agriculture. With special reference to American conditions.

Total 95: 4 Graduates, 36 Seniors, 44 Juniors, 9 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 64.

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ECONOMICS 23
Year-end Final Exam
1911-12

Why is agriculture growing less rapidly than other industries in the United States?
What new agricultural products did the American continent contribute to the commerce of the world?
For what is American agriculture indebted to the following countries: England, Holland, France?
What determines the migrations of rural and of urban people?
Why does an excessive economy of land sometimes result in a waste of labor?
How, in general, do the problems of the producer of staple crops differ from those of the producer of agricultural specialities?
What are the functions of the middleman, and what are the advantages of co-operation?
What are some of the social results of absentee landlordism?
Outline the chief stages in the development of the public land policy of the United States.
What is meant by non-competing crops?
Is tenancy increasing or decreasing in the United States? Why?
Does the landowner as such perform any useful functions? Give your reasons.

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Earlier material

ca. 1904 Problem set
1903-04 Final exam
1905-06 Final exam
1908-09 Description, enrollment, final exam
1910-11 Description, enrollment, final exam

Image Source: Ruddy Harvest Oil, the farmer’s friend (ca. 1870-1900). 19th Century American Trade Cards collection of the Boston Public Library.

Tags Carver

Exam Questions France Germany Harvard History of Economics

Harvard. German and French Economics. Description, enrollment, final exam. Gay, 1911-1912

Post author By Irwin Collier
Post date 2026-08-03

An interesting difference between the final exams for this course is that all the earlier exams included a translate-from-German question or two. This time around the presumed “moderate reading knowledge” was not put to the test.

This picture of the young Gustav Schmoller with his hairless chin reveals what would appear to have been an incel long before it was fashionable.

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Gay’s Earlier Courses
on French and German Economists

Links to earlier course material for 19th century French and German Economists at Harvard, 1902-03 through 1908-09.

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Course Description
1911-12

[Economics] 22. German and French Economists of the Nineteenth Century. Two consecutive evening hours per week, to be arranged with the instructor. Professor Gay.

In this course selections from the works of a number of the more important German and French economists will be read and informally discussed. The influence of the English classical school will be traced, together with the criticism directed against this school by the socialists and the historical economists. Attention will also be given to the question of methods in economic investigation.

A moderate reading knowledge of German and French will of course be necessary.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 60.

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Course Enrollment
1911-12

Economics 22. Professor Gay. — French and German Economists of the Nineteenth Century

Total 5: 5 Graduates.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 64.

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ECONOMICS 22

Discuss the value theories of Hermann, Cournot, Marx, and von Wieser.
Trace the development of the theory of business profits.
The views of Bastiat, List, Schmoller and Wagner on a protective tariff policy.
Compare the English classical school and the German historical school as to motives, methods, and results.
Assuming that you are writing a text-book on economics, how would you outline the chapters on capital and interest?

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Previously offered

1902-03. Exam for 19th century German Economic Thought

1904-05. No exam found for 19th century French and German Economics.

1906-07. Exam for 19th century French and German Economics

1908-09. Enrollment, description, final exam for 19th century French and German Economists.

Image Source: Martin-Luther-Universität Halle-Wittenberg. Webpage “Gustav (von) Schmoller” of the Universitätsarchiv.

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Exam Questions Harvard Socialism

Harvard. Socialism and Social Movement in Europe. Description, Enrollment, Final Exam. Rappard, 1911-1912

Post author By Irwin Collier
Post date 2026-08-02

Biographical information for this socialism course’s instructor, William Emmanuel Rappard, and the final exam for his course on the labor movement in Europe (1912-13) have been posted earlier. Worth noting is that Karl Marx is explicitly mentioned in over half of the questions on the final examination. So Marxian socialism moves from one of many to leader of the pack.

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Course Description
1911-12

[Economics] 29 ¹hf. Socialism and the Social Movement in Europe. Half-course (first half-year). Mon., Wed., Fri., at 10. Dr. [William Emmanuel] Rappard.

A careful examination is made of the theories of the chief social reformers and of the leading socialists, both “Utopian” and “scientific.” There follows a study of those revolutionary outbursts of the nineteenth century which were primarily economic in their origin and social in their aims. The course concludes with a summary of the positive political and institutional achievements of the social movement of the nineteenth century.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911). p. 59.

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Course Enrollment
1911-12

Economics 29 ¹hf. Dr. [William Emmanuel] Rappard.— Socialism and the Social Movement in Europe.

Total 41: 3 Graduates, 15 Seniors, 20 Juniors, 3 Sophomores.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 63.

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ECONOMICS 29
Mid-year Final Exam
1911-12

State briefly the socialist elements contained in the doctrines of any two pre-revolutionary French authors.
State briefly the historical and logical relations existing between the Industrial Revolution and modern socialism.
Give a very brief outline of the lives and works of any three of the following men: Godwin, Owen, Sismondi, Saint Simon, Fourier, Cabet, Louis Blanc, Weitling, Proudhon.
Can Chartism be called a socialist movement? Why or why not?
Compare Thompson’s and Marx’s theories of value with special reference to non-improved land.
Discuss briefly the theory of wages involved in the Communist Manifesto.
State and discuss briefly the “apparent contradiction” between the first and the third volume of Marx’s Capital.
Fill out the blanks in the following table, according to the Marxian phraseology and theory.

Constant capital	Variable capital	Rate of surplus value	Capital consumed	Individual rate of profit	Value of commodities produced	Cost price of commodities produced	Average rate of profit	Price of commodities	Deviation of price from value
80	20	75%	20	_______	_______	_______	_______	_______	_______
70	30	75%	10	_______	_______	_______	_______	_______	_______

Discuss the nature of Marx’s originality.
What have the socialists of the present day, as you know them, retained of the Marxian teachings?

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Exam Questions Harvard Law and Economics

Harvard. Law of Competition and Combination. Description, enrollment, final exam. Wyman, 1911-1912

Post author By Irwin Collier
Post date 2026-07-30

Law professor Bruce Wyman offered a regular course covering aspects of business law that together with William M. Cole’s Principles of Accounting helped to serve the demand of many students for some vocational training to help prepare themselves for life after Harvard.

Bruce Wyman resigned his professorship of law in December 1913 when it came out that he was drawing $833 per month from the New Haven and the Boston & Maine (railroads)…

“…for delivering lectures favorable to the roads without the fact being known that he was a paid employe. He admitted that, while employed as their consulting counsel he helped Gov. Foss to frame the Public Utilities bill, which was designed to give the State better control of the railroad situation.”

Source: New York Times, December 21, 1913, p. 30.

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Business Law for Economics Students
pre-1911/12

Links to earlier course material for Wymans’s course offering for the Harvard economics department 1900-01 through 1910-11.

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Course Description
1911-12

*21¹hf. The Law of Competition and Combination. Half-course (first half-year). Mon., Wed., Fri., at 12. Professor Wyman, assisted by Mr. —— . (V)

Course 21 is not open to students before their last year of undergraduate work, and is only open to those who have passed in Economics 1.

The course considers certain rules of the law governing the course of modern trade and the organization of modern industry. As the course deals with adjudication and legislation on questions of first importance in the economic development of modern times, it is of advantage to all those who wish to equip themselves for the intelligent discussion of issues having both legal and economic aspects. In 1911-12 four principal topics will be discussed: competition; combination; association; consolidation, — some very briefly, some with more detail. The conduct of the course will be by the reading and discussion of cases from the law reports, which are contained in an edited series of case books.

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 67.

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Course Enrollment
1911-12

Economics 21 ¹hf. Professor Wyman, assisted by Messrs. Hughes and [R. M.] Johnson. — The Law of Competition and Combination.

Total 156: 3 Graduates, 107 Seniors, 44 Juniors, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1911-1912, p. 64.

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ECONOMICS 21¹
Mid-year Examination, 1911-12

Give your reasons fully but briefly.

The X oil company, selling oil at wholesale to grocers in a certain state, finds that the Y oil company is getting away part of its customers. The X company thereupon sends out retail wagons, selling oil at a 33⅓% discount, letting the grocers know that this retailing at this price will be continued so long as the grocers buy from the Y company. The grocers soon withdraw their patronage from the Y company, which thereupon sues the X company. What result?
The union employes in a certain mill vote a strike, ostensibly for higher wages, but in reality to get the non-union men thrown out of employment by the closing of the mills. As soon as the mills shut down, they offer to pay the expenses of the non-union men to other towns where they can get work. The employers take the union men back as a body at higher wages. Afterwards learning of the facts, they sue the officers of the unions for damages. What result?
There is a water company in a certain city which refuses to sell its works to the city at the price offered. Thereupon the city installs a sewerage system and a water works of its own, charging $10 a year for sewerage service to all persons except those who take water from the city works, such takers not being charged anything for sewerage service. Has the water company any legal complaint?
A wall paper jobber having on hand a lot of wall paper which he has bought from the Wall Paper Trust under the agreement that he will not sell it below certain prices, a rival of the wall paper trust offers him better prices for its own goods if he will throw the trust paper on the market below the price restriction and thereby make other jobbers throughout the country uneasy. Can the Wall Paper Trust sue its rival for damages?
All the shop-keepers but one in a certain village sign an agreement that they will no longer give trading stamps to their customers and that they will not sell any goods to any person who buys of the shop-keeper who has refused to sign. One of the signers announces the next day that he is going to give trading stamps again. Can he be enjoined?
An association of dealers in plumbers supplies makes a list of those who owe any member, which is regularly circulated among the members. A certain plumber, who has not paid one of his bills because of a dispute as to its accuracy, finds that he cannot get any more supplies on credit. What remedy has he?
A corporation in which X owns all the stock is owed $5000 by A, due January 1, 1912. X owes A $5000 due on the same day. X wants to know whether if A sues him he (X) can set off what he (A) owes the corporation.
A corporation organized to make padlocks buys on credit, at a certain price, some brass which, unknown to the seller, it intends to make into candle sticks. What can the seller sue it for?
A corporation, 51% of the stock in which is held by the Sugar Trust, sells sugar on credit to jobbers with the proviso that no sugar shall be sold by them to retailers who handle a rival brand. What can the trust sue the jobbers for?
A corporation having control of 60% of the match business contracts with the owners of 51% of the shares of a rival match company for the purchase of its property at a certain number of its shares or a fair cash option to the dissenting holders. Can it get specific performance of this contract?

________________________

Earlier Law Courses taught at the Harvard Economics Department

1901-02. Autobiographical note, enrollment, course description, syllabus, exams.

1902-03. Obituary, enrollment, course description, exams.

1903-04. Enrollment and exams.

1904-05. Enrollment, course description, exams.

1905-06. Enrollment, paper assignments, exams.

1906-07. Enrollment, paper topics, exams.

1908-09. Enrollment and exams.

1909-10. Enrollment and exam.

1910. About Wyman’s reputation as a soft-grader (a “snapper problem”) and the scandal that led to the resignation of his Harvard law professorship in 1913.

1910-11. Description, enrollment and exam.

Image Source: Professor of Law Bruce Wyman. The Harvard Classbook 1913.

Tags JohnsonRM, Wyman

Banking, Foreign Exchange and Crises pre-1912/13

Meet the Teaching Assistants

John Christopher Ise (Ph.D., 1914)

Frederic Ernest Richter (A.M., 1916)

Frederick Ernest Richter (1917)

Frederick Ernest Richter (1920)

Frederick Ernest Richter (1928)

Frederick Ernest Richter (d. 7 Feb 1974)

ECONOMICS 3 Course Description 1912-13

ECONOMICS 3 Course Enrollment 1912-13

ECONOMICS 3 Mid-year Examination 1912-13

ECONOMICS 3 Year-end Examination 1912-13

Exams from earlier years

Earlier Harvard courses on European economic history

Meet the Teaching Assistant Melvin Thomas Copeland

Biography

ECONOMICS 2a1 Course Description 1912-13

ECONOMICS 2a1 Course Enrollment 1912-13

ECONOMICS 2a1 Mid-year Final Examination 1912-13

Links to earlier course material for European Economic History. Harvard 1883-84 through 1911-12

Earlier Harvard courses on U.S. economic history

ECONOMICS 2b Course Description 1912-13

ECONOMICS 2b Course Enrollment 1912-13

ECONOMICS 2b Year-end Final Examination 1912-13

Economic History Materials Posted Earlier

Economic History of the United States

Exams for principles (a.k.a. outlines) of economics at Harvard 1870/71-1911/12

Meet the Teaching Assistants Econ. 1. Principles of Economics 1912-13

Heilman, Ralph Emerson. Ph.D. Harvard 1913.

Jones, Eliot. Ph.D. Harvard 1913.

Burbank, Harold Hitchings. Ph.D. Harvard 1915.

Crosgrave, Lloyd Morgan. A.B. (Indiana) 1909, A.M. (Harvard University) 1911.

ECONOMICS 1 Course Description 1912-13

ECONOMICS 1 Course Enrollment 1912-13

ECONOMICS 1 Mid-year Final Examination 1912-13

ECONOMICS 1 Year-end Final Examination 1912-13

Social Ethics Instructors 1911-12

Social Ethics 1-7 1911-12

Application of Ethical Theory to Present Social Problems

Course Description 1911-12

Course Enrollment 1911-12

SOCIAL ETHICS 1 Year-end Final Examination 1911-12

Public Aid, Charity, and Neighborhood Work: Practical Problems

Course Description 1911-12

Course Enrollment 1911-12

SOCIAL ETHICS 2

Criminology and Penology

Course Description Not taught in 1911-12

Selected Topics in Social Ethics

Course Description 1911-12

Course Enrollment 1911-12

SOCIAL ETHICS 4

Moral Responsibilities of the Modern State

Course Description Not taught in 1911-12

Social Amelioration in Europe

Course Description 1911-12

Course Enrollment 1911-12

SOCIAL ETHICS 6

Rural Social Development

Course Description 1911-12

Course Enrollment 1911-12

SOCIAL ETHICS 7

Social Ethics à la Peabody 1888/89—1910/11

From Dewing’s Entry in the 1922 Report of the Harvard Class of 1902

ARTHUR STONE DEWING

Obituary Arthur Stone Dewing (b. 16 Apr 1880 in Boston; d. 29 Jan 1971 in Cambridge)

Course Description 1911-12

Course Enrollment 1911-12

ECONOMICS 30 CORPORATION FINANCE Mid-year Final Exam 1911-12

Carver’s Earlier Courses on Agricultural Economics

Course Description 1911-12

Course Enrollment 1911-12

ECONOMICS 23 Year-end Final Exam 1911-12

Earlier material

Gay’s Earlier Courses on French and German Economists

Course Description 1911-12

Course Enrollment 1911-12

ECONOMICS 22

Previously offered

Course Description 1911-12

ECONOMICS 3
Course Description
1912-13

ECONOMICS 3
Course Enrollment
1912-13

ECONOMICS 3
Mid-year Examination
1912-13

ECONOMICS 3
Year-end Examination
1912-13

Earlier Harvard courses
on European economic history

Meet the Teaching Assistant
Melvin Thomas Copeland

ECONOMICS 2a¹Course Description
1912-13

ECONOMICS 2a¹Course Enrollment
1912-13

ECONOMICS 2a¹
Mid-year Final Examination
1912-13

Links to earlier course material for
European Economic History.
Harvard 1883-84 through 1911-12

Earlier Harvard courses
on U.S. economic history

ECONOMICS 2^b
Course Description
1912-13

ECONOMICS 2^b
Course Enrollment
1912-13

ECONOMICS 2^b
Year-end Final Examination
1912-13

Economic History Materials
Posted Earlier

Exams for principles (a.k.a. outlines)
of economics at Harvard
1870/71-1911/12

Meet the Teaching Assistants
Econ. 1. Principles of Economics
1912-13

ECONOMICS 1
Course Description
1912-13

ECONOMICS 1
Course Enrollment
1912-13

ECONOMICS 1
Mid-year Final Examination
1912-13

ECONOMICS 1
Year-end Final Examination
1912-13

Social Ethics Instructors
1911-12

Social Ethics 1-7
1911-12

Application of Ethical Theory
to Present Social Problems

Course Description
1911-12

Course Enrollment
1911-12

SOCIAL ETHICS 1
Year-end Final Examination
1911-12

Public Aid, Charity, and Neighborhood Work:
Practical Problems

Course Description
1911-12

Course Enrollment
1911-12

Course Description
Not taught in 1911-12

Course Description
1911-12

Course Enrollment
1911-12

Moral Responsibilities
of the Modern State

Course Description
Not taught in 1911-12

Course Description
1911-12

Course Enrollment
1911-12

Course Description
1911-12

Course Enrollment
1911-12

Social Ethics à la Peabody
1888/89—1910/11

Obituary
Arthur Stone Dewing
(b. 16 Apr 1880 in Boston;
d. 29 Jan 1971 in Cambridge)

Course Description
1911-12

Course Enrollment
1911-12

ECONOMICS 30
CORPORATION FINANCE
Mid-year Final Exam
1911-12

Carver’s Earlier Courses
on Agricultural Economics

Course Description
1911-12

Course Enrollment
1911-12

ECONOMICS 23
Year-end Final Exam
1911-12

Gay’s Earlier Courses
on French and German Economists

Course Description
1911-12

Course Enrollment
1911-12

Course Description
1911-12

Course Enrollment
1911-12

ECONOMICS 29
Mid-year Final Exam
1911-12

Business Law for Economics Students
pre-1911/12

Course Description
1911-12

Course Enrollment
1911-12

ECONOMICS 21¹
Mid-year Examination, 1911-12