New Series—No. 5. 
 
 The University Bulletins 
 
 SUPPLEMENT 
 
 TO THE 
 
 University of Pennsylvania 
 
 CATALOGUE 
 
 ©ctilftjgs 
 
 Courses in Finance and Economy 
 
 Circular 
 
 c 
 
 Founded 1740 
 
 PHILADELPHIA 
 PUBLISHED BY THE UNIVERSITY 
 FEBRUARY. 1901 
 Bi-Monthly 
 
 Entered at the Philadelphia, Pa., Post-Office as Second Class Matter. 
 
GENERAL INFORMATION 
 
 LOCATION 
 
 The buildings of the University of Pennsylvania, twenty-nine in number, 
 are situated in Philadelphia, on property covering an area of over fifty-five 
 acres. 
 
 DEPARTMENTS 
 
 The University comprehends the following departments : 
 
 *The College, including 
 
 (In the School of Arts), Courses in Arts and Science : Finance 
 and Economy : Commerce and Industry : Biology : Music. 
 
 (In the Towne Scientific School), Courses in Architecture : 
 Science and Technology : Mechanical and Electrical Engineering : 
 Civil Engineering : Chemistry : Chemical Engineering. 
 
 (The Courses for Teachers.) 
 
 *Department of Philosophy (Graduate School). 
 
 ^Department of Law. 
 
 ^Department of Medicine. 
 
 University Hospital. 
 
 Wistar Institute of Anatomy and Biology. 
 
 Laboratory of Hygiene. 
 
 *Department of Dentistry. 
 
 *Department of Veterinary Medicine. 
 
 Veterinary Hospital. 
 
 University Library. 
 
 Department of Archaeology and Paleontology. 
 
 Flower Astronomical Observatory. 
 
 Department of Physical Education. 
 
 APPLICATIONS FOR CATALOGUES, Etc. 
 
 Applications for copies of the annual University Catalogue (published in 
 December) should be addressed to the Assistant Secretary, University of 
 Pennsylvania, Philadelphia, Pa. The Catalogue is sold at twenty-five cents a 
 copy [paper cover), or at thirty five cents if sent by mail. 
 
 Special Circulars of Information, relating either to the separate Depart¬ 
 ments of the University, or to the various courses (liberal and scientific) 
 offered in the College proper, will be mailed free to anyone upon receipt of 
 name and address. 
 
 * Department of Instruction, with a Dean and Faculty. 
 
The Courses in Finance and Economy • 
 
 (THE WHARTON SCHOOL) 
 
 OFFICERS 
 
 Charles C. Harrison, LL. D., Provost. 
 
 Edgar F. Smith, Ph. D., Sc. D., Vice-Provost. 
 
 Josiah H. Penniman, Ph. D., Dean of the College. 
 
 Rev. George S. Fullerton, Ph. D., Philosophy. 
 
 Simon N. Patten, Ph. D., Political Economy. 
 
 Joseph French Johnson, A. B Journalism. 
 
 John Bach McMaster, A. M., Litt. D., American History. 
 Edward P. Cheyney, A. M., European History. 
 
 Emory R. Johnson, Ph. D., Transportation. 
 
 Samuel M. Lindsay, Ph. D., Sociology. 
 
 Leo S. Rowe, Ph. D., Political Science. 
 
 Henry R. Seager, Ph. D., Political Economy. 
 
 James T. Young, Ph. D., Administration. 
 
 Albert S. Bolles, LL. D., Banking. 
 
 William E. Lingelbach, A. B., European History. 
 
 William H. Allen, Ph. D., Public Law. 
 
 Frederick A. Cleveland, Ph. D., Practical Finance. 
 Edward S. Meade, Ph. D., Industry and Banking. 
 
 Thomas R. White, B. L., LL. B., Business Law. 
 
 William E. Mikell, Common Law. 
 
 Edgar S. Shumway, A. M., Ph. D., Roman Law. 
 
 The Wharton School of Finance and Economy was founded in 1881 by Origin of 
 Joseph Wharton, Esq., of Philadelphia, as one of the departments in the ^on School 
 College of the University of Pennsylvania. The founder of the School 
 expressed the desire that it should offer facilities for obtaining : 
 
 (1) “An adequate education in the principles underlying successful civil 
 government.”' 
 
 (2) “A training suitable for those who intend to engage in business and 
 to undertake the management of property. ’ ’ 
 
 Begun as a two-year course for Juniors and Seniors, the curriculum has been 
 expanded until it now embraces the following courses : 
 
 ( 3 ) 
 
4 
 
 COURSES IN FINANCE AND ECONOMY. 
 
 Courses in 
 
 Finance 
 
 and 
 
 Economy 
 
 Tiie Pur¬ 
 pose of the 
 Course 
 
 The Scope 
 of the 
 Course 
 
 Economics 
 
 (a) The four-year course in Finance and Economy leading to the degree 
 of Bachelor of Science in Economics,* described elsewhere in this circular. 
 
 ( 3 ) The four-year course in Commerce and Industry, described in Cir¬ 
 cular P. 
 
 (c) The two-year course in Social Work, described in Circular M. 
 
 (d) The two-year course in Business Practice and Banking, described in 
 Circular O. 
 
 Students who find it impracticable to take a regular course may be admitted 
 to a partial course, upon presenting satisfactory evidence of fitness for the 
 studies they wish to pursue. 
 
 The basis of the four-year course in Finance and Economy is the study of 
 the social sciences. About these are grouped modern languages, philosophy, 
 commerce, banking, journalism and kindred topics. It is believed that the 
 growth of the political and social sciences in recent years furnishes a fund of 
 knowledge suitable for collegiate instruction. The purpose of the course is to 
 present this knowledge in such a way as to afford students the intellectual 
 discipline of a college education, while at the same time to make of them 
 broad-minded and practical men of affairs, equipped with an understanding 
 of the complex problems of modern life, and imbued with the spirit of good 
 citizenship. Its studies and methods are designed to be of assistance to those 
 who intend to enter the higher walks of business, whether manufacturing, 
 mercantile trade, commerce, transportation or banking, and also to those who 
 look forward to careers in journalism, in law, in the civil or consular service, 
 or to work in connection with organized charities. 
 
 A brief survey of the field covered by the course will serve to make its 
 nature clearer. Man’s welfare depends in high degree upon the natural 
 advantages of different portions of the earth’s surface. Courses in physical 
 and commercial geography, in industrial history and in the development of 
 civilization, extending through the whole four years of study, tend to empha¬ 
 size the extent of this dependence. Man has at no time been the passive slave 
 of his surroundings. His activities in shaping natural conditions to suit his 
 purposes receive attention in the courses in political economy, commerce and 
 transportation, which also extend over the whole four years of instruction. In 
 addition to the conditions of individual and national welfare, the relation 
 between man and goods, the circumstances determining value and price, the 
 vexed questions of the distribution of wealth between labor and capital, the 
 standard of value and the medium of exchange, the causes of panics and 
 depressions, etc., receive attention in these courses. 
 
 * This course is so arranged as to include four years’ work in Journalism for those who 
 elect this subject. 
 
COURSES IN FINANCE AND ECONOMY. 
 
 5 
 
 In his efforts to master nature, man early entered into political and social Politics 
 union with his fellows, and the resulting types of organization furnish the Sociology 
 material for the political, legal and sociological courses included in the 
 curriculum. American and European constitutions are studied in the Fresh¬ 
 man year. In subsequent years, such topics as legislative procedure, business 
 law, modern legislative problems, practical politics, public administration and 
 colonial government receive special attention. The study of sociology is 
 begun in the Junior year, and includes, in addition to the principles of soci- 
 ology, an account of the origin and development of different types of society, 
 an analysis of race traits and a survey of race distribution, a description and 
 criticism of modem charitable and penal institutions, and a review of social 
 reforms and reformers in the nineteenth century. 
 
 An important element in the course, also extending over the whole four History 
 years of study, is the work in history. Especial attention is given to the 
 history of the United States and of England. Those epochs in general Euro 
 pean history which have had the greatest influence in shaping the course of 
 civilization are dealt with, and an effort is made to engender in the minds of 
 students the historical spirit so important to the wise solution of the social 
 questions of our own day. 
 
 The study of practical finance, including accounting, business practice, Practical 
 credit and money, banking and corporation finance is also begun in the Fresh- ^ inance 
 man year. The effort in the treatment of these topics is to familiarize the 
 student, not merely with the theoretical principles necessary to their compre¬ 
 hension, but also with the actual operations of business life. While it is 
 recognized that no amount of text-book or lecture instruction can take the 
 place of experience in the office, exchange or bank, it is yet believed that 
 typical business operations may be made intelligible to college classes, and that 
 a student’s mastery of the concrete details of the business in which he may 
 happen to engage after graduation may be greatly facilitated by this portion 
 of the course. 
 
 The work in philosophy, literature, mathematics, and languages which 
 forms a component part of the curriculum is sufficiently indicated in the out¬ 
 line of courses given elsewhere. 
 
 With direct reference to practical careers other than business, instruction is journal- 
 given in journalism, and in the elements of law. The course in journalism * sm 
 begins in the Freshman year with newspaper practice, including exercises in 
 reporting, in condensation, in the editing of copy and in proof-reading. The 
 same work is continued in the Sophomore year, when it is supplemented by 
 lectures and reports prepared by the students themselves on current topics. 
 
 In the Junior and Senior years more advanced work along the same lines is 
 required, including editorial writing and the application of the knowledge 
 
6 
 
 COURSES IN FINANCE AND ECONOMY. 
 
 Law 
 
 Methods of 
 Instruc¬ 
 tion 
 
 InitionFee 
 
 acquired to practical work for the college and city papers. In addition, 
 courses of lectures are given on the art and history of newspaper making and 
 newspaper law. 
 
 The course in elementary law covers four hours a week in the Junior and 
 Senior years. In the former, common law and elementary Roman law are 
 studied by the aid of text-books and lectures. This leads in the Senior year 
 to courses on the history of legal institutions and on the interpretation of the 
 United States Constitution by the Federal Courts. Though designed pri¬ 
 marily to prepare men to take a regular course in law, it is believed that 
 these studies will be valuable to all classes of students. 
 
 The plan of instruction embraces recitations, lectures and the preparation 
 of papers. An earnest effort is made to train the students to think independ¬ 
 ently, and to exclude all dogmatism in political and economic teaching. 
 
 Original research by the students, under the direction of the instructors, is 
 a part of the work of the school, and is encouraged by the offer of the Willis 
 Terry prize of $120 to the member of the Senior class preparing the best 
 essay on a given topic each year.* The results of some of these investiga¬ 
 tions have been published as follows : 
 
 “The Recent Development of American Industries,” by the Class of ’91, 
 pp. in. 
 
 “ The City Government of Philadelphia,” by the Class of ’93, pp. 278. 
 
 “ Railway Co-operation,” by Charles S. Langstroth and Wilson Stilz of the 
 Class of ’98, pp. 220. 
 
 The tuition fee is one hundred and fifty (150.00) dollars per annum. 
 
 FOUR-YEAR COURSE IN. FINANCE AND ECONOMY 
 Freshman Year. 
 
 Hrs. 
 
 English Composition ....... 2 
 
 English Language.1 
 
 German or French.3 
 
 Mathematics or.2 
 
 Practical Economic Problems . 2 
 
 Hrs. 
 
 American History , ..2 
 
 Accounting.3 
 
 Physical and Economic Geography, 2 
 
 Constitutional Law.2 
 
 Journalism f.1 
 
 Sophomore Year. 
 
 Hrs. 
 
 English Literature.2 
 
 German or French. 3 
 
 European History ....... 3 
 
 Practical Finance and Foreign Ex¬ 
 change .2 
 
 Business Law.1 
 
 Hrs. 
 
 Theory and Geography of Com¬ 
 
 merce . .2 
 
 Political Economy.2 
 
 Legislative Procedure .... 1 
 
 Journalism J.2 
 
 Public Speaking (optional) . . . 1 
 
 *This prize was established through the generosity of Henry C. Terry, Esq., of Philadel¬ 
 phia, in memory of his son, Willis, a member of the Class of 1896. 
 
 f For students in Journalism who omit Accounting in the second term. 
 
 I For students in Journalism who omit Theory and Geography of Commerce. 
 
COURSES IN FINANCE AND ECONOMY. 
 
 7 
 
 Junior 
 
 Hrs. 
 
 Logic and Ethics.2 
 
 English Literature ..2 
 
 Economics. 2 
 
 Sociology. 2 
 
 Modem Legislative Problems . . 2 
 
 American History.2 
 
 Modern European History . 2 
 
 English Industrial Development . 2 
 
 Money and Credit.2 
 
 Senior 
 
 Hrs. 
 
 Public Finance ..... . . 2 
 
 Public Administration.2 
 
 English Civilization.2 
 
 Social Reformers.2 
 
 European History.2 
 
 American History.2 
 
 Transportation.2 
 
 Colonial Government . . 2 
 
 Panics and Depressions.1 
 
 Corporation Finance.1 
 
 Year.* 
 
 Hrs. 
 
 Elementary Common Law ... 2 
 Roman Law ........ 2 
 
 Industrial Development of the 
 United States . . ... 2 
 
 i Journalism . . 2 
 
 Charities and Correction . . . . 1 
 
 Race Traits and Distribution . . 1 
 
 Practical Politics.2 
 
 Year.* 
 
 Hrs. 
 
 American Commerce and Com¬ 
 mercial Relations.2 
 
 Principles of Government . .2 
 
 Municipal Government.1 
 
 International Law . . . ... 1 
 
 English Legal Institutions ... 2 
 Court Decisions on the Federal 
 
 Constitution.2 
 
 Journalism.2 
 
 * All of the courses in the Junior and Senior years are elective. In each of these years 
 the student is required to take a total of sixteen hours. 
 
Representative Courses as Described in the 
 University Catalogue 
 
 Professor Patten : 
 
 6. Advanced Political Economy. —This course is designed primarily as 
 an introduction to social philosophy. Mill’s Political Econo?ny is used 
 as a text-book. Each of the leading doctrines is traced through the 
 various phases of its development until it assumes its final form in the 
 writings of Mill. Juniors in Finance and Economy. Two hours. 
 
 7. The Development of English Civilization. —A study of the social 
 progress of England during the last three centuries. The facts in regard’ 
 to each great industrial epoch are presented, and their influence on national 
 life, thought and activity, considered. Special attention is given to those 
 phases of English development which throw light upon the trend of 
 American civilization. Elective for Seniors in Finance and Economy. 
 Two hours. 
 
 Professor J. F. Johnson : 
 
 8. Money and Credit. —Lectures on the methods and principles of bank¬ 
 ing ; the national bank note system compared with the issues of Canadian, 
 French, German and English banks; the world’s credit machinery; the 
 causes of gold movements; panics ; the influence of speculation upon 
 prices, etc. Dunbar’s History and Theory of Banking ; Bagehot’s Lom¬ 
 bard Street; Report of the Monetary Commission. Elective for Juniors 
 in Finance and Economy. Two hours. 
 
 5. Practical Finance. —The organization and financiering of corporations 
 and trusts. Stock and produce exchanges. Investment and speculation 
 in stocks and bonds. Jenks’ Trust Problem and Financial Review pub¬ 
 lished by Commercial and Financial Chronicle. Sophomores in Finance 
 and Economy. Two hours ( First Term ). 
 
 6. Foreign Exchange and the Money Market. —The phenomena of 
 the money market in their relation to trade, industry and speculation. 
 The principles regulating the flow of gold and currency in domestic and 
 international settlements. The machinery of the domestic and foreign 
 exchanges. Goschen’s Foreign Exchange , Clare’s^? B C of Foreign Ex¬ 
 change. Sophomores in Finance and Economy. Two hours ( Second Terml). 
 
 Assistant Professor Rowe : 
 
 9. Modern Legislative Problems. —Relation of the individual to the 
 State, in Europe and the United States. Limitations on legislative 
 
 (8) 
 
COURSES IN FINANCE AND ECONOMY. 
 
 9 
 
 action. Contrast between American and European ideas concerning the 
 functions and powers of government. The development of individual 
 liberty in modern times, as illustrated in our political system by the 
 rights of citizenship, State and federal. Juniors in Finance and Econ¬ 
 omy. Two hours. 
 
 Assistant Professor E. R. Johnson : 
 
 15. Transportation. —A study of railway transportation, inland navigation 
 and ocean shipping, with special reference to the United States. Lec¬ 
 tures, essays and readings. Elective for Seniors in Finance and Econ- 
 
 ' omy. Two hours. 
 
 Assistant Professor Lindsay : 
 
 20. Sociology. —I. Study of ancient and modern social ideals, and of the 
 projected types of an ideal society. Social elements and history of 
 sociological theories; modern theories concerning social organization. 
 Plato’s Republic , Aristotle’s Politics and Ideal Commonwealths constitute 
 part of the required reading of the course. II. Study and analysis of 
 historical and existing societies. Special reference to the general stages 
 of social evolution, to the factors in social psychology, to the requisites of 
 social survival, social efficiency and social control. Lectures follow 
 Manual and Outlines. Assigned readings in Giddings’ Principles of 
 Sociology and Theory of Socialization ; Patten’s Theory of Social Forces ; 
 Ross’ Social Control ; Ward’s Dynamic Sociology ; Spencer’s Principles 
 of Sociology ; and others. Juniors in Finance and Economy. Two 
 hours. 
 
 Assistant Professor Seager : 
 
 4. Public Finance.—A course on public expenditures and public revenues 
 with special reference to the financial systems of the United States, of 
 Pennsylvania and of Philadelphia. Daniels’ Public Finance. Seniors 
 in Finance and Economy. Two hours. 
 
 Dr. Young : 
 
 1. American Constitutional Law.—A study of the theory and practical 
 workings of the Federal Constitution. Recent changes and present ten¬ 
 dencies. Required readings, lectures and leading cases. Freshmen in 
 Finance and Economy. Two hours ( First Term). 
 
 2. European Constitutional Law. —The Federal Constitutions of Switz¬ 
 erland and Germany. Comparisons of Swiss democracy and German 
 federalism with the American Constitution. Growth of the federal form. 
 Lectures and required readings. Freshmen ^^.Finance and Economy. 
 Two hours ( Second Term). 
 
 / 
 
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