The exceptional record of the men who have been trained at the Graduate School of Business Administration is but further testimony of the organizing ability and brilliant direction of the man who was responsible for its growth and present high standing. Dean Gay has put the University Business School in the very front rank of institutions of this kind. During the ten years of his leadership its usefulness has greatly increased. Thanks to his efficient work, we have here a place where men may receive practical training to fit them to revive the country from its present condition of industrial and economic chaos. May Dean Gay be as successful in the new field which he is about to enter as he was in the School which will feel his loss so keenly.