The Rotary Clubs of Boston and Greater Boston held a Harvard Night last evening at the Union. Delegations were present at the dinner from Boston, Cambridge, Melrose, Malden, Wakefield, Everett, Quincy, and Lynn. Mr. Charles H. Hood, president of the Rotary Club of Boston introduced the toastmaster of the evening, Professor Albert Bushnell Hart '80.
President Lowell, President Eliot, Dean Donham, of the Graduate School of Business Administration, the Honorable B. Loring Young '07, Speaker of the House of Representatives of Massachusetts, Mr. J. F. Moors '83, a member of the Board of Overseers and Mr. F. S. Mead '87, Comptroller of the University, addressed the gathering of over 250 on the general subject of "Education in Business".
Mr. Moors in his address stated that the University had $50,000,000 of invested funds, drawing 5.1-2 per cent interest, and if these funds were invested at 4 per cent, as had been suggested, the University, would either go bankrupt or the students would necessarily pay a tuition fee of about $500. Following Mr. Moors, Dean Donham gave as the object of the Business School the turning out of potential executives, men who have already grasped the fundamentals of business and who deserve the confidence of their superiors.
A High Intellectual Profession
President Eliot, the next speaker, received a tremendous ovation. He stated that it was only lately that universities have come to realize that business is a high intellectual profession, and deserves adequate training. Indeed, business men have not recognized it. Business schools are doing today what has never been done before, they are by a two years course giving men the fundamentals of business which enable them almost immediately to assume executive posts of influence. The mass of the people are ignorant of the plain facts of economics, and our law-makers are deficient in such knowledge. "Economics" is a recent development, the first professor in this field appointed at Harvard in 1871 as professor of Political Economy. In the words of President Eliot, "We must wait for the safe conduct of our nation in economics, until a new generation of men trained in sound business principles arises. The country needs men of sound judgement in business, men of broad vision and a sure understanding.
Expects Great Future Development
Mr. B. Loring Young '07 voiced again the sentiment of President Eliot in saying that he believed that the future would show as great a development in the training of professional business men as there has been a development in the teaching of law in the past.
Mr. Mead, speaking in his official capacity as Comptroller was able to present the facts and figures of the accounting system of the University, which is of tremendous importance and growing complexity. The cost of education is twice what the student pays for it. The expense of running the University amounts to $6,045,000 a year, and the University employs 950 members of the teaching staff and 1,400 others.
President Lowell, the final speaker of the evening, digressed from the general topic, "Education in Business" to speak on. "The Business of Education." The industry of Education" is different from other industries, in that standardization has characterized the development of the last decade, while in education there is no uniformity. "Men are not uniform, and education cannot be attempted as though they were. We would only cultivate a low standard of mediocrity. The problem of education is the development of individual talent and resourcefulness." He concluded by saying that a university is one of the most enduring of human institutions, and in it lies the hope of development in the future
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