 | The University of Virginia record April 1, 1929 |  |
McINTIRE SCHOOL OF COMMERCE
THE FACULTY, 1929-1930
EDWIN ANDERSON ALDERMAN, Ph.B., D.C.L., LL.D.
President of the University
JAMES MORRIS PAGE, M.A., Ph.D., LL.D.
Dean of the University and of the College of Arts and Sciences
JOHN CALVIN METCALF, M.A., Litt.D., LL.D.
Dean of the Department of Graduate Studies
GEORGE OSCAR FERGUSON, Jr., M.A., Ph.D.
Assistant Dean of the College of Arts and Sciences
| TIPTON RAY SNAVELY, M.A., Ph.D. | Professor of Economics |
| ALBERT JULIUS BARLOW, B.A., C.P.A. | Professor of Accounting |
| ABRAHAM BERGLUND, B.A., Ph.D. | Professor of Commerce and Business Administration |
| ELBERT ALVIS KINCAID, M.A., Ph.D. | Professor of Commerce and Business Administration |
| GEORGE TALMAGE STARNES, M.A., Ph.D. | Associate Professor of Economic Geography and Foreign Trade |
| CHARLES NEWTON HULVEY, M.S., LL.B. | Associate Professor of Commercial Law |
| DUNCAN CLARK HYDE, M.A., Ph.D. | Acting Associate Professor of Economics |
INSTRUCTORS
| ALVIN BLACKSOME BISCOE, B.A., M.A. | Instructor in Economics |
| ARCHER STUART CAMPBELL, B.S., M.A. | Instructor in Accounting |
| CLAYTON DOUGLAS CARUS, B.A., M.A. | Instructor in Commerce and Business Administration |
| WILLIS GREEN MUNCY | Instructor in Commerce and Business Administration |
| HORACE ARGYLE TEASS, B.S., M.S. | Instructor in Commerce and Business Administration |
| Alvin Blacksome Biscoe, B.A., M.A. | Economics |
| Andrew Jackson Eastwood, B.A., M.A. | Economics |
| Lucian Hugh Carter, B.A., M.A. | Economics |
| John Jay Corson, 3rd, B.S. | Commerce and Business Administration |
| Freeman Junior Daniels, B.A., M.A. | Commerce and Business Administration |
| Eugene August Dietrich, Jr. | Commerce and Business Administration |
| Humes Jefferson Franklin | Commerce and Business Administration |
| James Montrose Graham, Jr., B.S.E. | Commerce and Business Administration |
| Frederick Lane Hoback, B.A., M.A. | Commerce and Business Administration |
| Lindsay Averett Motley, Jr. | Economics |
| Ewing Gordon Simpson, E.E. | Economics |
| Alfred Lewis Stevens | Commerce and Business Administration |
GENERAL STATEMENT
The University of Virginia was one of the first institutions in the United
States to introduce the subject of Economics into its curriculum. From the opening
of its doors in 1825, courses in this subject have been taught continuously to
the present time. It was not, however, until 1906 that the School of Economics
was established as a separate unit in the College. Prior to this year it had existed,
first, as a part of the School of Moral Philosophy and later was connected with the
School of History.
The demand for additional courses in this field—especially those which would
train more definitely for a business career—was recognized soon after 1910, but
owing to a lack of resources it was not possible to expand the work immediately.
By 1915, however, courses in Business Law and Economic Geography had been
added to the curriculum, and in response to the insistent demand which had arisen
by 1918, new courses were established in the subjects of Accounting, Statistics,
Money and Banking, International Trade, Business Organization and Corporation
Finance. Several other courses were offered a year later.
EDUCATION FOR BUSINESS EXECUTIVE
In 1920 the School of Commerce and Business Administration was organized
as a separate School of the College. In the spring of 1921 a loyal and public-spirited
alumnus, Mr. Paul Goodloe McIntire, gave the University the sum of
$200,000 as a permanent endowment for the School and the title was then changed
to the McIntire School of Commerce.
In announcing Mr. McIntire's gift, President Alderman stated that, "In this
new department he seeks to care in a high way for training in the great field
which develops trade and commerce and material prosperity. The South has
furnished more than its share of soldiers, statesmen, and lawyers. It is his belief
and mine that we must now prepare to train great business men for the important
services of trade and commerce."
As the result of Mr. McIntire's gift the new School was then placed on a
permanent basis and a well-defined course of study, leading to the degree of
Bachelor of Science in Commerce, was established. It was the aim of the Faculty
in working out the requirements for the degree to combine as effectively as possible
both cultural and professional subjects. The purpose is to render available to the
business executive an education which is liberal as well as professional in nature.
SCHOOLS IN THE COLLEGE OF LIBERAL ARTS
During the first and second years the curriculum consists mainly of courses
that are required for the cultural Bachelor of Arts and Bachelor of Science
degrees, while in the third and fourth years it is made up very largely of courses
in Economics and Commerce. The plan differs at certain points from that of
many universities which super-impose a professional business course during the
junior and senior years on a two-year course in the liberal arts college. The
regular session of the University is organized on a three-term basis and all of
the courses in commerce continue for the full session.
Although the James Wilson School of Economics and the McIntire School
of Commerce are organized as separate Schools in the College, there is the
closest co-operation between the members of the Faculty of the two Schools.
There is also correlation between the Schools in the requirements for the degree
of Bachelor of Science in Commerce and accredited courses.
The need for a specialized degree in commerce was clearly shown by the
response which immediately followed the establishment of the McIntire School,
and by the substantial growth which has since continued. During the present
session there are approximately 150 students, who are definitely enrolled in the
School, while several times as many are given instruction in the various classes.
An outstanding achievement in the session of 1924-25 was the admission of
the School to membership in the American Association of Collegiate Schools of
Business. There are 40 colleges and universities represented in the Association.
AIMS AND PURPOSES
The School aims to give thorough training in the fundamental principles underlying
business. While this necessitates a knowledge of facts and methods, it is not
the primary purpose to concentrate on those details of business which are necessarily
mastered after a man enters a given field of business and are more readily
grasped as a result of such training. The definite object is to prepare the student
for those lines of business activity requiring the exercise of intelligence and an
appreciation of economic forces—in other words, to train the student in the kind of
work which will fit him for positions of responsibility.
While the successful executive must usually serve an apprenticeship of several
years, during which he gains an intimate knowledge of the details and technical
requirements of business administration, his course of promotion is more rapid
and better assured if he has first grasped some of the scientific principles which
apply in all business procedure. It is now recognized that a college trained man,
who has made a rigorous study of the controlling factors in the organization of
commerce and business, has a great advantage over the man who must obtain this
knowledge over a long period by a process of trial and error. It is the aim also
to foster the development of the professional point of view and a high standard of
business conduct. In keeping with the ideals of other Schools and Departments
of the University, the student will be given every encouragement to achieve a high
position in business leadership and public service.
ENTRANCE REQUIREMENTS
For admission to any department of the University, the general conditions are
the following:
1. Sufficient Age.—The minimum legal age is sixteen years.
2. Good Character.—This must be attested by a certificate of honorable
dismissal from the school last attended, or by other valid proof.
3. Adequate Preparation.—This must be such as will enable the candidate
to meet the requirements for admission to the several departments of the
University.
For admission to the College of Arts and Sciences, the candidate must
present a certificate or pass an equivalent examination. In either case the amount
of preparation required is measured in terms of units.
A unit represents a year's study in any subject in a secondary school, constituting
approximately a quarter of a full year's work.
This definition of a unit takes the four-year high school course as a basis
and assumes that the length of the school year is from thirty-six to forty weeks,
that a period is from forty to sixty minutes in length, and that the study is pursued
for four or five periods a week; but under ordinary circumstances a satisfactory
year's work in any subject cannot be accomplished in less than one hundred and
twenty hours, or their equivalent.
For the requirements as to the number and selection of the units required for
entrance, see for the College of Arts and Science, the Bulletin of that Department.
ADMISSION BY CERTIFICATE
For admission by certificate from a secondary school the applicant should file
with the Dean of the University, not later than September 1, a certificate of
preparation, made out on the blank form furnished by the University. This certificate
must come from an accredited public high school or from an accredited
private secondary school. For admission from an institution of collegiate rank,
an official transcript of the applicant's record, made out on the form used by the
institution in question, must be submitted. In addition, each applicant, whether
from a secondary school or a college, must submit a formal application for admission,
on a blank form supplied by the University.
The candidate for admission from a public high school must be a full graduate
of an accredited four-year high school.
The candidate for admission from a private secondary school must be a full
graduate of the school, or must present a certificate showing that he has completed
at least the equivalent of four years of satisfactory secondary school work
of standard grade, covering at least fifteen entrance units.
An applicant for admission from a secondary school which requires a special
grade for recommendation to college must have made the grade required by his
school or must have ranked in the upper three-quarters of his class.
In every case an applicant must have the general recommendation of the
principal of his school.
The University accredits all four-year public high schools and all private
secondary schools which are fully accredited by the State Board of Education of
Virginia. Schools outside of Virginia which are fully accredited by their own
state universities or institutions of equal rank, by their own state departments of
education or by recognized regional associations of secondary schools, are also
accredited by the University.
Certificate credit for any entrance unit is invalidated by subsequent failure
in a college entrance examination on the unit in question.
Certificates of preparation from private tutors will in no case be accepted;
students thus prepared must in all cases pass the entrance examinations.
ADMISSION BY EXAMINATION
For admission by examination, the candidate must present himself at the
University in June or in September, according to the dates given in the Program
of Entrance Examinations. The examinations are held under the honor system,
no paper being accepted unless accompanied by the usual pledge, and they are held
only on the dates given in the Program of Entrance Examinations.
A fee of one dollar is charged for each examination taken. This fee is payable
in advance, and is in no case returned.
The entrance examinations of the University are similar, in many respects,
to those of the College Entrance Examination Board. The University does not
furnish copies of its entrance examinations.
Official records of the examinations of the College Entrance Examination
Board or of the University of the State of New York may be submitted in lieu of
taking entrance examinations here.
PUBLIC SERVICE
The rapid growth in the functions and forms of activity of all branches of
government service has made it highly important that those who wish to enter
this field should receive special training. The University is especially desirous
of providing such training and ample facilities are offered in the study of our
federal system of government, and the spheres of authority exercised by the state
and local units. Opportunities are afforded for the study of foreign and diplomatic
service, and a wide range of courses may be selected in the customs, languages
and literature of foreign countries.
Likewise provision is made as fully as possible by which the student may gain
familiarity with the various federal bureaus and agencies at Washington. Free
use is made of governmental documents, attention being given not only to the
contents of these but also to the forms and methods of preparation. The significance
of the statistical data presented in the various reports of such agencies as
the Census Bureau, Bureau of Foreign and Domestic Commerce, Interstate Commerce
Commission, Bureau of Labor Statistics, etc., is also shown. A similar
study is made of the State documents of Virginia and of other States.
FIELD WORK
It is the purpose of the School to supplement the classroom instruction with
field work whenever this is feasible. Students will be assigned problems which
require first-hand investigation in the business houses of Charlottesville. In this
way concrete information may be obtained in such courses as Accounting, Business
Organization, Marketing, Banking, Public Finance, Labor Problems, etc.
LIBRARY EQUIPMENT
The University Libraries on January 1, 1929, contained 158,557 volumes, of
which 93,792 were at the Rotunda or General Library, and the remainder in
various departmental libraries or collections. The Rotunda collection contains the
standard works in history, literature and science, and is particularly rich in materials
for the study of the causes, the conduct, and the results of the world war,
and of general political, social and economic achievements and tendencies. The
It has been the effort of the School of Commerce primarily to secure the
standard publications in all lines of economic and commercial activity. Additions
are constantly being made to the library equipment of such books as have received
recognition from authorities in the various fields of commerce and business. While
the University aims to maintain a fairly complete selection of books in this field,
more care is given to the selection than to the number of publications secured.
The library subscribes to the leading American publications on commerce and
finance and to some of the principal English journals. The periodicals are regularly
used for reference purposes, and students are urged to keep in constant touch
with current business news and problems. The library also contains complete
sets of the more important magazines in the field of economic theory which are
of especial use to those who wish to engage in research.
POSITIONS FOR GRADUATES
The School of Commerce has been quite successful in securing positions for
its graduates. Through the members of its Faculty it has been able to maintain a
connection with business firms, banking institutions, and government bureaus,
which has enabled it to obtain employment for students who have made a good
record in the School. Graduates of the University who have received extensive
training in the School of Economics and School of Commerce have experienced
little difficulty in finding satisfactory positions.
EXPENSES
Students in the School of Commerce are subject only to the regular fees of
the academic departments. The necessary expenses of a Virginia student (all
University fees, board and room, books and laundry) need not exceed $400 for
the session. The actual expenses are usually greater than this, but are largely
within the control of the student himself. One who is willing to practice strict
economy can live at a more reasonable cost at the University of Virginia than at
most institutions of similar rank.
Free tuition in the academic departments, equivalent to a scholarship worth
$175, is given to each student from Virginia. There are also available for deserving
students many scholarships, including over 100 which yield from $250 to $600
a year. Moreover, there are 119 scholarships for prospective Virginia teachers,
numerous endowed fellowships, and several loan funds. Two teaching fellowships
of $500 each are available for graduate students in the James Wilson School of
Economics, and new additional fellowships of even greater value will be available
for 1929-30 and later sessions, some of which will be allocated to graduate students
in Economics and Commerce of requisite experience and promise.
Rooms may be had in one of the University dormitories and meals may be
obtained either in the University cafeteria or in an approved private boarding
house. If preferred both room and board may be obtained in such boarding house.
Good, wholesome food is served at the University cafeteria at costs ranging from
$20 to $30 per month. Many of the students are finding it possible to board at
the lower rate.
STUDENT SELF-HELP
Many opportunities for self-help are offered by the University and by the
city of Charlottesville. At least half of the students at the present time are paying
their own way in whole or in part. Answers to a recent questionnaire submitted
to the students of the University showed that approximately 54 per cent. of the
entire student body are paying a part or all of their expenses, not including the
holders of scholarships or those borrowing money. It was found that more than
seventy different occupations are engaged in by those working their way through
the University.
The Secretary of the Y. M. C. A., assisted by a committee of the faculty, is
always ready to help find part-time positions for those who must work while they
study. Every possible opportunity for obtaining remunerative employment is
afforded to students who are desirous of helping by this means to pay their way
through the University, and it may be safely stated that any student with sufficient
resources to carry him through the first half of the session, can be reasonably sure
of obtaining work which will pay a considerable part of his living expenses and
University charges for the remainder of the academic year. While it is difficult
for any student to be assured of remunerative work before he reaches the University,
information as to such employment may be had from the Secretary of the
Committee on Student Self-Help, Madison Hall.
THE HONOR SYSTEM
For eighteen years after the opening of the institution, written examinations
were conducted under the surveillance of a committee of three professors. This
was not altogether satisfactory, and in June, 1842, Judge Henry St. George
Tucker, Professor of Law, offered the following resolution, which the Faculty
at once adopted:
Resolved, That in all future written examinations for distinction and other
honors of the University, each candidate shall attach to the written answers presented
by him on such examination a certificate in the following words: "I, A. B.,
do hereby certify, on honor, that I have derived no assistance during the time of
this examination from any source whatsoever, whether oral, written, or in print,
in giving the above answers."
This was the beginning of the honor system at this institution, and it has been
in operation ever since without interruption. Later the pledge was extended so as
to preclude the giving as well as the receiving of assistance. Still more recently
the scope of the honor system has been enlarged so as to cover other phases of
student conduct. Its administration is entirely in the hands of the students, the
essence of the system being that the violation of a student's word of honor is an
offense not against the University authorities, but against the whole student body,
and on the rare occasions on which it has occurred, the students themselves have
quietly and promptly sent the offender away from the University without need of
faculty action.
Examinations are required to be held in one place and in the presence of the
professor in charge of the course or one of his assistants. These regulations in no
way conflict with the spirit of the honor system, but are regarded as being necessary
to give a proper dignity and formality to the occasion.
ANNOUNCEMENT OF COURSES
McINTIRE SCHOOL OF COMMERCE
Economics B1: The Principles of Economics: (See James Wilson School
of Economics.)
Economics B2: The Growth of American Industry and Commerce: (See
James Wilson School of Economics.)
Economics B3: Money and Banking: (See James Wilson School of Economics.)
Economics B4: Elementary Accounting: Theory and practice in the handling
of real and nominal accounts, together with the use of various types of books
of original entry; the opening and closing of books, adjustments, statements of
profit and loss, and balance sheets. The work of the course will be exemplified
through three types of business organization, namely: the single proprietorship, the
partnership, and the corporation, and will consist of lectures and problems.
(B.A. or B.S. credit, 3 session-hours.) Two sections.
Professor Barlow, Mr. Campbell, Mr. Stevens and Mr. Franklin.
Economics B5: Statistics: Economics B1 and Mathematics A prerequisite.—
General characteristics of the statistical method, including the collection of material,
sources, tabular and graphic presentation, frequency distribution, and frequency
curves, averages and their appropriate uses, the dispersion of statistical series
about their mean, correlation, the theory of probabilities, the normal curve of
error, index numbers and their practical uses. Laboratory exercises and problems.
(B.A. or B.S. credit, 3 session-hours.)
Acting Associate Professor Hyde.
Economics B6: Auditing and Cost Accounting: Economics B4 prerequisite.
First Term: Auditing Practice and Procedure. Second and Third Terms: The
construction and operation of cost systems. (B.A. or B.S. credit, 3 session-hours.)
Professor Barlow, Mr. Campbell and Mr. Graham.
Economics B7: Marketing: Economics B1 prerequisite.—During the first
term the principles of marketing will be considered and upon this foundation will
rest the work of the second term in the principles of merchandising and also that
of the third term in the economics of advertising. (B.A. or B.S. credit, 3 session-hours.)
Acting Associate Professor Hyde.
Economics B8: Transportation: Economics B1 prerequisite.—A study of
the growth of modern systems of transportation with special reference to the
development of railroads in the United States. Consideration is given to railroad
combinations, capitalization, operating and non-operating income, operating costs,
fixed charges, traffic, rate-making and government legislation. In the third term
attention is given to comparisons and contrasts between railroad and other forms
of transportation. (B.A. or B.S. credit, 3 session-hours). Not given in 19291930.
Professor Berglund.
Economics B9: Business Administration: Economics B1 prerequisite.—
First and Second Terms: A study of the principles and practices of business
organization and administration. Special attention is given to the subjects of plant
location, office management including administration of personnel, marketing problems
and finance. Third Term: Investigation of the organization and development
of the business unit. (B.A. or B.S. credit, 3 session-hours.) Not given in
1929-30.
Economics B10: Insurance: Economics B1 prerequisite.—The underlying
principles and practices of various forms of insurance will be considered during the
first term. Second Term: Life insurance. Third Term: Marine, fire, fidelity
insurance. The course will consist of special topics for field investigations, reports,
assigned readings, etc. (B.A. or B.S. credit, 3 session-hours.)
Associate Professor Hulvey.
Commercial Law B1: Not open to first year students. A detailed study of
the fundamental and important, rather than the technical, principles of those subjects
of which some knowledge is necessary in ordinary commercial transactions,
including contracts, negotiable instruments, agency partnerships, bailments and
carriers, sales of personal property, insurance. Instruction is given in the practical
drafting of business documents, such as simple contracts, powers of attorney,
articles of co-partnership, mortgages, deeds of trust and bills of sale. (B.A. or
B.S. credit, 3 session-hours.)
Associate Professor Hulvey and Mr. Daniels.
Economic Geography B1: General Survey: A study of the geography,
natural resources, commerce and industry of the United States and Europe.
(B.A. or B.S. credit, 3 session-hours.)
Associate Professor Starnes, Mr. Muncy and Mr. Hoback.
Economics C1: Public Finance: (See James Wilson School of Economics,
below.)
Economics C2: Advanced Money and Banking: (See James Wilson
School of Economics, below.)
Economics C3: Advanced Accounting: Economics B4 prerequisite.—First
and Second Terms: A detailed study of corporation accounting from the organization
of corporation through its dissolution. Such topics as the acquisition, the
appreciation and depreciation, and the ultimate disposition of balance sheet items
will be considered. Third Term: Consolidated statements for holding companies.
(B.A. or B.S. credit, 3 session-hours.)
Professor Barlow and Mr. Campbell.
Economics C4: Corporation Finance: Economics B1 and B4 prerequisite.—
The first part of the course will treat the financial policies of corporations, the
kinds of securities they may issue, the promotion of corporations, the administration
of income and related subjects, while the latter part of the course will consider
the various types of corporate, government and municipal bonds with respect
to their investment status.
Professor Kincaid and Mr. Teass.
Economics C5: Foreign Trade: Economics B1 and one other course in
the School of Economics or School of Commerce prerequisite.—An analysis of
the economic principles underlying foreign trade, resources and materials, trade
conditions and practices abroad, commercial treaties and tariffs, sales methods,
credit factors, shipping facilities, financial settlements, foreign exchange.
Associate Professor Starnes and Mr. Carter.
Economics C6: Labor Problems: Economics B1 and one other course in
the School of Economics or School of Commerce prerequisite.—A study of the
relations between employer and employee, agencies for the promotion of industrial
peace including profit-sharing plans, bonus systems, co-operative enterprises, etc.,
a study of representative plans for the management of labor, co-partnership and
labor organizations.
Associate Professor Starnes and Mr. Carter.
Economics C7: Business Combinations: Economics B1 and one other
course in the School of Economics or School of Commerce prerequisite.—A study
of the growth of large business organizations in this country and in Europe in
recent times. Special emphasis is given to the causes of this growth, the forms,
legal status and relations to business efficiency of these combinations, and the
social problems arising out of their formation. The organization of pools, cartels,
holding companies, mergers, etc., is investigated particularly with reference to
price policies.
Professor Berglund and Mr. Eastwood.
Economics C9: Modern Tariffs and Commercial Treaties: Economics B1
prerequisite.—This course treats of the origin and development of modern tariff
policies in the leading commercial countries of the world, special attention being
given to the United States, the general character and types of present-day tariff
laws, arguments for and against protection, and tariff policy and treaties as
affected by the World War. Not given in 1929-30.
Professor Berglund.
Economics C10: Transportation: Economics B1 and one other course in
the School of Economics or School of Commerce prerequisite.—A study of modern
transportation systems, especially rail and water lines. Special attention is given
to character of traffic, rate-making systems, recent governmental regulations and
policies and problems of railroad and shipping finance. This course calls for
advanced investigation of rate-making and traffic problems and of governmental
policies.
Professor Berglund and Mr. Eastwood.
JAMES WILSON SCHOOL OF ECONOMICS
Economics
Economics B1: The Principles of Economics: Not open to first year
students. First and Second Terms: Survey of the principles of Economics. Third
Term: The bearing of these principles upon present American conditions. Instruction
will be given by lectures, assigned readings, discussions and written tests.
(B.A. or B.S. credit, 3 session-hours.)
Professor Snavely, Mr. Biscoe and Instructors.
Economics B2: The Growth of American Industry and Commerce:
Economics B1 prerequisite or may be taken concurrently.—A study of the influence
of economic conditions upon American social and political development.
This study is preceded by a short review of European, particularly English, industrial
development before and during the colonial period. Special emphasis is
given to the influence of various phases of American industrial environment upon
the culture and civilization inherited from Europe. (B.A. or B.S. credit, 3
session-hours).
Professor Berglund and Mr. Motley.
Economics B3: Money and Banking: Economics B1 prerequisite.—During
the first term the principles of money and during the second the principles of
banking will be examined. The third term will be given over to either mercantile
or bank credit. (B.A. or B.S. credit, 3 session-hours.)
Professor Kincaid and Mr. Dietrich.
Economics C1: Public Finance: Economics B1 and one other B course in
the School of Economics or School of Commerce prerequisite.—First and Second
Terms: The general principles of public finance, with a detailed investigation of
state and local taxation. Third Term: The financial institutions and methods of
the federal government.
Professor Snavely.
Economics C2: Advanced Money and Banking: Economics B1 and one
other B course in the School of Economics or School of Commerce prerequisite.—
An intensive study of foreign currency and banking systems, the Federal Reserve
System, and cyclical fluctuations in business.
Professor Kincaid.
Economics D1: History of Economic Theory: Hours to be arranged.
Professor Snavely.
Economics D2: Recent Economics Theory, with special attention to problems
in the distribution of wealth.
Professor Snavely.
Economics D3: Theories of Social Reform: Hours to be arranged.
Acting Associate Professor Hyde.
The following courses will be given in the Summer Session of 1929:
COMMERCIAL LAW
Commercial Law sB1-I. Commercial Law.—First Term.
A detailed study of the fundamental principles of contractual liability, with necessary
and incidental reference to non-contractual liability. Practical work in the drafting of
simple contracts. Specially selected cases, dealing with the most important phases of
business law, are carefully studied. Outline: Formation of Contracts—Operation of Contracts—The
Interpretation of Contracts—Discharge of Contracts—Nature and Formation of
Agency.
Commercial Law sB1-II. Commercial Law.—First Term.
A continuation of Commercial Law sB1-I. Outline: Creation and Organization of Private
Business Corporations. Negotiable Instruments—General Nature and History—The
Formation of the Contract—Operation of the Contract—Discharge of Negotiable Paper.
Commercial Law sB1-III. Commercial Law.—First Term.
A continuation of Commercial Law sB1-I and II. Outline: The laws pertaining to market
transactions, storage and transportation.
ECONOMIC GEOGRAPHY
Economic Geography sB1-I. Elements of Geography.—First Term.
An introductory world-wide survey of the distribution and characteristics of the elements
of natural environment (climate, land forms, soils, surface and ground waters, natural
vegetation and mineral deposits) with particular reference to their influence on the economic
life of social groups.
Economic Geography sB1-II. Geography of North America.—First Term.
A survey of the principal economic activities in each of the major geographic regions of
North America from the standpoint of their relation to the natural environmental complex.
Emphasis is placed on the regional equipment for industry in the several divisions of the
continent.
Economic Geography sB1-III. Commercial Geography.—First Term.
A survey of present-day overseas commerce and transportation and an analysis of the
underlying geographic and economic principles as applied to the major commercial divisions
and trade regions of the world.
ECONOMICS
Economics sB1-I. Survey of the Principles of Economics.—Both Terms.
Economics sB1-II. Survey of the Principles of Economics.—(Continued).
Both Terms.
Economics sB1-III. The Bearing of the Principles of Economics upon
Present American Conditions—(Continued).—First Term.
Economics sB4-I. Elementary Accounting.—First Term. Corresponding to
Economics B4 of the regular session.
Economics sB4-II. Elementary Accounting—(Continued).—First Term.
Economics sB4-III. Elementary Accounting—(Continued).—First Term.
Economics sC1-I. Public Finance.—First Term.
Equivalent to first term of C1 of regular session.
General principles of public finance, including public expenditures, public revenues and
a survey of state and local taxation in the United States.
Economics sC1-II. Public Finance—(Continued).—Second Term.
Economics sC1-III. Public Finance—(Continued).—Second Term.
Economics sC2-I. Money and Banking.—First Term.
Principles of money and banking.
This course is equivalent to the first term of Economics C2 but by special arrangement
may be taken by students seeking credit in Economics B3.
Economics sC2-II. Money and Banking—(Continued).—Second Term.
The Federal Reserve System.
This course is equivalent to the second term of Economics C2 but by special arrangement
may be taken by students seeking credit in Economics B3.
Economics sC2-III. Money and Banking—(Continued).—Second Term.
The principles of rural credits including the Federal Farm Loan System and the Intermediate
Credits banks.
This course is equivalent to the third term of Economics C2 but by special arrangement
may be taken by students seeking credit in Economics B3.
Economics sC7-I. Business Combinations.—First Term.
Economics B1 or its equivalent prerequisite.
A study of the growth of large business organizations, commonly called trusts, in this
country and in Europe in recent times. Special emphasis is given to the causes of this
growth, the various forms, legal status and relationship to business efficiency, and the
companies, mergers, etc., is investigated particularly with reference to price policies.
Economics sC7-II. Business Combinations—(Continued).—First Term.
Economics sC7-III. Business Combinations—(Continued).—Second Term.
REQUIREMENTS FOR DEGREE OF BACHELOR OF SCIENCE IN
COMMERCE
The degree of Bachelor of Science in Commerce will be conferred upon regular
students who have completed not less than 60 session-hours of undergraduate
courses, taken in conformity with the following program:
1. Required Subjects.—Candidates for the Bachelor of Science in Commerce
must take 33 session-hours of required subjects as stated below, 3 hours
of which must be in Physical Training. Of the remaining 30 session-hours of
required subjects, not less than 24 hours must be taken during the first two years.
Foreign Languages.—6 session-hours from one of the following languages:
French, German, Spanish, or Italian.
Mathematics.—3 session-hours in Mathematics A4.
Natural Science.—6 session-hours.
English.—6 session-hours, 3 of which shall be in English A1, or A2.
Social Science.—9 session-hours in History B2 or B3, Government B1 and
Economics B1.
Physical Training.—Two-years' course required of all candidates, which must
be completed before graduation. If not completed during the first two years, an
additional study course of 3 session-hours must be taken.
2. Major-Electives.—Of the remaining 30 session-hours required for the
degree, 24 session-hours must be taken from commercial subjects in the Schools
of Economics and Commerce and Business Administration, 18 session-hours of
which shall include the following courses: Economic Geography B1, Commercial
Law B1, Economics B2, Economics B3, Economics B4 and Economics B5. One
C course must be taken in commercial subjects. The remaining 6 session-hours
may be elected from any courses in the academic schools for which the candidate
has adequate preparation.
3. Substitutions for Major-Electives.—Candidates for the degree of B.S.
in Commerce will be permitted to substitute the first-year course in Law for 12
session-hours from the group of Major Electives. Such substitution, however, must
include the 6 session-hours of general electives, the remaining 6 session-hours to
be designated by the faculty of the Schools of Economics and Commerce.
GENERAL OUTLINE OF COURSES LEADING TO DEGREE OF
BACHELOR OF SCIENCE IN COMMERCE
| Session-hours | |
| French, German, Spanish or Italian, A | 3 |
| Mathematics A4 | 3 |
| English A | 3 |
| Geology B1 or Chemistry B1 | 6 |
| Physical Training | |
| 15 |
| French, German, Spanish or Italian, B | 3 |
| Economic Geography B1 | 3 |
| Economics B1 | 3 |
| English B | 3 |
| Economics B4 | 3 |
| Physical Training | |
| 15 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| History B2 or B3 | 3 |
| Commercial Law B1 | 3 |
| One general elective course | 3 |
| 15 |
| Economics B5 | 3 |
| One additional B course in Economics | 3 |
| Government B1 | 3 |
| One C course in Economics | 3 |
| One general elective course | 3 |
| 15 |
The following outline of courses for the third and fourth years has been
planned to assist students who wish to specialize in a given field of business. In
the first and second years the program is uniform for all students as given above.
Program for Third and Fourth Years
ACCOUNTANCY
The modern business corporation with its extended and widespread activities
demands the services of trained accountants. This demand has been furthered
and tremendously increased in recent years as a result of the Federal Income
Tax Laws. Accountancy has, in fact, developed into a profession.
The courses offered here give a student instruction in the fundamental principles
of the subject, whereas the more advanced courses prepare him for professional
practice in accountancy, and lead up to the State examinations for the certified
public accountant certificate. The elementary course is required of all
applicants for a B.S. in Commerce degree.
| Session-hours | |
| Government B1 | 3 |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B6 | 3 |
| 15 |
| Economics B5 | 3 |
| Economics B9 | 3 |
| History B2 or B3 | 3 |
| Economics C3 | 3 |
| Economics C4 | 3 |
| 15 |
FINANCE
Our industrial and commercial system is carried on by means of individual
business men, partnerships and corporations. The tendency is toward the corporate
form. Regardless of the form there is the necessity of financing the business and
no manager can hope to succeed without a knowledge of the problems involved in
this division of his responsibility. This course is designed to train the student in
the various methods of financing a business and to familiarize him with the profession
and functions of the investment banker through whom modern industry is
increasingly financed. The course also undertakes to familiarize the student with
the essentials of sound investment. It is assumed that there is no better way to
achieve this result than from the analysis of the life history of the corporation.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B6 | 3 |
| Government B1 | 3 |
| 15 |
| Economics B5 | 3 |
| Another B course in Economics | 3 |
| Economics C1, C7 or C10 | 3 |
| Economics C4 | 3 |
| History B2 or B3 | 3 |
| 15 |
BANKING
The banking system constitutes so vital a part of the present economic organization
of society that it makes a commanding appeal (a) to those who wish to
become well informed with respect to financial institutions, (b) to those who expect
to engage in other business and (c) to those who plan to enter the profession
of banking. The financial system is the very heart of the present economic order
and the business executive in any field must have a sufficient knowledge of banking
to insure proper relations between his business and the banker. The course
is designed to provide a cultural knowledge of financial organization, to show the
interdependence of banking and business and to afford an adequate foundation for
a career in the banking profession.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Government B1 | 3 |
| 15 |
| History B2 or B3 | 3 |
| Another B course in Economics | 3 |
| Elective | 3 |
| Economics C2 | 3 |
| Economics C4 | 3 |
| 15 |
BUSINESS ORGANIZATION
The typical business unit of today is highly organized. The course in commerce
embraces a study of the principal forms of organization and their legal
status. Special attention is given to the growth of corporations and combinations,
to the study of the relative economic efficiency of small- and large-scale production
in various forms of business. The development of large marketing organizations
in recent times is also treated as a phase of the general movement toward
larger business units and wider co-operation in business.
In the courses in business organization one of the chief aims is to set forth
in their true relationships the fundamental principles of management which are
generally applicable in organized business today. Much stress is laid on such
factors as the promotion of initiative, incentive to effort, delegation of authority,
placement of responsibility and means of co-ordination in various forms of business
organization. The subject of "scientific management" is given considerable
emphasis.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Government B1 | 3 |
| 15 |
| Economics B7 or B8 or C10 | 3 |
| History B2 or B3 | 3 |
| Economics B9 | 3 |
| Economics C4 | 3 |
| Economics C7 | 3 |
| 15 |
MARKETING
For many years inventive and administrative genius gave major attention to
the processes of production, while the distributive system was largely ignored.
As a result the distributive processes became relatively inefficient and today there
is a growing demand for more efficient methods of marketing and merchandising.
The course is designed to permit of a view of the distributive system as a whole
as well as the various methods of marketing and the problems which each method
involves. The work is so planned that the student will also gain a sound grasp
of the essentials of modern merchandising. The far-reaching changes now taking
place in distribution are such as to cause much concern to men in every field of
business and the course is designed to serve the needs of those who plan to enter
some phase of distribution as well as those who propose to engage in related fields.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Economics B7 | 3 |
| 15 |
| Government B1 | 3 |
| Economics B8 or C10 | 3 |
| Economics B9 | 3 |
| History B2 or B3 | 3 |
| Economics C5 | 3 |
| 15 |
STATISTICS
A thorough training in the use of statistical data, as a guiding factor in
determining business policies, has come to be an assential part of the business
man's education. Until recently statistical facts were not subjected to scientific
treatment, but were generally dealt with in a rule-of-thumb manner or on a purely
quantitative basis.
The time has passed, however, when economists and business men can be
content with a mere compilation of facts or haphazard methods in their use.
Hence, the subject of statistics is recognized as a highly technical and complex
division of economic science.
The courses in statistics are designed to acquaint the student with sources of
statistical data and with approved methods of gathering and classifying the facts
to be used. Particular attention is given to legitimate processes for analysis
and comparison of the data obtained—including a study of averages, index numbers,
correlation, etc. An endeavor is made to develop initiative and resourcefulness
on the part of the student. The general course in statistics (Economics B5)
is required of all applicants for the B.S. in Commerce degree.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Government B1 | 3 |
| 15 |
| History B2 or B3 | 3 |
| Economics B6 | 3 |
| Economics B8 or C10 | 3 |
| Economics C4 or C6 | 3 |
| Economics C8 | 3 |
| 15 |
ECONOMICS OF LABOR
The present capitalistic method of production has brought with it many
problems of management. The intelligent management of workers is so important
a part of the administration of a business that it properly forms a subject by itself.
A satisfactory labor policy is now coming to be regarded as the most vital element
in business management. For the student interested in the labor side of business
administration there are several courses suggested below which will give him a
broad background for dealing with any problems of this nature which may come
up in his future business career.
An advanced course in labor problems is given for the student wishing to do
more advanced work in this field. An intensive study is made of the labor difficulties
arising out of economic activities connected with the production, exchange,
and distribution of wealth. This course aims to acquaint the student with the
many problems arising out of the relations of employer and employee; the philosophy,
policies, and methods of organized labor; unemployment; agencies for the
promotion of industrial peace, scientific management, etc.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Government B1 | 3 |
| 15 |
| Economics B8 or C10 | 3 |
| Economics B9 | 3 |
| [1] Sociology B1 | 3 |
| History B2 or B3 | 3 |
| Economics C6 | 3 |
| 15 |
TRANSPORTATION
The subject of transportation under modern conditions is very complex. The
principles governing railroad transportation are in many respects different from
those governing water transportation, and those governing motor transportation
different from either. The subject of ocean shipping, including freight rates and
handling facilities, is taken up in connection with Foreign Trade.
On account of its great importance the study of railroad transportation is
receiving increasing attention from students in commerce and business. The work
in this subject covers the economic principles of railroad transportation, the
location of systems, operating revenues and expenditures, railway finance, accounting,
reorganizations and receiverships. Attention is directed to the organization
of the freight and passenger services, the general forms of corporate organization
and the relationship of the railroad to the general public. Special emphasis is
placed upon the character and development of rate-making agencies and systems,
and the relationship between railroad rates and industrial growth. Recent developments
in motor vehicle and aeroplane transportation are also studied in their
relation to other forms of transportation.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B6 | 3 |
| Government B1 | 3 |
| 15 |
| Economics B5 | 3 |
| Economics B8 | 3 |
| Economics C1 | 3 |
| Economics C10 | 3 |
| History B2 or B3 | 3 |
| 15 |
FOREIGN TRADE
The work in this field is made up of a number of courses dealing with the
various phases of commerce and trade. The economic resources and development
of the principal trading countries of the world are studied, particular attention
being given to their relationship to American Commerce. In the treatment of
ocean navigation and trade routes, special emphasis is placed upon the underlying
principles governing the movement of commodities. The principal purpose of
the courses suggested below is to give a broad economic training for those young
men who are pursuing the academic part of their preparation for business.
An advanced course in foreign trade is also given, which deals with the forms
and methods of commerce, business practices abroad, foreign tariffs, sales methods,
and foreign exchange. This course is given not only for those students who
expect to make a special vocation of exporting or importing, but also for the
future business men who will have occasional contact with problems in foreign
the theory of foreign trade and its practical application to governmental and broad
business policies.
| Session-hours | |
| Government B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Commercial Law B1 | 3 |
| 15 |
| History B2 or B3 | 3 |
| Government B2 | 3 |
| Economics B7 | 3 |
| Economics C5 | 3 |
| Economics C10 | 3 |
| 15 |
INSURANCE
The function of insurance is to distribute the risks of business or life over a
large number of individual units. True insurance is a means by which the risks
of economic loss are transferred from the individual to a group or association.
In many fields to which it is applied, it is possible by scientific calculation to
determine average losses to a reasonable degree of accuracy. Thus, today insurance
itself has become one of the largest of all forms of business.
The course is designed mainly to lay a broad foundation for the student in
the principles and practice of insurance. Consideration is given to its development,
its forms and uses, types of insurance organizations, and its general function
in relation both to business and the State.
| Session-hours | |
| Commercial Law B1 | 3 |
| Economics B2 | 3 |
| Economics B3 | 3 |
| Economics B5 | 3 |
| Government B1 | 3 |
| 15 |
| Economics B10 | 3 |
| History B2 or B3 | 3 |
| Sociology B1 | 3 |
| Economics C3 | 3 |
| Economics C1 or C4 | 3 |
| 15 |
| The University of Virginia record April 1, 1929 | |