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Trump trade war echoes the trade war that started the Great Depression

Posted by John T. Reed on

Trump announced big tariffs on aluminum and steel. That sort of thing could start a world wide trade war which many think triggered the Great Depression. Back then, it was a U.S. law called the Smoot-Hawley Tariff.

I hoped he was just bluffing. Apparently not. I and others have said he was playing with fire in this regard. Now he looks like he has started a fire.

My book How to Protect Your Life Savings from Hyperinflation & Depression, 2nd edition tells you what to do to avoid being financially devastated by a new depression.

A couple of main points: USD debt that you owe is very bad in a Depression. Bonds are good in theory, but only if the bond issuer, e.g., the U.S. government or Microsoft, is financially strong. The U.S. government is NOT currently strong. Microsoft is. Cash is good in depression, but horrible in inflation and you can’t be sure which you’re going to get. Nickels and pennies are great in either inflation or depression. Their purchasing power goes up in both cases.
As with hyperinflation, advance purchase and sale is great. The purchasing power of the dollar rises during depression. So it is good to have the food and other consumable necessities already in your home or storage facility to supplement the amount of cash you have. Gold and other so-called inflation-hedging commodities really suck during depression.

Taxes would go down in many cases because of the fall in the dollar value of real estate and because of the fall in incomes and prices charged by businesses and indexation in parts of the tax law.

Barter generally sucks in all times but it is still functional in depression if you have more stuff than USD purchasing power.

Free and clear real estate is good because it provides net income. Mortgaged real estate will be lost to foreclosure. Depressions are contagious, unlike hyperinflation, so foreign currencies would be about the same as USD cash.
If you have debt that you cannot get rid of, bankruptcy planning—maximizing the percentage of your net worth that is in exempt assets—is wise. The exempt list varies enormously by state. States like TX and FL and a handful of others are heaven for bankrupt persons who have lots of home equity. Other states are awful in that regard. The earlier you do bankruptcy planning the better because there are las against moving assets to those categories in anticipation of bankruptcy. In other words, moving assets shortly before you went bankrupt will sometimes result in those assets being clawed back into the non-exempt categories where your creditors can get them.

Have a nice day.…/how-to-protect-your-life-saving…

In response to the tariffs, the Dow dropped almost 600 points today. Q.E.D.

A Facebook reader said:

“Keep tariffs low - protect jobs in China!”

Another responded to that comment:

Raise tariffs--make Americans pay more and protect companies that can't compete.”

Then the first commenter said,

“American workers can’t compete with Third-Worlders.”

Then the second guy said,

Exactly. The tariffs impose a tax on Americans to support those noncompetitive jobs.”

John T. Reed responds to the commenters:

the issue is not jobs in China or the U.S. It is prices. Third-world dictatorship countries like China are stupid enough to focus only on jobs in prestige industries like steel-making. So they subsidize them sometimes to the point that they are selling steel to other countries for less than it costs to make.

We want to be one of the countries buying that steel that cheap. Trump is raising the price of that steel by imposing a tariff on it. That raises the price of everything in the US that contains steel. The tariff does not go to China. It goes to the federal government. Who gets screwed? American consumers and businesses. 

This is the economic principle of comparative advantage. Comparative advantage is an economic law referring to the ability of any given economic actor to produce goods and services at a lower opportunity cost than other economic actors. The law of comparative advantage is popularly attributed to English political economist David Ricardo and his book “Principles of Political Economy and Taxation” in 1817, although it is likely that Ricardo's mentor James Mill originated the analysis.

Read more: Comparative Advantage 
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At this wall, I have little patience for people who discuss trade like you just did. Sort of high school dropout union member. America is best off with no tariffs at all. Your willingness to run up the white flag on competing against third world countries is defeatism. 

American companies and workers need to buy from the lowest acceptable bidder. That is common sense. It is also required by many laws and certainly is a best practice in every situation where more than one price is available. If we eliminate all tariffs, the cost of living in the U.S. will fall. That is the same as a pay raise for all the American people.

Are American companies who now make steel or other protected products helped by the tariffs? Yes, in the short term. In the long term, the protected industries during the Great Depression went down the tubes like everyone else.
Trump is absolutely 100% wrong in this policy and I have been saying that since before the election. It will hurt America, period, and instantly.
What about the argument that Americans can’t compete against Chinese and others who get paid far less? It’s true unless the Americans in question increase their productivity enough to cancel out the cheap labor advantage. Can we do that? The answer to that is obviously as evidenced by the fact that we exported $2.2 T in 2016. Our products and services were the best value in all of those $2.2 T sales.

If a few American companies cannot compete in a given industry, they need to become more competitive or move to a different industry. Punishing all Americans to save the employees of a few companies that cannot be bothered to do a better job—usually unionized companies who are uncompetitive mainly because their workers get paid more than most Americans, not just most Chinese. American consumers of steel—everyone—should not be punished to suck up to the United Steel Workers.

What about our needing steel to defend the nation in a war? So buy a bunch of it from the idiot Chinese who will sell it to us for less than it cost them to make it and put it into a strategic reserve in a dry climate part of the U.S.
I will not tolerate dopey, demagogic, union-member discussion of this issue here. Read about comparative advantage on line and look at the arguments against it if you wish. If you have facts or logic that says David Ricardo and James Mill or the economists since were wrong, let’s hear it. But no Buy American nationalism, demagoguery, pandering to the short-sighted who can’t follow the arithmetic that says you do not punish all Americans to suck up to a union, or the history of tariffs, retaliation, and trade wars.
You are welcome to buy expensive American-made products—if you can find any. No one is stopping you from that. But the correct policy is to give you and every other American the freedom to buy from whomever you want, most likely, the lowest bidder whose products have adequate quality. No tariffs at all. 

Before the Great Depression, a thousand U.S. economists tried to stop the Smoot-Hawley Tariff law. It was not stopped. The Great Depression ensued. The Depression was deepened and lengthened by New Deal intervention in the economy and overly tight monetary policy by the Federal Reserve. And the stage for it was set by a speculative mania and buying stocks on margin, but the flaming match that set the Great Depression explosion off was the Smoot-Hawley Tariff threatened in 1928 and and later signed into law by President Hoover.

Here is the economists story and the open letter they produced:

The Economists’ Tariff Protest of 1930
Frank Whitson Fetter
[from the American Economic Review, June 1942]
The economists’ statement in opposition to the Hawley-Smoot tariff bill
was a unique document. No pronouncement by American economists has ever attracted the public attention that this received. It seems desirable, while memories are reasonably accurate and some of the correspondence relating thereto is still available, to give a brief history of this protest. Since my friend, Professor Clair Wilcox of Swarthmore, who was the leading spirit in the matter, declines to tell the story, I take the liberty of doing so.
With the sharp division of economic opinion in recent years on so many
issues of public policy, it is hard today to realize the almost unanimous opposition of economists, in the spring of 1930, to the tariff bill then pending in Congress. Economic faculties that within a few years were to be split wide open on monetary policy, deficit finance, and the problem of big business, were practically at one in their belief that the Hawley-Smoot bill was an iniquitous piece of legislation.
What later developed into a statement backed by over 1,250 economists originated in a very modest way out of the desire of Wilcox and some of his associates at Swarthmore to voice their protest. At the suggestion of Wilcox, Professor Paul Douglas of the University of Chicago, who was then temporarily at Swarthmore, drafted a statement in March that, with some changes in phraseology, was the one given to the press five weeks later. It was decided to ask an economist at each of various eastern universities to sponsor the statement, and then to send it to a member of the economics faculty at each American college, with the request that he solicit signatures from his colleagues. Professors E. M. Patterson of Pennsylvania,
Frank D. Graham of Princeton, Henry Seager of Columbia, Irving Fisher
of Yale, and F. W. Taussig of Harvard, were asked to join Wilcox and Douglas in sponsoring the statement. This they all agreed to do. As a result of the comments of these men a few changes were made in the text, and at the suggestion of Fisher a paragraph was added pointing out the significance of tariff policy in connection with America’s creditor position.
Fisher also made the suggestion that the entire membership of the American
Economic Association be circularized, and offered to pay the difference between the cost of this and the estimated cost of the original plan. This was done at a total cost of $137, of which Fisher contributed $105. With the clerical assistance of Swarthmore students, the statement was sent out to over 2,500 members of the American Economic Association with a request for signatures. The response was an amazing one. Inside of ten days nearly a thousand signatures had come in, including those of most of the leading figures in American economics. What had started on a simple scale had snowballed into what promised to be a document of
national significance.
Wilcox delivered a copy of the text and signatures to President Hoover,
Senator Smoot and Congressman Hawley, and gave the material to the press in Washington for release on Monday, May 3. Political opponents of the bill and newspapermen who sensed the news value of the statement took care of the publicity. Senator Pat Harrison had the statement and the list of signers read into the Congressional Record of May 5.
Veteran newspapermen, to whom the nation-wide attention that the statement received seemed to indicate a high-powered publicity campaign, backed by ample appropriations, were almost incredulous when they learned that the protest had been organized and carried through at an expense of less than $140. This was possible only because of a virtual unanimity of economic opinion on an important issue and the release of the statement to the press at a particularly opportune moment.
The Tariff and American Economists
[from Congressional Record-Senate, May 5, 1930]
As in legislative session,
Mr. HARRISON. Mr. President, I ask unanimous consent to have printed
in the RECORD and to lie on the table, with the names, a statement signed by 1,028 economists who are known throughout the Nation protesting against the tariff bill.
The VICE PRESIDENT. Without objection, the statement will lie on the
table and be printed in the RECORD.
The statement is as follows:
The undersigned American economists and teachers of economics strongly
urge that any measure which provides for a general upward revision of tariff rates be denied passage by Congress, or if passed, be vetoed by the President.
We are convinced that increased protective duties would be a mistake. They
would operate, in general, to increase the prices which domestic consumers would have to pay. By raising prices they would encourage concerns with higher costs to undertake production, thus compelling the consumer to subsidize waste and inefficiency in industry. At the same time they would force him to pay higher rates of profit to established firms which enjoyed lower production costs. A higher level of protection, such as is contemplated by both the House and Senate bills, would therefore raise the cost of living and injure the great majority of our citizens.
Few people could hope to gain from such a change. Miners, construction,
transportation and public utility workers, professional people and those employed in banks, hotels, newspaper offices, in the wholesale and retail trades, and scores of other occupations would clearly lose, since they produce no products which could be protected by tariff barriers.
The vast majority of farmers, also, would lose. Their cotton, corn, lard, and
wheat are export crops and are sold in the world market. They have no important competition in the home market. They can not benefit, therefore, from any tariff which is imposed upon the basic commodities which they produce. They would lose through the increased duties on manufactured goods, however, and in a double fashion. First, as consumers they would have to pay still higher prices for the products, made of textiles, chemicals, iron, and steel, which they buy. Second, as producers, their ability to sell their products would be further restricted by the barriers placed in the way of foreigners who wished to sell manufactured goods to us.
Our export trade, in general, would suffer. Countries can not permanently
buy from us unless they are permitted to sell to us, and the more we restrict the importation of goods from them by means of ever higher tariffs the more we reduce the possibility of our exporting to them. This applies to such exporting industries as copper, automobiles, agricultural machinery, typewriters, and the like fully as much as it does to farming. The difficulties of these industries are likely to be increased still further if we pass a higher tariff. There are already many evidences that such action would inevitably provoke other countries to pay us back in kind by levying retaliatory duties against our goods. There are few more ironical spectacles than that of the American Government as it seeks, on the one hand, to promote exports through the activity of the Bureau of Foreign and Domestic
Commerce, while, on the other hand, by increasing tariffs it makes exportation ever more difficult. President Hoover has well said, in his message to Congress on April 16, 1929, “It is obviously unwise protection which sacrifices a greater amount of employment in exports to gain a less amount of employment from imports.”
We do not believe that American manufacturers, in general, need higher
tariffs. The report of the President’s committee on recent economics changes has shown that industrial efficiency has increased, that costs have fallen, that profits have grown with amazing rapidity since the end of the war. Already our factories supply our people with over 96 percent of the manufactured goods which they consume, and our producers look to foreign markets to absorb the increasing output of their machines. Further barriers to trade will serve them not well, but ill.
Many of our citizens have invested their money in foreign enterprises. The
Department of Commerce has estimated that such investments, entirely aside from the war debts, amounted to between $12,555,000,000 and $14,555,000,000 on January 1, 1929. These investors, too, would suffer if protective duties were to be increased, since such action would make it still more difficult for their foreign creditors to pay them the interest due them.
America is now facing the problem of unemployment. Her labor can find
work only if her factories can sell their products. Higher tariffs would not promote such sales. We can not increase employment by restricting trade. American industry, in the present crisis, might well be spared the burden of adjusting itself to new schedules of protective duties.
Finally, we would urge our Government to consider the bitterness which
a policy of higher tariffs would inevitably inject into our international relations.
The United States was ably represented at the World Economic Conference which was held under the auspices of the League of Nations in 1927. This conference adopted a resolution announcing that “the time has come to put an end to the increase in tariffs and move in the opposite direction.” The higher duties proposed in our pending legislation violate the spirit of this agreement and plainly invite other nations to compete with us in raising further barriers to trade. A tariff war does not furnish good soil for the growth of world peace.
Paul H. Douglas, professor or economics, University of Chicago.
Irving Fisher, professor of economics, Yale University.
Frank D. Graham, professor of economics, Princeton University.
Ernest M. Patterson, professor of economics, University of Pennsylvania.
Henry R. Seager, professor of economics, Columbia University.
Frank W. Taussig, professor of economics, Harvard University
Clair Wilcox, associate professor of economics, Swarthmore College.
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353 Volume 4, Number 3, September 2007
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Syracuse University: Harvey W. Peck, H. E. Bice.
Colgate University: Freeman H. Allen, Albert L. Myers, E. Wilson Lyon, Sherman M.
Smith, T. H. Robinson, N. J. Padelford, Everett Clair Bancroft, J. Millbourne Shortliffe.
Vassar College: Mabel Newcomer, Ruth G. Hutchinson, Kathleenn C. Jackson, Herbert
E. Mills.
University of Buffalo: Niles Carpenter, T. L. Norton, Newlin R. Smith, Raymond
Union College: W. M. Bennett, Donald C. Riley, Daniel T. Selks.
Wells College: Mabel A. Magee, Jean S. Davis.
Hobart College: W. A. Hosmer.
Hunter College: Eleanor H. Grady.
University of Rochester: Roth Clausing.
Brookwood Labor College: Daniel J. Saposs.
Taylor Society: H. S. Person, managing director.
The Business Week: Virgil Jordan, editor.
The Annalist: Bernard Ostrolenk, editor.
International Telephone Securities Co.: M. C. Porty.
Second International Securities Corporation: Leland R. Robinson.
Social Science Research Council: Meredith B. Giveus.
American Electric Railways Association: Leslie Vickers.
Russell Sage Foundation: Mary Van Kleeck.
Tariff Board: N. I. Stone, formerly chief statistician.
Federal Council of Churches of Christ in America: Arthur E. Suffern, Benson Y. Landis.
New York School of Social Work: John A. Fitch.
Clarkson College: Charles Leese.
Industrial Relations Counselors (Inc.): Mary B. Gilson, Murray Latimer, W. Bert, S. Regalo,
James W. Zonsen, Jeanne C. Barber.
Skidmore College: Coleman B. Cheney.
College of the City of New York: Ernest S. Bradford.
St. Lawrence University: Whitney Coombs.
Alfred University: Paul Rusby.
American Management Association: Mary Rogers Lyndsay, Leona Powell.
American Association for Labor Legislation: George H. Trafton, John B. Andrews.
Carl Snyder, Leo Wolman, George Soule, Stuart Chase, Herbert Feis, Edward T. Devine,
George P. Auld, Fabian Franklin, Lawson Purdy, Gorton James, Paul W. Paustian, Warren
W. Persons, Paul Tuckerman, Charles B. Austin, Donald R. Belcher, H. T. Newcomb,
Lester Kirtzleb, A. W. Kattenhous, W. W. Cumberland, M. L. Jacobson, R. D. Fleming,
Dudley M. Irwin, George B. Hill, William Church Osborne, Robert F. Binkled, E. B. Patten,
Wendell M. Strong, Ida Craven, Elizabeth Todd, A. D. Noyes, Robert E. Corradini,
Samuel M. Dix, W. C. Wishart, Edward E. Hardy, Ernest G. Draper, M. Leo Gitelson,
Harold Fields, Henry Israel, Asher Achenstein, F. L. Patton, Stanley B. Hunt, R. L. Wiseman,
Shelby M. Harrison, Rufus S. Tucker, John J. Wille, R. D. Patton, William E. Johnson, 
Classic Reprint
Econ Journal Watch 356
Albert W. Russell, Robert T. Hill, D. J. Cowden, W. D. Gann, Melbourne S. Moyer, Herbert
Fordham, Owen Ely, Roger H. Williams, Robert M. Woodbury, May Lerner, Elsie Gluck,
Paul Bonwit, Robert D. Kohn, V. Kelley, J. C. Meeder, Cyrus L. Sulzberger, Charles S.
Bernheimer, Ephriam A. Karelsen, Henry C. Hasbrouck, Robert Whitten, P. M. Tuttle,
F. Lewis Corser, Jennett Kimball, Francis H. McLean, John M. Glenn, C. P. Fuller, Emily
Barrofs Weber, Richard Kramer, Montefiore G. Kahn, Mary A. Prentiss, L. R. Gottlieb,
Charles R. Fay, Martin Clark, John P. Munn, Otto S. Whitelock, Victor Morawetz, Clinton
Collver, Helen Sumner Woodbury, William Seagle, Helen Sullivan, Bettina Sinclair.
North Carolina
Selma Rogas, C. K. Brown, A. Currie, Maxwell G. Pangle, Carl J. Whelan.
North Carolina State College: Joseph G. Knapp.
University of North Carolina: Dean D. D. Carroll, J. Gilbert Evans, W. F. Ferger, C. T.
Murchison, G. T. Schwenning, E. D. Strong.
North Carolina College for Women: Albert S. Keister.
Duke University: R. A. Harvill, J. P. Breedlove, J. H. Shields, William J. H. Colton, Christopher
Roberts, E. R. Gray, B. U. Ratchford, Robert S. Smith
Elon College: Ralph B. Tower.
North Dakota
Dana G. Tinnes, James Forgerson.
University of North Dakota: Dean E. T. Towne, J. Donald Pymm, A. G. Rowlands,
Daniel J. Scwieger, J. Perlman, Spencer A. Larsen, J. J. Rellahan, Roy E. Brown, Carmen
G. Blough, E. C. Koch, V. A. Newcomb, Daniel James.
Ohio State University: Matthew B. Hammond, Milo Kimball, J. J. Spengler, Clifford L.
James, E. L. Bowers, Henry J. Butterman, W. M. Duffas, Louise Stitt, Wilford J. Eiteman,
Paul N. Lehoeyky, N. Gilbert Riddle.
Antioch College: William M. Leiserson, Rudolf Broda, Algo D. Henderson.
Lake Erie College: Olive D. Reddick.
Wooster College: Alvin S. Testlebe, E. E. Cummins.
University of Cincinnati: Harry Henig.
Miami University: Warren S. Thompson, P. K. Whelpton, Edwin S. Todd, H. H. Beneke,
Henry P. Shearman, C. H. Sandage, Howard White, Howard R. Whinson, John F.
Schreiner, Wilfrid G. Richards, Carroll B. Malone, James H. St. John, F. B. Joyner, W. J.
M. Neff, J. R. Dennison, J. M. Gersting, Read Bain.
Heidelburg College: Ossian Gruber.
Hiram College: J. E. Smith.
Denison University: Hiram L. Jome, Harold H. Titus, Leo A. Thaake, Charles West,
Frederick E. Detweiler.
Western Reserve University: Claude Stimson, O. J. Marsh, Louis O. Foster, C. C. Arbuthnot.
Oberlin University: C. C. Bayard, Paul S. Peirce.
Case School of Applied Science: Frank T. Carleton.
Kenyon College: George M. James.
Municipal University of Akron: W. W. Leigh.
University of the City of Toledo: Clair K Searles, Dr. I. M. Rubino, Edward D. Jones,
John A. Zangerle, I. W. Appleby, Amy G. Maher, Homer H. Johnson, E. L. Oliver, 
357 Volume 4, Number 3, September 2007
Thomas M. Wolfe, Grover P. Osborne, Eugene H. Foster.
Goodyear Tire and Rubber Co.: H. L. Flanick, Royal E. Davis
Oklaoma Agricultural and Mechanical College: Orman W. Hermann, P. H. Stephens, J.
T. Sanders.
University of Tulsa: A. M. Paxson, W. M. Maurer.
University of Oklahoma: Dean Paul L. Vogt, Leonard Logan, Jr., John P. Ewing, Ivar
Axelson, N. Grady Sloan.
Northeastern State Teachers’ College: Dean Sobin C. Percefull.
Oregon State College: E. B. Mittelman, F. L. Robinson, Alfred C. Schmidt, Curtis Kelley,
Bertha Whillock, Leila Hay, E. E. Farnsworth, J. H. Irvine, H. K. Roberts.
Reed College: Clement Akerman, Blair Stewart.
Pacific University: Harold N. Burt, Harold Harward.
University of Oregon: Vernon G. Sorrell.
University of Pennsylvania: Emory R. Johnson (dean), Raymond T. Bye, Paul F. Gemmill,
William C. Schluter, Stuart A. Rice, W. E. Fisher, William N. Loucks, Karl Scholz,
Clyde M. Kahler, Raymond T. Bowman, Weldon Hoot, William J. Carson.
Temple University: Russell H. Mack, William J. Douglas, S. S. Hoffer.
Wilson College: Henrietta C. Jennings.
Lehigh University: E. A. Bradford, Elmer C. Bratt.
University of Pittsburgh: Francis D. Tyson, Marion K. McKay, Colston E. Warne, Donald
D. Kennedy, Vincent W. Lanfear, Hugh M. Fletcher, P. N. Dean.
Washington and Jefferson: Carl W. Kaiser.
Bryn Mawr College: Hornell Harts.
Franklin and Marshall: Horace R. Barnes, Edward L. Iancaster, Wesley Gudd, Noel P.
Laird, Harold Fischer.
Haverford College: Don C. Barrett, John G. Herndon, Jr.
Pennsylvania State College: Earl V. Dye, W. E. Butt, H. W. Stover.
Drexel Institute: Edwin J. Kaschenbach, A. E. Blackstone, C. L. Nickels, Earl Spargee,
W. N. McMullan.
Swarthmore College: Robert C. Brooks, Herbert F. Fraser, Troyer S. Anderson, J. Roland
J. Henry Scattergood, Hugo Bilgram, Carl W. Fenninger, Louis N. Robinson, M. S.
D’Essipri, Charles L. Serrill, John C. Lowry, Herbert S. Welsh, Raymond Symestvzdt,
Alexander Fleischer.
Rhode Island
Brown University: C. C. Bosland, Willard C. Beatty.
Rhode Island State College: Andrew J. Newman.
South Carolina
Furman University: A. G. Griffin
South Dakota
A. I. Osborne
E. P. Aldredge.
Classic Reprint
Econ Journal Watch 358
University of Chattanooga: C. W. Phelps.
Southwestern University: M. H. Townsend, Horace B. Davis.
University of the South: Eugene M. Kayden, William S. Knichenhacker, W. H. MacKellar,
J. J. Davis, I. Q. Ware, George W. Nicholson, J. P. Jersey, C. B. Wilmer.
University of Texas: R. H. Montgomery, A. S. Lang.
A. and M. College: F. B. Clark, G. C. Vaughn, Thomas A. Hamilton
Southern Methodist University: William F. Hanbart, Donald Scott, Frank K. Rader,
Laurence H. Fleck.
Texas Technological College: John C. Granbery, Ormond C. Corry, Harold R. Nissley,
B. F. Coldray, Jr.
Latter Day Saints’ College: Feramorz Y. Fox
University of Vermont: George C. Groat, Claude L. Stineford, L. Douglas Meredith
William H. Stauffer.
College of William and Mary: Shirley D. Southworth, A. G. Taylor.
Randolp-Macon: Langdon White.
Washington and Lee: Robert H. Tucker, E. E. Ferebee, M. C. Robaugh, M. Ogden Phillips,
R. G. Lausgobel, Dean G. D. Hancock.
University of Virginia: Wilson Gee, Charles N. Hulvey, G. R. Snavely, Abraham Berglund,
A. J. Barlow, E. A. Hiniard, G. S. Starnes, William H. Wendel.
Arthur B. Young.
University of Washington: Teresa S. McMahon.
State College of Wsashington: Lawrence Clark.
West Virginia
University of West Virginia: E. H. Vickers, A. J. Dadisman.
Marshall College: C. E. Carpenter.
Charles E. Brooks, Eldred M. Keayes, Alice E. Belcher, Ethel Wynn, R. Beckwith, J. Roy
Blough, A. R. Schnaitter, Mary S. Peterson, William D. Thompson.
Lawrence College: R. H. Lounsburg, W. A. Mc Conacha, M. M. Bober, M. M. Evans.
Beloit College: Lewis Severson, Lloyd U. Ballard, Dwight L. Palmer.
Marquette University: Lyle W. Cooper, William H. Ten Haken, Leo A. Schmidt, Oscar F.
Brown, N. J. Hoffman, George W. Knick.
University of Wisconsin : Frederick A. Ogg, Edward A. Ross, William H. Kiekhofer,
Selig Perlman, Alma Bridgeman, Elizabeth Brandeis, Arthur Hallahan, Philip G. Fox,
H. Rowland English, J. C. Gibson, Stanley Rector, George S. Wehrwein, William A.
Scott, Paul A. Rauschenbush, M. G. Glaeser, I. A. Hensey, Arnold Zempel, J. L. Miller,
Russell H. Baugh, J. Marvin Peterson, Harold M. Groves, Alfred W. Briggs, Margaret

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