9
THE CHICAGO BANKER
August 21, ipop\
All Forms of Surety and Casualty Insurance in One Company
ROBERT B. ARMSTRONG, President
OFFICES: Entire 18th Floor, Majestic Bldg., Chicago, U. S. A.
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Capital
$2,000,000
Surplus
$2,000,000
Deposits
$33,000,000
W. B. WELLS, Vice-Pres.
J. R. COOKE, Asst. Cash. R. S. HAWES, Asst. Cash. J. F. FARRELL, Asst. Cash.
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We solicit accounts ot banks and bankers and otter them our complete tacilities tor the handling of their out-of-town items
C. H. HUTTIG, President
G.	W. GALBREATH, Cash. DA. P. COOKE, Asst. Cash.
H.	HAILL, Asst. Cash.
Jtattonai lank of Commerce ttt Jleto fork
is; prepared to transact all branches of homesttc anh foreign banking. Accounts are soliciteb from banks, bankers, firms, corporations anh inhibihuals, k>bo map relp upon courteous consiheration anh the berp best terms that are consistent inith gooh business methohs. Corresponhcnce is inbiteh. Capital, Surplus anh ®nhibiheh profits ober
$40,000,000.00
capacity and training for business management, he has to pay two or three times that sum.
Nearer Home
“Now to bring this matter nearer home, endeavoring to׳ place before you that there may be something worth while in education for business in the higher sense in Montana, I should not omit, before proceeding to my next thought, to point out to you what seems to me a differentiation between a certain demand that exists in the public mind to-day for widespread industrial training and the subject I am talking about, which is education in the science of business, of leadership, and management. In the past, education with us, at least for the last two generations, has been based upon the theory that it pays society and pays the state and city as well, to put the money of the taxpayer into the training of the children, the young man and the young woman. The expenditure is not made primarily for the benefit of the young man or the young woman. You here in Montana are expending $50 for every boy and girl in the public schools, in order that Montana may have the benefit of the training of the boy and girl, and these thousands you are paying for the benefit of the state of Montana. So when you proceed to higher education, you provide for the training of engineers, not because you want to favor a particular young man and enable him to have a successful career in professional pursuit, but in order that the state may get the services of engineers of high technical training, and it is necessary to make this expenditure for the good of the state. The young man is educated, not to serve himself, but to serve the state and the community. Now much of the current discussion that is going on about industrial education proceeds upon the desire to have the individual boy and girl acquire the capacity to earn a living. Which is a very difficult principle. The thing that I am discussing is not the desire to enable the young man to earn an extra good salary, but that the community may have the services of special highly trained men, that the state itself may have the benefit of these services. I repeat, not for the student, but for the state, for society
of Business Administration covers accounting, commercial law, economic resources, industrial organization, banking and finance, transportation, insurance, public business, modern languages. Now there is a distinct type in the development of the professional school of business education. These higher schools in America have been in existence too short a time to enable us to be quite aware of the success of their work, but there is not the slightest difficulty for the young men who go to these institutions, provided they have some native capacity, of course, in succeeding admirably and very quickly getting themselves promoted from positions in which they get the details of experience to positions of management and control. To me it was a very interesting thing that one of the graduates of Stanford University, in_ a technical course—his work was mining and mining engineering—like many of our Pacific coast engineers going to Africa and to Asia to engage in the work of his profession, after he had been out of college about five years, demonstrated the capacity which he had already shown in college, by being manager of all sorts of enterprises, by becoming the managing engineer of an English syndicate. He was getting a salary of $50,000 a year. He had the unusual gift. This man says, after ten more years of experience, the major part of which have been spent in London at the head offices of the companies, that he would give more in his business of managing these great mining corporations for men who knew in an elementary way about engineering, but who knew much about business management and control, than he would for a man highly educated in engineering. He can employ technical engineers, and employ thern cheaply, relatively, for they may be had at salaries of from $4,000 to $6,000 a year and give first-class service. But to get men who have the
CAPITAL & SURPLUS $1,000,000
Pays a rate of interest consistent with good banking
great help to me that my father should make me understand what to try to do. Even though for the first hour or two when I worked at that job I did make the mistake of gripping the handles and making blisters, I kept trying to follow my lesson. So every young man knowing by study where his business should come out, should stand a better chance of knowing where the end may be reached.
Existing Courses
“Let me now speak for a few moments of some of the incidents of business training in an educational way. It is notable that Germany leads the modern world in this, as in other fields. They have long passed the stage of experimentation, not merely in education for engineering and the other professions, but in distinctively commercial and business institutions of higher character than ordinary business colleges such as we have in America. There were two years ago in their commercial universities over 1,100 students, all of whom had had the equivalent of an American college education. Here in America a large number of our best and larger institutions have had in their undergraduate courses, under the flexibility of the elective system a great many courses, so that a young man, taking a general course, could come out with about a quarter of his time expended directly upon subjects which would give him an understanding of the methods and principles of business. Then there are some advanced professional schools for business training. One is the Tuck School at Dartmouth, another is the Harvard Graduate School of Business Administration. Speaking in the first place of what they do at this Tuck School, they have a course in six groups, accounting, statistics, English, commercial law, business procedure, and administration, corporation organization, and administration, commerce and industry, banking, transportation, insurance, modern languages and political science. You gentlemen doubtless find in manv ways that your business is far too closely connected with politics, but we are closely associated with and dependent upon it in our modern institutions. The training in the Harvard School