The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-02
LOSS TO ECONOMIC TEACHING

If there is anything which is important in Ameri-
can higher education today, it is sound and courage
Gus teaching on the more basic and important eco
nomic problems of the present age.
Therefore, the resignation of Professor William
zebina Ripley from Harvard university and the death
of Professor Thomas Sewell Adams of Yale univer-
sity must be regarded as an irreparable blow to uni
versity instruction in this country.
Few American college professors have succeeded
better than Professor Ripley in combining versatility
with exacting scholarship. His earliest work was
done in the field of economic history. Then, in the
opening year of the present century, he published
his famous work on THE Races of Europe"
This was a comprehensive survey Of a highly COM
plicated subject and rested upon years of patient re-
search in various European languages. 1t blasted
for all times the Aryan myth and other racial faIlacies
Of the day.
Had it been studied by Madison, Grant, and
others, it would have prevented the rise and vicious
influence of the Nordic myth, given to the world
fifteen years later. 1t is a remarkable testimonial to
the scholarship Of Professor Ripley that the book is
still, after thirty-three years, the standard work on
English in this field and still reliable in all its fun
damental viewpoints.
After this distinguished achievement in physical
anthropology, Professor Ripley turned his attention
to applied economics and made for himself in sue
cession an international reputation in the fields of
corporation finance, railroad economics, labor prob
lens. and recent Wall street methods and ethics.
Proof of his grasp of the material is to be seen in
the fact that he was called as an expert by the
federal government to supervise research Or render
opinions in every one of these fields.
AS a public expert, Professor Ripley probably is
best known for his work on railroad economies. He
repeatedly has been summoned so that the govern
ment might avail itself of his wide information and
statesmanlike insight into this perplexing problem.
From l920-1923 he worked with the interstate
commerce commission as an expert in formation of
the new policy with respect to railroad consolidation.
In all probability he made himself best known to
the American public through his book on Main
Street and Wall Street" an amplifcation of his IA
nous article in the Atlantic Monthly. This had the
distinction of being the only book by an American
college professor which really ever rocked Wall Street.
He showed how the mass of stockholders in mod
ern corporations, particularly in holding companies.
are ignored, bamboOzled, or hoodwinked by powerful
insiders, who actually control doings Of the concern.
The book went beyond alarming speculative pirates:
it even forced some gestures of reform.
Professor Ripley gave evidence of great capacity
to assemble facts, of high intelligence in their in
terpretation, and, what is far more rare, of the
courage TO use them. 1t is to be hoped that HarvardIs
loss will be Americas gain, and that President Roose-
welt will be able to exploit his services in helping us
out of the depression.
There are few, If any. American economists so
widely and precisely informed on the major issues
which the new administration must confront.
Professor Adams was, along with Professor Selig-