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FIG. 14. The figures are from “ The Fifth-Year Record of the Class of 1906, Princeton t'niversity,” pages 245–259. Reports were from about two-thirds of the members of the classes. In the same way 10 years after graduation the class of 1899 of Dartmouth reports an average income of $2,097; the class of 1903 of Northwestern University an average of $1,863 for the fifth to tenth year after graduation; and the Harvard law class of 1905 reports an average of $2,616 the fifth year after graduating in law.

Earnings of Northwestern graduates.Northwestern University made an investigation of the salaries received by its graduates of 1903 1 and found that during the first five years these averaged $867 and for the next five years $1,862 per year. While this seems lower than the salaries reported from the eastern universities, it must be remembered that the average salary for the last five years and not the average salary of the tenth year is given. It should also be remembered that 10 years after his graduation the average college man is only a little over 30 years old, and has a prospect of continued increase in salary for another 10 or 20 years.

Earnings of Dartmouth graduates.-In 1909 reports were secured from 67 out of 100 of the class of 1899 of Dartmouth College, which showed that the average salary received by these men 10 years after graduation was $2,097.25.2

Salaries of University of Texas graduates.-In reply to a questionnaire sent out by Mr. E. V. White concerning the earnings of the 192 graduates of his class (1903) of the University of Texas, 76 reported. In these reports personal earnings (wages, salaries, and professional fees) were reported separate from income from inherited property or speculation. Fifty-four of the students reporting had earned part or all of the money expended on their education, and hence represented not even well-to-do families. Average annual salaries reported by these graduates were as follows:

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In reply to the objection that these do not represent fair averages of the graduates' wages, because only those who have good salaries would answer such a questionnaire, Mr. White writes that he is personally acquainted with many of those not reporting and knows that many of them have even better salaries than the averages given above.

Increased earning power of evening students in Pennsylvania School of Finance and Accounts.-The rate of increase in salaries from year to year of the students who have attended the night School of Finance and Accounts of the University of Pennsylvania while

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1 The Dial, 55, No. 649, p. 10, July 1, 1913.
2 H. A. Miller, Science, N. S. 34, 789-90 ; Feb. 4, 1910.

3 The above is taken from a manuscript report prepared by E. V. White, now dean of the Texas College of Industrial Arts.

continuing their regular business occupations during the day presents another remarkable instance of the immediate financial returns from education. Three hundred and fifty men graduated from this evening school in seven years, beginning in 1907. The average salaries of these students on entering the school, the salaries in 1913, the percentage of annual increase, and the total increase were as follows:

Salaries of students before entering and after leaving the University of Penn

sylvania Erening School of Finance and Accounts.

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Average annual increase, 23 per cent. It will be seen that those students who entered in 1904, having an average salary of $1,040, have increased it on the average 22 per cent each year, and nine years later have an average salary of $3,120. Those who entered in 1905 with an average salary of $956 progressed even more rapidly, making gain in salary of 31 per cent a year and reaching in eight years an average of $3,347 per year. The record for all classes taken together shows an average increase in salary of the entire body of graduates of 23 per cent a year. Business men are not in the habit of increasing the salaries of their employees 23 per cent a year, or giving to them average salaries of over $3,000. If these students are promoted at that rate and receiving such salaries, then their training in school must have given them an increased efficiency somewhat in proportion to their increased salaries.

Superior earning power of graduates of schools is a demonstrated fact.-Such studies as the above, while open to the criticisms that have been mentioned before, because of the fact that the educated are a selected set to begin with, have nevertheless answered unmistakably the question as to whether the schools, with all their admitted imperfections, are preparing their pupils for greater economic efficiency. The figures show conclusively that the schools are giving their pupils a greater earning power than even the strongest advocates of education had claimed. Inevitably, as the economic processes become more complex, the relative need for directive force in industry becomes greater and greater. Experience has shown that only through a thorough system of public schools and colleges can a State or nation provide for itself an adequate supply of citizens capable of furnishing this necessary directive force.

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1 Old Penn Weekly Review, 1913, p. 202.

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LIST OF REFERENCES ON THE MONEY VALUE OF

EDUCATION.

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Agricultural education pays. School education, 34:36, September, 1914.

Data collected by the New York state school of agriculture, Alfred, N. Y. BROOKLYN TEACHERS' ASSOCIATION. SUB-COMMITTEE ON SCHOOL INCENTIVES. In

dustrial efficiency. In its Report of the president, 1908-1909. Brooklyn,

N. Y., 1909. p. 25–29. CAMPBELL, M. EDITH. Economic value of education. In National child labor

committee. Proceedings, 1912. p. 66–72. CLARK, MELVIN G. (Statistics showing that an education pays.] Journal of

education, 78: 109–10, July 24, 1913. DILL, JAMES B. Education an element of business success. New York asso

ciated academic principals. Proceedings, 1900. p. 605-621. [New York

State University. High school department. Bulletin 12, April, 1901.) Do farmers need education? Associate teacher, 15:6, May, 1914.

Figures by the U. S. Department of Agriculture, showing the value of educa

tion to a farmer. [Earning capacity of school children.] American school-board journal, 47: 54,

July, 1913.

States the amounts earned by pupils of different grades during summer in

St. Cloud, Minn. ECKELS, J. H. The financial value of education. National education associa

tion. Journal of proceedings and addresses, 1907, p. 165–170.

Shows that modern business demands wide education. [Education and earning power.) American educational review, 30: 75, No

vember, 1908.

Opportunities for education. [Education and success.) North central association of colleges and secondary

schools. Proceedings, 1902. p. 5-8.

General statements only. Education in successful farming. Rural manhood, 5:301-303, September, 1914.

Based on Bulletin 41 of the United States Department of agriculture, by E. H. Thomson and II. M. Dixon. A brief extract from the same source also appears

in the Associate teacher, 15:6, May, 1914, JOHNSON, O, R. The value of education to the farmer. University of Missouri

.Agricultural Experiment Station. Circular no. 77, 1915.

Reports a survey of 656 farms in Johnson County, Mo. JONES, E. D. Relation of education to industrial efficiency. American economic

review (supplement), 5, 209-33, March, 1915. LEWIS, E. E. The financial value of general education. Midland schools,

30: 201-203, March, 1916.
Quotes results of several studies reported in other articles in this bibliography.

Work, wages, and schooling of eight hundred Iowa boys. University of Iowa. Extension bulletin, no. 9, February, 1915.

A study of more than 800 Iowa boys who quit school before graduation. No comparison is made in rate of advancement in salary of boys with much and boys with little education.

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