does　by　no　means　stand　alone；　and　its　perfections　should　not　be
  counted　against　it。
  8。　This　characterization　applies　without　abatement　to　the　schools
  of　commerce　as　commonly　designed　at　their　foundation　and　set
  forth　in　their　public　announcements；　and　to　their　work　in　so　far
  as　they　live　up　to　their　professions。　At　the　same　time　it　is　to
  be　noted　that　few　of　these　schools　successfully　keep　their　work
  clear　of　all　entanglement　with　theoretical　discussions　that　have
  only　a　scientific　bearing。　And　it　is　also　quite　feasible　to
  organize　a　〃school　of　commerce〃　on　lines　of　scientific　inquiry
  with　the　avowed　purpose　of　dealing　with　business　enterprise　in
  its　various　ramifications　as　subject　matter　of　theoretical
  investigation；　but　such　is　not　the　avowed　aim　of　the　established
  schools　of　this　class；　and　such　is　not　the　actual　character　of
  the　work　carried　on　in　these　schools；　except　by　inadvertence。
  9。　It　is　doubtless　within　the　mark　to　say　that　the　training　given
  by　the　American　schools　of　commerce　is　detrimental　to　the
  community's　material　interests。　In　America；　even　in　a　more
  pronounced　degree　than　elsewhere；　business　management　centres　on
  financiering　and　salesmanship；　and　American　commercial　schools；
  even　in　a　more　pronounced　degree　than　those　of　other　countries；
  centre　their　attention　on　proficiency　in　these　matters；　because
  these　are　the　matters　which　the　common　sense　of　the　American
  business　community　knows　how　to　value；　and　on　which　it　insists　as
  indispensable　qualifications　in　its　young　men。　The　besetting
  infirmity　of　the　American　business　community；　as　witness　the　many
  and　circumstantial　disclosures　of　the　〃efficiency　engineers；〃　and
  of　others　who　have　had　occasion　to　speak　of　the　matter；　is　a
  notable　indifference　to　the　economical　and　mechanically　efficient
  use；　exploitation　and　conservation　of　equipment　and　resources；
  coupled　with　an　equally　notable　want　of　insight　into　the
  technological　needs　and　possibilities　of　the　industries　which
  they　control。　The　typical　American　businessman　watches　the
  industrial　process　from　ambush；　with　a　view　to　the　seizure　of　any
  item　of　value　that　may　be　left　at　loose　ends。　Business　strategy
  is　a　strategy　of　〃watchful　waiting；〃　at　the　centre　of　a　web；　very
  alert　and　adroit；　but　remarkably　incompetent　in　the　way　of
  anything　that　can　properly　be　called　〃industrial　enterprise。〃
  The　concatenation　of　circumstances　that　has　brought　American
  business　enterprise　to　this　inglorious　posture；　and　has　virtually
  engrossed　the　direction　of　business　affairs　in　the　hands　of　men
  endowed　with　the　spiritual　and　intellectual　traits　suitable　to
  such　prehensile　enterprise；　can　not　be　gone　into　here。　The　fact；
  however；　is　patent。　It　should　suffice　to　call　to　mind　the　large
  fact；　as　notorious　as　it　is　discreditable；　that　the　American
  business　community　has；　with　unexampled　freedom；　had　at　its
  disposal　the　largest　and　best　body　of　resources　that　has　yet
  become　available　to　modern　industry；　in　men；　materials　and
  geographical　situation；　and　that　with　these　means　they　have
  achieved　something　doubtfully　second…rate；　as　compared　with　the
  industrial　achievements　of　other　countries　less　fortunately
  placed　in　all　material　respects。
  What　the　schools　of　commerce　now　offer　is　further
  specialization　along　the　same　line　of　proficiency；　to　give
  increased　facility　in　financiering　and　salesmanship。　This
  specialization　on　commerce　is　like　other　specialization　in　that
  it　draws　off　attention　and　interest　from　other　lines　than　those
  in　which　the　specialization　falls；　thereby　widening　the
  candidate's　field　of　ignorance　while　it　intensifies　his
  effectiveness　within　his　specialty。　The　effect；　as　touches　the
  community's　interest　in　the　matter；　should　be　an　enhancement　of
  the　candidate's　proficiency　in　all　the　futile　ways　and　means　of
  salesmanship　and　〃conspiracy　in　restraint　of　trade。〃　together
  with　a　heightened　incapacity　and　ignorance　bearing　on　such　work
  as　is　of　material　use。
  10。　Latterly；　it　appears；　the　training　given　by　the　athletic
  establishments　attached　to　the　universities　is　also　coming　to
  have　a　value　as　vocational　training；　in　that　the　men　so　trained
  and　vouched　for　by　these　establishments　are　finding　lucrative
  employment　as　instructors；　coaches；　masseurs；　etc。；　engaged　in
  similar　athletic　traffic　in　various　schools；　public　or　private。
  So　also；　and　for　the　same　reason；　they　are　found　eligible　as
  〃muscular　Christian〃　secretaries　in　charge　of　chapters　of　the
  Y。M。C。A。　and　the　like　quasi…devout　clubs　and　gilds。　Indeed　in　all
  but　the　name；　the　athletic　establishments　are　taking　on　the
  character　of　〃schools〃　or　〃divisions〃　included　under　the
  collective　academic　administration；　very　much　after　the　fashion
  of　a　〃School　of　Education〃　or　a　〃School　of　Journalism〃；　and　they
  are　in　effect　〃graduating〃　students　in　Athletics；　with　due；
  though　hitherto　unofficial；　certification　of　proficiency。　So
  also；　latterly；　one　meets　with　proposals；　made　in　good　faith；
  among　official　academic　men　to　allow　due　〃academic　credit〃　for
  training　in　athletics　and　let　it　count　toward　graduation。　By
  indirection　and　subreption；　of　course；　much　of　the　training　given
  in　athletics　already　does　so　count。
  CHAPTER　VIII
  Summary　and　Trial　Balance
  As　in　earlier　passages；　so　here　in　speaking　of　profit　and
  loss；　the　point　of　view　taken　is　neither　that　of　material
  advantage；　whether　of　the　individuals　concerned　or　of　the
  community　at　large；　nor　that　of　expediency　for　the　common　good　in
  respect　of　prosperity　or　of　morals；　nor　is　the　appraisal　here
  ventured　upon　to　be　taken　as　an　expression　of　praise　or　dispraise
  at　large；　touching　this　incursion　of　business　principles　into　the
  affairs　of　learning。
  By　and　large；　the　intrusion　of　businesslike　ideals；　aims　and
  methods　into　this　field；　with　all　the　consequences　that　follow；
  may　be　commendable　or　the　reverse。　All　that　is　matter　for
  attention　and　advisement　at　the　hands　of　such　as　aim　to　alter；
  improve；　amend　or　conserve　the　run　of　institutional　phenomena
  that　goes　to　make　up　the　current　situation。　The　present　inquiry
  bears　on　the　higher　learning　as　it　comes　into　this　current
  situation；　and　on　the　effect　of　this　recourse　to　business
  principles　upon　the　pursuit　of　learning。
  Not　that　this　learning　is　therefore　to　be　taken　as
  necessarily　of　higher　and　more　substantial　value　than　that
  traffic　in　competitive　gain　and　competitive　spending　upon　which
  business　principles　converge；　and　in　which　they　find　their
  consummate　expression；　　even　though　it　is　broadly　to　be
  recognized　and　taken　account　of　that　such　is　the　deliberate
  appraisal　awarded　by　the　common　sense　of　civilized　mankind。　The
  profit　and　loss　here　spoken　for　is　not　profit　and　loss；　to
  mankind　or　to　any　given　community；　in　respect　of　that　inclusive
  complex　of　interests　that　makes　up　the　balanced　total　of　good　and
  ill；　it　is　profit　and　loss　for　the　cause　of　learning；　simply；　and
  there　is　here　no　aspiration　to　pass　on　ulterior　questions。　As
  required　by　the　exigencies　of　such　an　argument；　it　is　therefore
  assumed；　pro　forma；　that　profit　and　loss　for　the　pursuit　of
  learning　is　profit　and　loss　without　reservation；　very　much　as　a
  corporation　accountant　will　audit　income　and　outlay　within　the
  affairs　of　the　corporation；　whereas；　qua　accountant；　he　will
  perforce　have　nothing　to　say　as　to　the　ulterior　expediency　of　the
  corporation　and　its　affairs　in　any　other　bearing。
  I
  Business　principles　take　effect　in　academic　affairs　most
  simply；　obviously　and　avowably　in　the　way　of　a　businesslike
  administration　of　the　scholastic　routine；　where　they　lead
  immediately　to　a　bureaucratic　organization　and　a　system　of
  scholastic　accountancy。　In　one　form　or　another；　some　such
  administrative　machinery　is　a　necessity　in　any　large　school　that
  is　to　be　managed　on　a　centralized　plan；　as　the　American　schools
  commonly　are；　and　as；　more　particularly；　they　aim　to　be。　This
  necessity　is　all　the　more　urgent　in　a　school　that　takes　over　the
  discipline　of　a　large　body　of　pupils　that　have　not　reached　years
  of　discretion；　as　is　also　commonly　the　case　with　those　American
  schools　that　claim　rank　as　universities；　and　the　necessity　is　all
  the　more　evident　to　men　whose　ideal　of　efficiency　is　the
  centralized　control　exercised　through　a　system　of　accountancy　in
  th