ater than ever before, the commercial
loss through fraud and dishonesty is constantly diminishing and
standards are slowly but surely moving upward. The honest man's chances
for success in business are better than ever before, and the dishonest
man's chances for lasting commercial success are less than ever before.
To grow rich by failing in business is no longer regarded as an act of
cleverness. The professional bankrupt finds it more and more difficult
to get credit. He soon discovers that even his cash will not win for
him the attention that his poorer neighbor commands simply by his
character.

Education has done splendid service in raising commercial standards. As
a rule, the high-toned business man is enlightened, and, as a rule, the
dishonest, unscrupulous man in business is ignorant. Great aid in the
direction of raising commercial standards may be rendered by the
further spreading of knowledge and enlightenment. There are still many
misguided men in business who imagine that there can be no success
without false weights and measures, without lies and deceit. It is the
duty of every man in business, who loves the work in which he is
engaged, to do whatever he can to correct this mistaken notion, and to
arouse the same sense of honor in the circles of commerce that, as a
rule, is found in professional life.

In the decades to come men will take as much pride in being engaged in
trade as men always have taken in being members of a liberal
profession.

It seemed to me that a step toward hastening such a day might be taken
by inviting the best thoughts of some of the country's best minds on
the subject of "The Morals of Trade."

What better platform for the expression of such ideas than that
furnished by the College of Commerce of the University of California?
What better way to spread such thoughts than by means of their
distribution in printed form? What better way to train to higher
commercial standards the minds, not only of the youths who are seeking
a university education and who have in view a business career, but also
of the many already engaged in business who have not had the benefit of
a college training?

It seemed to me that such a step might set in motion a commercially
educational force which would prove far-reaching in its influence and
most helpful in raising business character.

Thoughts such as these prompted the recent establishing of the
lectureship on "The Morals of Trade" in connection