ECONOMICS INSTRUCTOR WINS ESSAY COMPETITION

The Hart, Schaffner, and Marx Prize has been awarded for the fourth time to a Harvard faculty member. F. W. Ryan 3G, an instructor in economics has just been announced as the winner of the thousand dollar prize offered annually by Hart, Schaffner, and Marx for a thesis on an economic subject. It is one of the highest honors in the economic field.

Mr. Ryan's subject was "The Economics of Usury and Usury Laws." His thesis sets forth and amplifies the distinction between moral and legal usury. "The true solution of the usury problem," said Mr. Ryan to a CRIMSON reporter yesterday. "Is first to locate where moral usury exists and then to set up the proper legal machinery for measuring it. This is now being done in some twenty states which have enacted the Uniform Small Loan Law."

Mr. Ryan, a graduate of Baker University and the Harvard Business School, also won the Macy Prize for the best business school graduation thesis in 1921, and the Jesse Isidor Strauss Prize Scholarship last year for research work. In the field of usury laws. His winning thesis will be published in book forms by Houghton, Hifftis and Company.