Illinois Bankers
The Wharton School was the first collegiate business school in the United States.
Joseph Wharton (1826-1909) was born into a prominent Quaker family. His parents hired private tutors to educate him. But before he went on to great success as an industrialist, he worked in the counting house (accounting branch) of the Philadelphia dry goods firm Waln and Leaming.
When he was about 19 years he began an apprenticeship at Waln and Leaming. The skills he learned there were very similar to those that had been taught to the future mercantile class in medieval Italy: how to balance the books and the particulars of insurance, finance, currency and contracts. Just about a year after he had begun his apprenticeship he was promoted to chief bookkeeper, putting him in charge of 800 accounts.
After leaving Waln and Leaming, Wharton went into the business of manufacturing industrial metals, an emergent industry at the time. Though he and some other entrepreneurs had been well-served by the apprentice system, he knew that it was not sustainable in the industrial age. Businessmen did not have time to train apprentices.
Proposes Plan in 1881
So in 1881 after two years of careful thought about his plan, Wharton gave the University of Pennsylvania the money to start the Wharton School. His plan was for a three-year college, the first two years devoted to liberal arts courses and the last filled with business courses.
Although he never went to college, Wharton was not at a loss for words about college life. He said that it presented "great temptations and opportunities for the formation of superficial light-weight characters," But he envisioned that his proposed business college would "instill a sense of the coming strife [of business life]: of the immense swings upward or downward that await the competent or the incompetent soldier in this modern strife." (Pragmatic Imagination: a History of the Wharton School, 1881-1981.)
Albert S. Bolles
The Wharton School opened in 1883. In 1884 Albert S. Bolles was named Professor of Mercantile Law and Practice, effectively making him the head of the school. Bolles had been a lawyer, judge and newspaper editor in Connecticut. When he wrote for the newspaper, he usually wrote about economics. He left the newspaper to edit the Bankers Magazine.
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