varying degrees they pursued their studies and with great diligence they pursued the 500 female students, the survivors of intense competition for admittance that necessarily favored brains over beauty, a clear illustration of what happens when a desirable product is in short supply. Among other things Deans were the sometimes dispensers of discipline and so it was as a first-year graduate student in the year of our Lord 1937 that I answered with some trepidation a summons from the office of Dean Hugh Jackson. He told me that each year the Business School sponsored an annual banquet for the leading executives of San Francisco and that he would preside over a program which would include a student speaker, an alumnus of the School who had been graduated 10 years before, and a Vice President of the Chrysler Corporation who would give the main address. He said, "Ed, you have been chosen as the student speaker. You will speak for 5 minutes and you will be funny about the faculty". To give you some idea of how well I performed it was 33 years and 3 Deans later before I was again asked here tonight to address a meeting sponsored by the Graduate School of Business. The Deans have changed but the message is much the same, even though some of us would have expected better ideas from Ford. When Arjay called me regarding this evening, he said in effect, "Speak for 5 minutes, keep it on the light side, and leave any attempts at profundity for the main speaker". Of course, his tone was gentler that that of Dean Jackson as befits a Dean speaking to a donor rather than to a student.