Guide to the Harry G. Guthmann (1896 - 1981) Papers

Collection Title: Harry G. Guthmann (1896 - 1981) Papers
Dates: 1909-1981
Identification: 12/1/7
Creator: Guthmann, Harry G. (Harry George), 1896-
Extent: 15 Boxes
Language of Materials: English
Abstract: Harry George Guthmann was a finance professor. His PhD. dissertation was entitled "The Relation of the Maturity Factor to Yield Differences among Investment Securities." In 1920 he became a Certified Public Accountant. Although during his life Guthmann worked as a bank clerk, junior public accountant, income tax deputy, financial consultant, and an officer in a real estate corporation, his main career was teaching. Northwestern University hired Guthmann as in 1927. In 1949 he was named the Charles E. and Emma H. Morrison Professor of Finance. Upon his retirement in 1965, Guthmann was made professor emeritus. Guthmann was an energetic writer and a sought-after consultant. The Harry G. Guthmann Papers, comprising ten boxes, are arranged in seven main subseries: biographical material; business investments files; correspondence; teaching material; research material; speeches; and writings.
Acquisition Information: The Harry G. Guthmann Papers were donated to the University Archives by Mrs. Harry G. Guthmann on November 2, 1981, as accession #81-224.
Processing Information: William K. Beatty, June - August, 1982.
Separated Materials: Three books were placed in the Archives' faculty collection.Several photographs were removed to Guthmann's folder in the photograph fileCertificates and other oversized materials were placed in Drawer 8, map case, Room 111 B.
Conditions Governing Access: None
Repository: Northwestern University Archives
Deering Library, Room 110
1970 Campus Dr.
Evanston, IL, 60208-2300
URL: http://www.library.northwestern.edu/archives
Email: archives@northwestern.edu
Phone: 847-491-3354

Biographical/Historical Information

Finance professor Harry George Guthmann was born in East Syracuse, New York on December 16, 1896, the son of Martin and Margaret D. (Storer) Guthmann. Guthmann obtained his BA from Syracuse University in 1917, his MBA from New York University in 1921, and his PhD from the University of Chicago in 1929. His dissertation was entitled “The Relation of the Maturity Factor to Yield Differences among Investment Securities.” In 1920 he became a Certified Public Accountant.

Although during his life Guthmann worked as a bank clerk, junior public accountant, income tax deputy, financial consultant, and an officer in a real estate corporation, his main career was teaching. From 1917 to 1921 Guthmann served as an instructor in economics and accounting at Syracuse University. He was promoted to assistant professor of finance in 1921. From 1922 to 1925 he was an associate professor in finance at the University of Texas. During 1925 - 1926 he was a research assistant at the University of Chicago.

Northwestern University appointed Guthmann as an assistant professor of finance in 1927. In 1930 he was promoted to associate professor and in 1935 became a full professor. In 1949 he was named the Charles E. and Emma H. Morrison Professor of Finance. Upon his retirement in 1965, Guthmann was made professor emeritus.

Throughout his academic career, Guthmann was an energetic writer and a sought-after consultant. Three of his books went through several editions. Analysis of Financial Statements , first published in 1925, appeared in its fourth edition in 1953. Investment Principles and Practices , with Ralph Badger and H.W. Torgerson, was issued in six editions, and Corporate Financial Policy , with Herbert Dougall, which appeared in four editions, sold over 250,000 copies.

Guthmann served as a consultant primarily on tax and valuation matters. He testified before congressional committees several times.

Active in several associations, Guthmann served as president of the American Finance Association (1945-1946), and as a trustee and member of the Executive Committee of the Teachers Insurance and Annuity Association (1947-1951).

In 1930 Guthmann married Bernice Jones Montgomery. He died in Evanston on March 15, 1981, survived by his wife, two step-daughters, and six grandchildren.

Scope and Content

The Harry G. Guthmann Papers, comprising ten boxes, are arranged in seven main subseries: biographical material; business investments files; correspondence; teaching material; research material; speeches; and writings. Arrangement within each subseries is basically chronological.

The biographical material includes curricula vitae, research reports, several partial bibliographies, and newspaper clippings.

The business investments files consist primarily of material documenting Guthmann's dealings with a small company named Snap Products (1946-1950) and with a Mexican gold mining concern, Yecorato (1932-1941). The latter material includes detailed descriptions of the mine and its activities and a good portrait of the entrepreneur William N. Albee.

The correspondence deals mainly with Guthmann's work as a consultant, writer, and teacher. The correspondence with Bion Howard reflects some of Guthmann's views on touring Europe in 1962. The two folders relating to the Teachers Insurance and Annuity Association include letters in which Guthmann makes detailed recommendations regarding TIAA's investment programs and procedures.

The teaching material includes reading lists, exams, notes, and a few student papers. Some of the materials, including the four folders pertaining to the Regulatory Commission Development, concern Guthmann's teaching at the continuing education level.

The research material relates to Guthmann's activities as a consultant and as an expert witness before various courts and congressional committees. The material should prove useful for students of tax determination and valuation procedures. The cases dealing with American Telephone and Telegraph, the Chicago Traction Companies, Consumers Power Company (Michigan), various cooperatives, Kohler, the Leschen Rope Company, the Pennsylvania and New York Central Railroad merger, and the Alexander J. Shamberg Estate are especially important.

The writings include, for the most part, manuscript drafts and correspondence. Most concern articles by Guthmann; there is little relating to his books. The folder on plagiarism deals with O. Paul Decker's Corporation Finance and Investments, published in 1941 by the American Institute of Banking, and Guthmann and Dougall's Corporate Financial Policy. The case was settled out of court in favor of Guthmann and Dougall.

Arrangement of Materials

The Harry G. Guthmann Papers, comprising ten boxes, are arranged in seven main subseries: biographical material; business investments files; correspondence; teaching material; research material; speeches; and writings. Arrangement within each subseries is basically chronological.

Subjects

Corporate Name

Northwestern University (Evanston, Ill.). Department of Economics--Faculty

Personal Name

Guthmann, Harry G. (Harry George), 1896-

Subjects

Economics--Study and teaching (Higher)--United States

Taxation--United States--Cases


Container List / Contents

  • Biographical Material
    • Personal Items, 1921-1981Box 1, Folder 1
    • Bibliographies, 1929-1955Box 1, Folder 2
    • Certificates, 1909-1975Box 1, Folder 3
    • Clippings, 1930-1975Box 1, Folder 4
  • Business Investments
    • Hotel Sherman and Other Hotels, 1943-1959Box 1, Folder 5
    • Snap Products, Apr 15, 1937; 1946-1950Box 1, Folder 6
    • Yecorato Gold Mine, 1932-1941Box 1, Folder 7
  • Correspondence
    • Correspondence, 1915; 1925-1929Box 1, Folder 8
    • Correspondence, 1930-1939Box 1, Folder 9
    • Correspondence, 1940-1949Box 1, Folder 10
    • Correspondence, 1950-1953Box 1, Folder 11
    • Correspondence, 1954-1956Box 2, Folder 1
    • Correspondence, 1957-1959Box 2, Folder 2
    • Correspondence, 1960-1969Box 2, Folder 3
    • Correspondence, 1970-1979Box 2, Folder 4
    • Alabama Power Company, 1959Box 2, Folder 5
    • Annuities, Gifts, and Insurance, 1919; 1955-1970Box 2, Folder 6
    • Building and Loan Associations, 1927-1937Box 2, Folder 7
    • Douglas, Paul H., 1949-1951Box 2, Folder 8
    • East Syracuse (NY) High School, 1959-1963Box 2, Folder 9
    • Milton Friedman, 1965; 1969Box 2, Folder 10
    • Grimm, William T., 1965-1966Box 2, Folder 11
    • Howard, Bion, 1962Box 2, Folder 12
    • National Tax Equality Association, 1946Box 2, Folder 13
    • Remington Rand, 1935Box 2, Folder 14
    • Retirement, 1965-1966Box 2, Folder 15
    • Rookwood Gardens, 1947-1976Box 2, Folder 16
    • Syracuse University, 1965-1967Box 3, Folder 1
    • Teachers Insurance and Annuity Association, 1947-1975Box 3, Folder 2
    • Teachers Insurance and Annuity Association, American Furniture Mart, 1939-1955Box 3, Folder 3
    • Witherell, James, 1939-1941Box 3, Folder 4
  • Teaching Materials
    • B4, Banking Credits, n.d.Box 3, Folder 5
    • D4, Investment Analysis, 1929-1948Box 3, Folder 6
    • E2, Finance Seminar, 1956-1957Box 3, Folder 7
    • E12, Finance Seminar, 1958Box 3, Folder 8
    • MR34, n.d.Box 3, Folder 9
    • Navy V-12 Program, n.d.Box 3, Folder 10
    • University of California, BA233B, Security Analysis, 1965Box 3, Folder 11
    • Advanced Money and Banking, n.d.Box 3, Folder 12
    • Analysis of Financial Statements, 1967-1969; 1972Box 3, Folder 13
    • Consumption, n.d.Box 3, Folder 14
    • Factors in the Future of Interest Rates, 1953; 1957; 1959-1960Box 3, Folder 15
    • Investing Personal Funds, 1960-1963Box 3, Folder 16
    • Investment Bankers Association Summer Course, 1960Box 3, Folder 17
    • Public Utility Executive Course, 1963-1964Box 3, Folder 18
    • Regulatory Commission Development, 1964Box 3, Folder 19
    • Regulatory Commission Development, 1965Box 3, Folder 20
    • Regulatory Commission Development, 1967Box 3, Folder 21
    • Regulatory Commission Development, 1968; 1971Box 3, Folder 22
    • School of Mortgage Banking, 1957Box 4, Folder 1
    • Student Papers, n.d.Box 4, Folder 2
    • Study Seminar for Financial Analysts, 1968-1971Box 4, Folder 3
    • Miscellaneous, 1945; 1959; n.d.Box 4, Folder 4
  • Research Materials
    • Allyn and Bacon, “July 17,-Nov. 1,1957”Box 4, Folder 5
    • American Telephone and Telegraph; Volume 1: Research Materials - American Telephone and Telegraph, Report, Part I; Volume 2: American Telephone and Telegraph, Report, Part II, 1946-1949Box 4, Folder 6
    • Celotex, 1938Box 4, Folder 7
    • Chicago Traction Companies, Correspondence, 1942-1947Box 4, Folder 8
    • Chicago Traction Companies, Testimony, 1942; 1945; n.d.Box 4, Folder 9
    • Chicago Traction Companies, Reports, 1942-1943; n.d.Box 5, Folder 1
    • Chicago Traction Companies, Supporting Materials, 1942-1943; n.d.Box 5, Folder 2
    • Chicago Traction Companies, Clippings, 1942-1945Box 5, Folder 3
    • Commonwealth Edison, 1957Box 5, Folder 4
    • Consumers Power Company, Correspondence, 1966-1968Box 5, Folder 5
    • Consumers Power Company, Deposition and Cross Examination, 1967-1968Box 5, Folder 6
    • Consumers Power Company, Reports, 1965; 1968Box 5, Folder 7
    • Consumers Power Company, Supporting Materials, n.d.Box 5, Folder 8
    • Cooperatives, Correspondence, 1947; 1951; 1964Box 5, Folder 9
    • Cooperatives, Testimony, 1951; 1964Box 6, Folder 1
    • Cooperatives, Supporting Materials, n.d.Box 6, Folder 2
    • W.S. Dickey Clay Manufacturing Co., 1946Box 6, Folder 3
    • Ebaloy, Inc., 1951Box 6, Folder 4
    • Economics, Miscellaneous, 1945-1971Box 6, Folder 5
    • Fort Dodge, Des Moines & Southern Railway, 1956-June 3, 1957Box 6, Folder 6
    • Griffin Wheel Company, 1951Box 6, Folder 7
    • Illinois Farm Supply Company, 1948Box 6, Folder 8
    • Interstate Commerce Commission, 1963-1964Box 6, Folder 9
    • Kohler, Correspondence, 1946-1951Box 6, Folder 10
    • Kohler, Reports, 1, 1943-1950Box 6, Folder 11
    • Kohler, Reports, 2, n.d.Box 6, Folder 12
    • Kohler, Supporting Materials, 1946-1947; n.d.Box 6, Folder 13
    • Kraft- Phenix, 1934Box 7, Folder 1
    • Large Stock Offerings, 1963Box 7, Folder 2
    • Leschen Rope Company, Correspondence, 1956-1960Box 7, Folder 3
    • Leschen Rope Company, Reports, 1957; n.d.Box 7, Folder 4
    • Leschen Rope Company, Supporting Materials, 1957; n.d.Box 7, Folder 5
    • Maryland Casualty Company, 1943-1946Box 7, Folder 6
    • Minnesota and Ontario Paper Company, 1949-1950Box 7, Folder 7
    • Pennsylvania Railroad and New York Central Railroad Merger, “1963; n.d. ”Box 7, Folder 8
    • Population, n.d.Box 7, Folder 9
    • Public Utilities Study, 1962Box 7, Folder 10
    • Reproduction Cost, 1958Box 7, Folder 11
    • Ruhm Phosphate and Chemical Co., 1947Box 7, Folder 12
    • Rural Electrification Administration Study, 1963Box 7, Folder 13
    • Rural Electrification Administration, Testimony, 1963-1966Box 7, Folder 14
    • Alexander J. Shamberg Estate, 1942-1943Box 7, Folder 15
    • Sharon v. Garard Trust Company, 1931-1933Box 7, Folder 16
  • Speeches
    • Texts and Correspondence, 1938; 1948; 1965Box 8
  • Writings
    • “Investing Life Insurance Reserves in Common Stock”, 1929Box 8, Folder 2
    • “Post War Trends in Capital Structures”, 1930Box 8, Folder 3
    • “Actuarial Versus Sinking Fund Type Formula For Valuation”, 1930Box 8, Folder 4
    • “Some Financial Tendencies Among Leading Variety and Grocery Chains During the Past Decade”, 1931Box 8, Folder 5
    • “The Chicago Traction Plan”, 1931Box 8, Folder 6
    • “The Chicago Traction Plan: A Case Study of an Unusual Reorganization”, 1931Box 8, Folder 7
    • “A Financial Study of Some Leading Public Utility Holding Companies”, 1931-1932Box 8, Folder 8
    • “Revision of Chicago Traction Plan”, 1933Box 8, Folder 9
    • “The Hazards of an Immediate Return to Gold”, 1933-1934Box 8, Folder 10
    • “Rising Prices vs. Working Capital”, 1934Box 8, Folder 11
    • “Industrial Working Capital During Business Recession”, 1934Box 8, Folder 12
    • “Stocks vs. Bonds as Life Insurance Investments During Depression”, 1934-1935Box 8, Folder 13
    • “Left-Handed Help for the Home Builder”, 1936Box 8, Folder 14
    • “Measuring the Dilution Effect of Convertible Securities”, 1937-1938Box 8, Folder 15
    • “Making Home Ownership Safe”, 1938Box 8, Folder 16
    • “Can Congress Remove the Tax Exemption of Municipals?”, 1938Box 8, Folder 17
    • “Have Bank Stocks a Future?”, 1938Box 8, Folder 18
    • “How Long Should We Take to Pay for Our Home?”, 1939Box 8, Folder 19
    • Encyclopedia Americana, 1940Box 8, Folder 20
    • “Excess Profits Taxation and the Investor”, 1940Box 8, Folder 21
    • “The Effect of the Undistributed Profits Tax Upon the Distribution of Corporate Earnings: A Note”, 1939-1940Box 8, Folder 22
    • “Public Utility Depreciation Practice”, 1941-1942Box 8, Folder 23
    • “The Outlook for Tax Exemption for Municipals”, 1942Box 8, Folder 24
    • “Prefabrication - Housing's War Baby”, 1942Box 8, Folder 25
    • “Dilution and Common Stock Financing”, 1944-1945Box 8, Folder 26
    • “Absolute Priority in Reorganization”, 1945Box 8, Folder 27
    • “American Telephone and Telegraph Financing”, 1946Box 8, Folder 28
    • “The Movement of Debt to Institutions”, 1950Box 8, Folder 29
    • “Competition from Tax-Exempt Business”, 1951Box 8, Folder 30
    • “Solutions for Problems in Guthmann's 'Analysis of Financial Statements'”, Fourth Edition, 1953Box 8, Folder 31
    • Encyclopedia Britannica, 1952-1967Box 9, Folder 1
    • Chapters on Investments and Insurance in “The Individual, Marriage, and the Family”, 1955Box 9, Folder 2
    • “Risk Capital in Financial Institutions”, 1960Box 9, Folder 3
    • “Tax Favoritism to Cooperatives”, 1960Box 9, Folder 4
    • Notes on Book, 1962Box 9, Folder 5
    • Random House Dictionary, 1962-1967Box 9, Folder 6
    • “Proposed Legislation to Raise Borrowing Rate of Rural Electrification Administration”, 1964Box 9, Folder 7
    • “Do Rural Electrification Co-ops Need a Subsidized Interest Rate?”, 1964-1965Box 9, Folder 8
    • “The Question of the Continuance of the Undergraduate Program of the School of Business at Northwestern University”, 1965Box 9, Folder 9
    • “Market Pressure on Price from the Sale of Large Blocks of Stock”, 1965Box 9, Folder 10
    • Unpublished Manuscripts, 1929-1966Box 9, Folder 11
    • Reviews by, 1935-1966Box 10, Folder 1
    • Reviews of Works by, 1935-1940Box 10, Folder 2
    • Catalogs and Flyers, 1936-1965Box 10, Folder 3
    • Adoptions, 1958-1959; 1964Box 10, Folder 4
    • Royalties and Contract, 1940; 1953-1957Box 10, Folder 5
    • Plagiarism, 1942-1943Box 10, Folder 6
    • Comment on History of Graduate School of Management and its AntecedentsBox 10, Folder 7
    • Reprints, 1927-1939Box 10, Folder 8
    • Reprints, 1940-1949Box 10, Folder 9
    • Reprints, 1950-1959Box 10, Folder 10
    • Reprints, 1960-1969Box 10, Folder 11
  • Addition 1
      Description of the addition:  The addition to the Guthmann Papers consists of two (2) bound volumes of congratulatory letters presented to Guthmann upon his retirement from Northwestern University in 1965. The volumes are filed in Box 10, following the body of the original series. Also included are two clippings and a brochure detailing the proposed Harry G. Guthmann Chair in Finance in the Kellogg Graduate School of Management, which are interfiled in Box 1, Folder 4 of the original series Separated from the addition were two (2) photographs, which were transferred to Guthmann's Biographical Photo Folder; five (5) duplicate offprints of Guthmann publications and Guthmann's PhD diploma from the University of Chicago, which was filed with other oversize materials (Map Case 111B, Drawer 8). Acquisition information:  The addition to the Guthmann Papers was donated to the University Archives by Mrs. Harry Guthmann on December 8, 1982 as Accession #82-169. Processor:  Thomas J. Dorst, December, 1982.
  • Addition 2
      Description of the addition:  The materials in this addition have been arranged in four categories: correspondence, teaching files, publications, and general files. The correspondence pertains primarily to articles and books written by Guthmann. Some letters concern his teaching, consulting, and research. The teaching files contain small amounts of notes and problems for some of his courses at the University of California as well as at Northwestern. There are also notes, problems, supporting materials, and programs for Guthmann's popular seminars for the National Association of Regulatory and Utility Commissioners, Public Utility Executives, and the University of Windsor. Most of the addition (3 1/2 boxes) comes from his publications, primarily the revising and additions for the fifth edition of Guthmann and Herbert Dougall's Corporate Fiscal Policy. The fifth edition was written by Guthmann, Sidney Jones, and Peter Dietz but was not published. A typical folder for a chapter includes some of the following: notes, pages from the previous editions pasted onto 8 1/2 x 11″ sheets and edited, one or more revisions by Guthmann, new material (either in longhand or typewritten), and a draft from one of the other authors. The general files include one of Guthmann's student papers, “Effect of the Unstable Dollar on Accounting Reports,” and a bound carbon copy of his doctoral dissertation, “The Relation of the Maturity Factor to Yield Differences Among Investment Securities.” The final folder contains his consulting report, “An Analysis of Financing Possibilities for Transcontinental & Western Air, Inc., for the period 1944-1954.” Acquisition information:  This addition is composed of materials donated to the University Archives by Mrs. Harry G. Guthmann on January 28 and July 8, 1983, as accession nos. 83-8 and 83-108. Conditions governing access:  None. Processor:  William K. Beatty, October-November, 1983. Separated materials:  A folder of charts from the fourth edition of Financial Analysis has been placed with the oversized materials. An 8x10 photograph of the teachers and students at the Public Utilities Executive Course in 1957 has been placed in Guthmann's file in the photograph collection.
    • General Correspondence, 1946-59Box 11, Folder 1
    • General Correspondence, 1960-69Box 11, Folder 2
    • General Correspondence, 1970-77; 1982Box 11, Folder 3
    • Teaching Files
      • Corp. Fin. 490 (2), Notes, n.d.Box 11, Folder 4
      • Univ. Calif. Bus. Admin. 233 B, 1965Box 11, Folder 5
      • Notes and Problems, n.d.Box 11, Folder 6
      • NARUC Short Course, 1969-70Box 11, Folder 7
      • NARUC Short Course, 1971-72Box 11, Folder 8
      • Public Utility Executive Course, 1956-57Box 11, Folder 9
      • University of Windsor, 1971-72Box 11, Folder 10
    • Publications
      • “Corporate Financial Policy” 5th ed., Outlines and Ideas, 1967Box 11, Folder 11
      • Chapter 1, 1967Box 11, Folder 12
      • Chapter 2, 1967Box 11, Folder 13
      • Chapter 3-1, n.d.Box 11, Folder 14
      • Chapter 3-2, n.d.Box 12, Folder 1
      • Chapter 4, n.d.Box 12, Folder 2
      • Chapter 5, n.d.Box 12, Folder 3
      • Chapter 6, 1965Box 12, Folder 4
      • Chapter 7, 1965Box 12, Folder 5
      • Chapter 8, n.d.Box 12, Folder 6
      • Chapter 9, n.d.Box 12, Folder 7
      • Chapter 10, n.d.Box 12, Folder 8
      • Chapter 11, n.d.Box 12, Folder 9
      • Chapter 12, n.d.Box 12, Folder 10
      • Chapter 13, n.d.Box 13, Folder 1
      • Chapter 14, n.d.Box 13, Folder 2
      • Chapter 15, n.d.Box 13, Folder 3
      • Chapter 16, n.d.Box 13, Folder 4
      • Chapter 17, n.d.Box 13, Folder 5
      • Chapter 18, n.d.Box 13, Folder 6
      • Chapter 19, n.d.Box 13, Folder 7
      • Chapter 20, n.d.Box 13, Folder 8
      • Chapter 21, n.d.Box 13, Folder 9
      • Chapter 22, n.d.Box 13, Folder 10
      • Chapter 23, n.d.Box 13, Folder 11
      • Chapter 24, n.d.Box 13, Folder 12
      • Chapter 25, n.d.Box 14, Folder 1
      • Chapter 26, n.d.Box 14, Folder 2
      • Chapter 27, n.d.Box 14, Folder 3
      • Chapter 28, n.d.Box 14, Folder 4
      • Chapter 29, n.d.Box 14, Folder 5
      • Chapter 30, n.d.Box 14, Folder 6
      • Chapter 31, n.d.Box 14, Folder 7
      • Chapter 32, n.d.Box 14, Folder 8
      • Index, n.d.Box 14, Folder 9
      • Notes-1, n.d.Box 14, Folder 10
      • Notes-2, n.d.Box 15, Folder 1
      • Editing and Promotion, 1959-69Box 15, Folder 2
      • Adoptions, 1962-73Box 15, Folder 3
      • Reinvestment Principles and Practices , Correspondence and notes, 1961-68Box 15, Folder 4
      • Adoptions, 1971-73Box 15, Folder 5
    • General Files
      • Student Paper, 1921Box 15, Folder 6
      • Doctoral Dissertation, 1928Box 15, Folder 7
      • Consultation Report for Transcontinental and Western Air, 1955Box 15, Folder 8