The Economics Department has created the Allyn A. Young Memorial Prize, an annual award of $100 for the best honors thesis "of summa quality" written by an undergraduate Economics concentrator.

Arthur Smithles, Nathaniel Ropes Professor of Political Economy and Chairman of the Department, disclosed in a letter to President Pusey that the award will come out of the $1800 annual income of the Allyn M. Young Memorial Fund.

The Department is to judge the theses and will grant a second award in any year when two papers qualify for the prize. Smithies said there was general agreement that the fund should be used to support undergraduate instruction in economics.

The Chairman will make arbitrary grants out of the remainder of the income to support thesis writing each year. An undergraduate with extraordinary thesis expenses may apply through his tutor for aid from the fund.

Smithies added that, pending approval from Pusey, the prize will be annexed to the official list of prizes available for undergraduates.