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still further in debt to build houses to hold them, but we have always had them when the head of a department told the government of the school that they were necessary to the most efficient teaching of his science.” With a corporation acting on such a principle there could be no failure. It is true that the faculty have stood unfalteringly, even in the darkest days, for high scholarship; and equally true that the school has been remarkably fortunate in the character of the young men who have sought its halls, but no faculty and no body of students could have brought success with a corporation less broadminded and courageous. Let me here add my tribute to the work which was done by the late General Francis A. Walker, president of the Institute from 1881 till 1897. Probably no single person did more to secure the success of the school than he. His great administrative ability, his wide acquaintance, his accurate judgment of men, his magnificent courage and his splendid enthusiasm, were factors in the development of the school whose importance it is difficult to overestimate.

General Walker was succeeded by President James M. Crafts, who had been connected with the Institute for many years as professor of chemistry, and under whose energetic administration the progress of the Institute has been steadily continued. In fact, thanks to some unexpected additions to the funds of the school, its material resources and its equipment have been more enlarged and extended during the past three years than in many years previous. Only a few months ago, however, President Crafts, desiring to devote himself more uninterruptedly to the pursuit of the science which first awakened his enthusiasm and in which he has attained such eminent distinction, both in this country and abroad, decided to relinquish his office. The corporation has chosen as his successor, Dr. Henry S. Pritchett, for many years professor of astronomy in Washington University, St. Louis, and for the past few years superintendent of the Coast and Geodetic Survey at Washington. A more fortunate selection could not have been made, and the well-known scientific and administrative ability of Dr. Pritchett will no doubt be the means not only of maintaining the present high reputation of the school, but of extending and enlarging it.

Unfortunately, the Institute is still unendowed in the sense that its receipts from invested property constitute but a very small part of the means required to carry on the school. To quote from one of President Walker's reports, “No other institution of our size but has two, three or four times the amount of wealth to draw upon which we possess. It has only been exceeding good fortune, combined with extreme courage, energy and self-devotion on the part of its trustees and teachers that has more than once rescued the school from paralysis, if not from extinction.” In 1898-'99, the total expenditures of the school were about $367,500, while the current receipts were about $317,500, showing