a deficit of about $20,000. Of the current receipts, $207,000, or 59 per cent, were from students' fees. Dividing the total expenditures by the number of students, we find an expenditure of $314 per student, without counting interest on the value of land and buildings, while the tuition fee is $200. The invested funds of the Institute amount to but $1,917,000. All gifts and legacies, with the exception of this amount, have had to go into land, buildings and equipment. Between 1888 and 1899 the Institute has been obliged to spend $350,000 for land, the purchase of which has been a great burden, and within a few years a further expenditure of $260,000 in this direction has been made.
The bearing of these figures will perhaps be realized by comparing them with similar figures regarding Cornell University, which is largely a technical school, since nearly one half of its students pursue technical