That the proceedings of the Society for Psychical Research contain valuable material in creditable quantity is evident to any unprejudiced reader; in many ways they are neither so bad nor so good as they are painted to be. That "psychical researchers," though pursuing their labors with different motives, have in one direction and another contributed to the advance of Psychology, I have attempted to make clear. Furthermore, the activity of this Society has been prominent in making the borderland of science of to-day present a far more hopeful aspect than ever before. It has substituted definiteness of statement, careful examination, recognition of sources of error, close adherence to as carefully authenticated fact as is attainable, for loose and extravagant speculation, for bare assertion and obscuring irrelevancy. It has made possible a scientific statement and a definiteness of conception of problems, even where its proposed solution of them may be thought misleading or inadequate. But in my opinion the debit side of the ledger far outbalances the credit side. The influence which Psychical Research has cast in favor of the occult, the enrollment under a common protective authority of the credulous and the superstitious, and the believers in mystery and in the personal significance of things, is but one of the evils which must be laid at its door. Equally pernicious is the distorted conception, which the prominence of Psychical Research has scattered broadcast, of the purposes and methods of Psychology. The status of that science has suffered, its representatives have been misunderstood, its advancement has been hampered, its appreciation by the public at large has been weakened and wrongly estimated, by reason of the popularity of the unfortunate aspects of Psychical Research, and of its confusion with them. Whatever in the publications of Psychical Research seems to favor mystery and to substantiate supernormal powers is readily absorbed, and its bearings fancifully interpreted and exaggerated; the more critical and successfully explanatory papers meet with a less extended and less sensational reception. Unless most wisely directed Psychical Research is likely, by not letting the right hand know what the left hand is doing, to foster the undesirable propensities of human nature as rapidly as it antagonizes them. Like indiscriminate almsgiving, it has the possibilities of affording relief and of making paupers at the same time. Particularly by the unwarranted acceptance of telepathy as a reality or as a working hypothesis, and the still more unwarranted use of this highly hypothetical process as a means of explaining more complex and obscure phenomena, has it defeated one of the most important purposes which it might have served.