We devote an unusual amount of space in this number to reports of the closing exercises of ten of our educational institutions at the South. Next month we purpose to add reports of others whose anniversaries occur too late for mention at this writing. It will be seen that the year has been an unusually prosperous one. The number of students, either of advanced grade or seeking for a higher education, has been larger, perhaps, than during any previous year. We note especially the large number of boarding students, and also the fact that the accommodations for them are by far too limited in many of our schools. The growing disposition of our students to continue their studies through as many months of the year as possible is a fact of much significance. It will be remembered that our missions have been richly blessed by outpourings of the Holy Spirit, and that a goodly number—sometimes whole classes—have indulged the hopes of a new life. Most of these will go forth to teach during the summer, and the rich experiences through which they have passed will prove of great value to them in their work. We know of no class of people needing the prayers of our patrons more than these. Perhaps the influence of our institutions upon the leading minds of the South, and especially upon those interested in popular education, was never so great. Governors of Southern States, mayors of cities, presidents of colleges, representatives of the pulpit, the bar and the press, attend our anniversary exercises, and enter heartily and with appreciation into the spirit of the work. We believe any one who will read the reports referred to will find much occasion for thanking God and taking courage. * * * * * The reports of the exercises at Hampton, Va., and Fisk University, Nashville, Tenn., were written by Virginians, and give a good idea of the drift of thought concerning our institutions among the better class of Southern people. * * * * * A BRIEF VIEW OF THE SITUATION. The gift of Mrs. Stone of $150,000 for new buildings at Fisk, Atlanta, Talladega, and New Orleans; the new educational institution at Austin, Texas, and our new churches organized the past year at the South, make additional demands upon our treasury. The churches should not be left to a feeble struggle for life, but be aided to a vigorous growth. The additional facilities at the schools mentioned, and the new institution in Texas, mean an increased number of students to be aided, and increased expense for teachers, for insurance, repairs and other incidentals. Our work among the Chinese in California calls urgently for enlargement; in fact, the continued existence of such a work means continued growth with increased expenditures.