Many persons have expressed surprise that Mr. Hopkins should have made so large an investment in one corporation. But the stock of the Baltimore and Ohio Railroad was free from taxation, for many years it paid a dividend of ten per cent. per annum, and the managers, of whom he was one, confidently anticipated that a large stock dividend would be declared at an early day. Mr. Hopkins not only gave to the University all the common stock that he held in this corporation; he also advised that the Trustees should not dispose of it, nor of the stock accruing thereon by way of increment or dividend. In view of the vibrations to which this stock was subjected during the fifteen years subsequent to the death of Mr. Hopkins, it should not be forgotten that it was his will that linked the fortune of the great educational institution, which he founded, to the fortune of another corporation, in which he had the highest confidence. Fortunately, the crisis into which this union led, has been successfully passed. The friends of the University generously subscribed for its support an "emergency fund" of more than $100,000. Other large gifts were made and others still are known to be in the future. The Trustees, moreover, have changed four-fifths of their holdings of the common stock of the railroad company above mentioned, into its preferred stock, from which a permanent income of six per centum will be derived. The finances of the University are now on a solid basis, although additional gifts will be required for the construction of buildings and for the enlargement of the course of study, and still more before a medical department can be instituted. PRELIMINARY ORGANIZATION. The Johns Hopkins University was incorporated under the laws of the State of Maryland, August 24, 1867. Three years later, June 13, 1870, the Trustees met and elected a President and a Secretary of the Board. They did not meet again until after the death of Mr. Hopkins, when they entered with a definite purpose on the work for which they were associated. They collected a small but excellent library of books, illustrating the history of the universities of this and of other lands; they visited in a body Cambridge, New Haven, Ithaca, Ann Arbor, Philadelphia, Charlottesville, and other seats of learning; they were favored with innumerable suggestions and recommendations from those who knew much about education, and from those who knew little; and they invited several scholars of distinction to give them their counsel. Three presidents of colleges gave them great assistance, answering in the frankest manner all the searching questions which were put to them by a sagacious committee. Grateful acknowledgments will always be due to these three gentlemen: Charles W. Eliot, LL. D., President of Harvard University, Andrew D. White, LL. D., President of Cornell University, and James B. Angell, LL. D., President of the University of Michigan. INAUGURAL ASSEMBLY.