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 $347,500, showing 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. [Illustration: HENRY S. PRITCHETT, PRESIDENT-ELECT OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY.]