From the standpoint of the manufacturer, one decided advantage of the policy of having all problems worked out within the plant is that the results secured are not divulged, but are stored away in the laboratory archives and become part of the assets and working capital of the corporation which has paid for them; and it is usually not until patent applications are filed that this knowledge, generally only partially and imperfectly, becomes publicly known. When it is not deemed necessary to take out patents, such knowledge is often permanently buried. In this matter of the dissemination of knowledge concerning industrial practice, it must be evident to all that there is but little cooperation between manufacturers and the universities. Manufacturers, and especially chemical manufacturers, have been quite naturally opposed to publishing any discoveries made in their plants, since "knowledge is power" in manufacturing as elsewhere, and new knowledge gained in the laboratories of a company may often very properly be regarded as among the most valuable assets of the concern. The universities and the scientific societies, on the other hand, exist for the diffusion of knowledge, and from their standpoint the great disadvantage of the above policy is this concealment of knowledge, for it results in a serious retardation of the general growth and development of science in its broader aspects, and renders it much more difficult for the universities to train men properly for such industries, since all the text-books and general knowledge available would in all probability be far behind the actual manufacturing practice. Fortunately, the policy of industrial secrecy is becoming more generally regarded in the light of reason, and there is a growing inclination among manufacturers to disclose the details of investigations, which, according to tradition, would be carefully guarded. These manufacturers appreciate the facts that public interest in chemical achievements is stimulating to further fruitful research, that helpful suggestions and information may come from other investigators upon the publication of any results, and that the exchange of knowledge prevents many costly repetitions. INDUSTRIAL FELLOWSHIPS