General F. A. Walker, in his annual report to the Corporation of the Institute of Technology, strongly brings out the fact that as yet the Institute is substantially unendowed and that until large sums have been added to the resources, the future existence of the Institute is in an unstable condition. General Walker further says:

"If during these 27 years the Institute of Technology has been a potent factor in the development of the educational system of America; if it has led the world in the introduction of laboratory practice in general chemistry, in physics and in metallurgy; if it has done well by its great army of students; if it has opened successful careers to hundreds upon hundreds of young men; if it has contributed freely to the development of the industries of Massachusetts and of New England; if it stands today the largest, most complete school of its class anywhere to be found, the acknowledged model upon which institutions are being organized, both in the new world and in the old, - then it would certainly seem that, in a community so lavish in its beneficence, so intelligent in its selection of the objects of all beneficence, the Institute cannot long be suffered to lack that ample and substantial foundation which will not only afford, security for its future, but will be the source of strength and confidence in the present daily conduct of its affairs."

The total number of students enrolled is 1060, an increase of 49 over last year.

The treasurer's report stated that $3262. 12 was expended in excess of receipts, making the total expenditures for the year, $267,547 90.