The statement shows that the excess of receipts over expenditures was about $30,000 as compared with about $27,000 the year before. The receipts show a falling off of about $1500, while the expenses were decreased about $4500. Notwithstanding the increased cost of material and labor, economies in management have resulted in a considerable saving of money. The total amount of cash handled during the year was $245,057.52. A large part of this was for guarantees, and for the expenses of managing games, so that it cannot properly be said that the whole amount was spent on athletics. The building of temporary seats for spectators, while a necessary expense, which should be paid for by those who occupy the seats, is not fairly chargeable to athletic expenses. The saving in football expenses is due to better methods in distributing supplies and in the conduct of the training table, and also to the co-operation of P. D. Haughton '99, who has helped in this way.

Account for All Tickets.

On the first day of August, 1913, outside of the small amount still due the Corporation on the Stadium account there were no liabilities, and there was on hand $34,017.21 in cash. For the first time, there has been a complete verification of all tickets received from the printers and disposed of. In the fall of 1912 there were received from the printers 140,287 tickets. Of these fifty-two were not accounted for, and this discrepancy was explained by statements from the Library Bureau, who handled the tickets for the big games that year. For other sports, about twenty thousand tickets were received from the printers, and fully accounted for to the auditors.

Academic Credit for Managers.

The present method of managing teams seems to be a successful one. The important negotiations and business are conducted either by or under the direct supervision of the Graduate Treasurer. The students acting, as managers get a great deal of experience in managing men and affairs, and also have the benefit of advice of the Graduate Treasurer in many matters relating to the conduct of business. The amount of work involved, and the instruction and knowledge received, is very valuable. If efficiency for work in after life is one of the objects of a college course, the college authorities can well seriously consider the question of giving a young man taking his three-year course under the direction of the Graduate Treasurer a credit of half a course toward his degree. It ought to be done, and the Graduate Treasurer ought to be more closely affiliated with the Faculty. He has under his general supervision from fifty to one hundred active young men all the time and the proper direction of their work is as important as the instruction in the regular course in the curriculum. WM. F. Gaboklon L.'95.