Mrs. F. C. Shattuck: The "Dr. Frederick Shattuck Fund," $100,000.

Estate of Edward Wheelwright: General Purposes of the University, $50,000.

Estate of Morrill Wyman: Morrill Wyman Medical Research Fund, $77,648.

The Class of 1891: Twenty-fifth Anniversary Fund, $100,000.

Once more I want to draw attention to the urgent need of the Dental School which receives little and deserves much. It is conducted almost without endowment, the Clinical Professors receiving no salaries, and barely travelling expenses, and it is doing a work highly creditable to the University.

We have felt it our duty to abate the annual deficit, by raising the tuition fee and by avoiding expenditures although they might be of great importance for the improvement of our conditions. More endowment is urgently needed in many departments if Harvard is to maintain its rank among American institutions of learning. The salaries of the Instructing staff have not been raised for many years, although the cost of living has risen greatly; and many members of the staff ought to receive higher salaries than can be paid to them today. For the welfare of our students and especially of the undergraduates, for bringing about the conditions that will give them the full benefit of life and work here, it is highly important that we should be able to house all our undergraduates and as many as possible of the students in the professional schools. But to do all this requires a great deal of money, and by raising our tuition fee we have drawn on our last source of supply.