That no tuition fee, in any department of the University, has been adequate to cover the per student cost of operation, even in the normal times preceding the war, as a fact arrived at from a long and exhaustive investigation just completed by the graduate committee in charge of the campaign now under way to raise for the University and endowment fund of fifteen million dollars.

Although the investigation has included all figures up to the present year, the most significant findings have been considered by the committee to be those of 1914-15, that year being chosen in order to avoid confusing factors arising from war conditions, for even though tuition fees in the College and several graduate schools have since been raised, the tremendous increases in operating costs far offset this and the year 1914-15 is thus judged to be the best for normal analysis.

The figures show that the cost to the University of instructing the average students was $389, while the highest tuition fee, that in the Medical School, was only $225, making a minimum average discrepancy of $164. And it is to be remembered that the tuition fee in the College and in the five principal graduate schools at this time was only $150, so the average difference would be much greater.

The Endowment Fund Committee has unearthed these facts not with a view toward recommending any increases in tuition fees, but for the sake of showing the 36,000 living graduates, undergraduates and former members of the University that their debt to Harvard is a great one and that there is pressing necessity for an immediate endowment. The University cannot, it is pointed out, rely on tuition fees to solve its financial difficulties.

The University Observatory staff had the honor of discovering two new planets and reporting the appearance of two new stars during the summer.