REPORT OF THE PRESIDENT, 1919. 25 



The inauguration of such a measure at the present epoch 

 would appear to be both appropriate and opportune. Its 

 adoption assumes that the Institution may continue indefinitely, 

 and it recognizes the value of foresight and thrift at a time when 

 these more obvious essentials to rational existence are quite too 

 commonly overlooked. The world has recently spent, if not 

 wasted, a large share of its reserves and there appears to be 

 no way to replace them except the old ways of production 

 and economy. Conferences, legislation, and a redistribution of 

 supplies and responsibilities may help; but the main source of 

 relief is to be found in the individual practice of industry, pru- 

 dence, and frugahty. The success of this measure, therefore, 

 will depend, plainly, on the continuity of the Institution and on 

 the recognition by trustees and members therein of the principles 

 of reciprocity and probabiHty founded on centuries of experience 

 and fortified by the demonstrations of indubitable mathematical 

 theory. 



RESEARCHES OF THE YEAR. 



It has been sufficiently indicated in the preceding section and 

 in the report of a year ago that the programs of the Departments 

 of Research and of the Research Associates of the Institution 

 have been, in most cases, materially deranged by the exigencies 

 of national defense. Most investigations under way or pro- 

 jected have been delayed or suspended and few new projects 

 not requisite to emergencies have been started. Nevertheless, 

 much work under way prior to the war has been completed, and 

 nearly all of the more important researches interrupted have 

 been conserved to such an extent that they may be resumed as 

 soon as the world returns to conditions more nearly peaceful 

 than those now prevalent. It is surprising as well as gratifying 

 that the departments of research, whose staffs have been drawn 

 on heavily for quite other occupations than those to which 

 they are severally devoted, have maintained their organizations 

 without serious impairment; while in a number of cases they 

 have had the good fortune to continue and to intensify their 

 specialties in order to render effective aid to the Government. 

 The experience of the Division of Research Associates is not 

 quite so fortunate, since a considerable number of important 



