70 re;ports on investigations and projects. 



The balances of the twelve research divisions vary considerably, accord- 

 ing to the magnitude of the subject to be treated and the rapidity with which 

 the work has been conducted. Several of them have almost exhausted their 

 appropriations; others have contracts outstanding which will absorb the 

 greater part of their available funds ; a few will probably be able to finish 

 their work under the present grant ; but it hardly seems possible that all of 

 the work can be completed rapidly, unless we can pay at least several of the 

 collaborators and some of their assistants a sufficient salary to enable them 

 to take a leave of absence from their academic work, in order to devote 

 themselves exclusively to the completion of their studies for the Carnegie 

 Institution of Washington. In a number of cases (as in several mentioned 

 by Mr. Parker in the report of his division) the assistants to whom elaborate 

 pieces of work have been assigned have been obliged to devote all of their 

 funds to the payment of subordinates and have had no compensation what- 

 ever for their own labor. 



As the collaborators are in the habit of holding their annual meeting in 

 October, we have had no general conference since a year ago, and the writer 

 can not, therefore, present a definite budget ; but from the best estimates that 

 he can make, after consulting with individuals, he believes that with an addi- 

 tional appropriation of $25,000, to be spread out over two years, the work 

 can be completed successfully, while without additional funds certain parts 

 of it are sure to be much delayed and curtailed. 



It should not be forgotten that the present series of contributions to the 

 American Economic History is in the nature of preliminary work, as ex- 

 plained by the writer in a special report to the Executive Committee made 

 April 18, 1910. The terms of the articles of incorporation of the Institution 

 would seem to imply a Department of Economics and Sociology as one of its 

 permanent divisions, whose importance and usefulness may be expected to 

 grow with the increasing complexity of our economic and social life and the 

 multiplication of our economic and social problems. A few of the possible 

 lines of work were sketched in the special report referred to above. Such a 

 department, when established on a permanent basis, should receive an annual 

 grant of at least $25,000. 



I respectfully request that, in making their plans for the future, the Trus- 

 tees allow for an appropriation of $25,000 a year for a reorganized Depart- 

 ment of Economics and Sociology and that in the meantime half of this 

 amount, or $12,500, be made available for each of the years 1912 and 191 3 

 in addition to the balance still undrawn of the original appropriation. 



The following account of the work done during the past year is based 

 upon reports of the heads of the several divisions. 



