342 



SCIENCE. 



[N. S. Vol. XI. No. 270. 



sities of the country has been fully justified. 

 During the past twelve years representa- 

 tives from about three hundred schools and 

 higher institutions of learning have been in 

 attendance at the Laboratory, while twenty- 

 seven colleges and universities and three 

 societies have been regular subscribers to 

 Eooms and Tables. The Laboratory has 

 now grown to such proportions that it can- 

 not expect to draw any large part of its finan- 

 cial support from educational institutions, 

 already overburdened. It is itself an educa- 

 tional and scientific institution of highest 

 rank, and however measured, deserves to 

 stand alongside the best scientific schools 

 and laboratories of the world. " It is ac- 

 knowledged that only one similar institu- 

 tion in the world (Naples) is more produc- 

 tive in original research, and no other oifers 

 even approximately equal advantages for iu- 

 structioa." Such an institution deserves 

 and expects independent support. 



The present financial condition of the 

 Laboratory is shown by the following 

 figures : 



Total Assets. 

 Estimated value of real estate, buildings and equip- 

 ment at Woods Holl .535,000. 



Invested Funds. 



General Endowment % 4,553. 



Luoretia Crocker Fund 2,500. 



Library Fund 866. 



Interest on hand 230. 



$43,149. 

 Total Liabilities. 



Mortgage on Woods Holl property $2,900. 



TJnseoured Loans 5,276. 



$8,176. 

 Assets less Liabilities $34,937. 



The total earnings of the laboratory as compared 

 vfith its expenses are given herewith. ('Earnings' 

 include all sources of income save donations only ; 

 ' expenses ' Include all disbursements save those for 

 land, buildings and permanent equipment. ) 



Total Donations $37,730. 



Earnings $47,919. 



Expenses $50,759. 



It appears from this statement that the 

 income of the Laboratory, like that 'of 

 scientific and educational institutions in 

 general, is scarcely sufficient to meet the 

 running expenses^ and that it must look to 

 the donations of interested friends for as- 

 sistance in meeting a small annual deficit 

 and for all permanent equipment and en- 

 largement. This is a fact which requires 

 no apology; the Laboratory is not a com- 

 mercial enterprise but a charitable institu- 

 tion, in the same sense that colleges and 

 universities are such. It is not the pur- 

 pose of the Laboratory to make money, 

 but rather to contribute as much as possible 

 to the advancement of science, and in this 

 respect it has fulfilled the highest hopes of 

 all its friends. There is every reason to 

 be proud of the fact that it has accom- 

 plished so great a work on so small a finan- 

 cial basis, and that it is at present_so nearly 

 self-supporting as it is. 



The Trustees at their meeting in New 

 Haven, December '29th last, resolved that 

 for the best interests of the Laboratory the 

 out-standing debt of $8,176, should be paid 

 off at once and that a small cash balance 

 should be left in the hands of the Treas- 

 urer. They, therefore, appeal to the friends 

 of the Laboratory to contribute $10,000 to 

 this end. Subscriptions may be sent to the 

 Treasurer, D. Blakely Hoar, 220 Devon- 

 shire Street, Boston, or to any member of 

 the Board of Trustees. 



The time has come also when to give the 

 Laboratory the stable and permanent char- 

 acter which it deserves it should be liber- 

 ally endowed. "Where could a better in- 

 vestment be made than in a scientific and 

 educational institution with such a his- 

 tory behind it and such excellent prospects 

 before'? The Laboratory and the ideals for 

 which it stands must not be allowed to suf- 

 fer for lack of support ; it must not remain 

 standing where it is, for although its suc- 

 cess has been remarkable, it is only the be- 



