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The president's report will be read with interest by all persons connected with Harvard University. This document is to the Harvard community what President Arthur's annual message to Congress is to the country at large. Every year it is looked forward to as the official presentation of facts and solution of difficulties that have puzzled us. Here we expect to find explanations for actions that have been incomprehensible and therefore to some extent have seemed unnecessary. The document before us gives us the explanations and presents a great deal of matter of interest.