THE fifteenth annual report of the president and of the treasurer of the Carnegie Foundation for the Advancement of Teaching provides some interesting reading, particularly with regard to the pension system in operation in the universities and colleges of the United States. The work of the Foundation falls into three parts: (1) the completion and liquidation of the old system of full-paid pensions; (2) the development of the contractual forms of insurance and of old-age annuities through the policies of the Teachers' Insurance and Annuity Association; and (3) the prosecution of significant studies and reports through the Division of Educational Inquiry. The last-named constitutes an important and active branch of the Foundation, with an income derived from the investment of a capital of one and a quarter million dollars. Its most recent inquiries relate to the subjects of legal education and the training of teachers. As a result, “A Study of the Training of Teachers for the Public Schools” has recently been published, and there is promised in the immediate future the first section of a “Study of Legal Education.” Without doubt, such inquiries form an increasingly valuable feature of the work of the Foundation.