Describes the Fancy Dress event, and the wrapping up of the admissions process, as well as the significantly increased number of applicants to the Law School. Remarks on the slow and steady progress of the restoration of the fraternity houses as well as the process of finding housemothers. Speaks of the endowment of the University in comparison to others, but Wilson says he has faith in its ability to grow. Comments on the repairs needed to the old folk sculpture of George Washington, but overall identifies the happiness and success of the school. This letter also encloses the endowment figures Wilson addresses.