Published quarterly under the direction of the Philological Club of the University of North Carolina, these "Studies" contain original contributions by members of the Club, as well as carefully edited texts of original manuscripts and of scarce pamphlets. Of this volume, No. 1 furnishes a reprint of "Wine, Beere, Ale and Tobacco," a Seventeenth Century Interlude, edited by James Holly Hanford; No. 2 contains a study of "The Characters of Terence," by G. Kenneth G. Henry; No. 3 is devoted to an investigation of 'The Act Time' in Elizabethan Theatres, by Thorton Shirley Graves. "The Wine, Beere and Ale" interlude deserves particular mention, both as a specimen of the academic drama, and as an example of scholarly editing, with its interesting introduction and illuminating notes. In the publication of these "Studies" the Philological Club is doing splendid service to the cause of scholarship in the South.