REPORT OF THE FINANCE COMMITTEE

To the American Library Association:
Ladies and Gentlemen:

In accordance with the provisions of the constitution, the Finance committee submit the following report:

They have duly considered the probable income of the Association for the current year and estimate it at $22,910.00; and have approved appropriations made by the Executive Board to that amount. The details of the estimated income and the appropriations are given in the January number of the Bulletin.

On behalf of the committee the chairman has audited the accounts of the Treasurer and of the Secretary as Assistant Treasurer. He has found that the receipts as stated by the Treasurer agree with the transfers of the Assistant Treasurer, with the cash accounts of the latter, and with the statements of transfers in the account of the Trustees, except that one installment of $175.00 was

received so late that it was carried to the account for 1914. The expenditures as stated are accounted for by properly approved vouchers, and the balance shown as that in the Union Trust Company agrees with the bank statement of January 7th, 1914. The bank balances and petty cash of the Assistant Treasurer as stated agree with the bank books and petty cash balances. The accounts of the Assistant Treasurer have been found correct as cash accounts.

On behalf of the committee Mr. F. O. Poole has checked the securities now in the custody of the Trustees and he certifies that their figures are correct. He finds that at par value the bonds and other securities amount to $102,500.00 for the Carnegie fund, and $8,000.00 for the Endowment fund. He further certifies that they hold receipts for all expenditures given in their account.

All of which is respectfully submitted. For the committee,

CLEMENT W. ANDREWS,

Chairman.

REPORT OF THE TRUSTEES OF THE CARNEGIE AND ENDOWMENT FUNDS

To the President and Members of the American Library Association:

The Trustees of the Endowment Fund of the American Library Association beg leave to submit the following statement of the accounts of their Trust-the Carnegie and General Funds-for the fiscal year ending January 15, 1914.

The only change in the investments is the addition of one United States Steel bond, which has been added to the Principal Account of the Endowment Fund. The Principal Account has now $8,000 in United States Steel bonds. The Trustees were enabled to purchase this bond by the addition of new life memberships during 1913, but were obliged to borrow temporarily $150 from the Surplus Fund, in the expectation that six more life memberships would soon be secured. All interest on the investments has been promptly paid.

The usual audit of the investments and accounts of the Trust was made by Mr.

Franklin O. Poole, librarian of the Association of the Bar of the City of New York, at the request of the chairman of the Finance committee of the American Library Association. Mr. Poole reports as follows: "I have examined the accounts of the Trustees of the Endowment Fund, as shown in the appended memoranda, and have found the same to be correct and in good order." He also examined the securities in the possession of the Trustees.

The Association has suffered a great loss in the death of Mr. William C. Kimball, who had been the President of the Trustees of the Carnegie and Endowment Funds since October 1, 1909. He took a great interest in all matters relating to the investment and security of the Funds, and his loss will be severely felt by the surviving Trustees. It was a satisfaction and pleasure to work under his guidance. Respectfully submitted,

W. W. APPLETON,
EDWARD W. SHELDON,

Trustees Endowment Fund A. L. A. May 1, 1914.

13,500.00

June 1, 1908 15,000 5% Missouri Pacific..

.1047%

15,000.00

May 3, 1909 15,000 5% U. S. Steel.....

..104

15,000.00

Aug. 6, 1909 1,500 U. S. Steel.....

.1067%

1,500.00

From a comparison of the sales reports covering the last ten years, the consistent and permanent growth of the business administered by the A. L. A. Publishing Board may be noted. During this period, the annual receipts have more than tripled. Of course the receipts are larger in the years which are borne on the title pages of important new publications, such as the A. L. A. Catalog, but the steady average of revenues derived from this source indicates the possibility of new undertakings and continued usefulness. With an available capital amounting to but $4,000 annually, the gross business now amounts to from $12,000 to $16,000 yearly.

A. L. A. Booklist-Under its new editorship, the Booklist has during the past year maintained its tradition of unbiased evaluation of current publications and well-formulated policy of serving particularly the smaller and medium-sized libraries of the country as a guide in book selection. With the completion of vol. 10 in June of this year, the Board again has under careful consideration the suggestion that the name, size and character of the Booklist should be changed to enlist the interest of the general public so as to serve in purchases for private libraries as well as public collections. Difficulty in satisfactorily merging these two purposes is self-evident. At the last meeting of the Council, the subject was revived in a communication from Mr. John Cotton Dana, who has been the chief advocate of the proposed change of policy. The Board was requested to invite suggestions, through the library press, for a suitable name and for other desirable

changes. This was done, but the responses have been neither numerous, convincing, nor otherwise encouraging. Protests against changes have also been received.

The removal of the editorial offices from Madison to Chicago involved reorganization of the staff of collaborators. This was successfully accomplished. Concerning this work, Miss May Massee, the new editor, reports as follows:

"There has been prompt response to any request for help from the various schools and societies in Chicago. The American Medical Association, Armour Institute of Technology, Chicago School of Civics and Philanthropy, Chicago School of Domestic Science, University of Chicago, Chicago Women's Club, Garrett Biblical Institute, Northwestern University and the various Chicago libraries have all given freely of time and knowledge.

"It is becoming quite the custom in large and small libraries to keep the records of books read for the library by various members of the staff. If these notes are duplicated and sent to the Booklist they make an invaluable aid in selection and note writing. Twenty librarians now send notes more or less regularly and about forty check the tentative list. Such help is earnestly solicited, as only in this way can the Booklist work be what it should be, truly co-operative."

There is a very real need for the subject index to the Booklist to be continued. It will be recalled that a subject index to vols. 1-6 was issued, and later one for vol. 7. The sale was very far from satisfactory, the Board losing on both pamphlets. Their undoubted usefulness to many