=Advertising=--The Board's publications have been regularly advertised in Library Journal and Public Libraries and in one special number of The Dial. For the rest circularization and correspondence from the headquarters office has been relied upon. During the year over 15,000 pieces of circular matter have been mailed from headquarters office in the interest of our publications. Particular effort has been made to advertise widely the new List of subject headings and the A. L. A. Catalog. For the latter in addition to circularizing the libraries descriptive postal cards were addressed to 7,000 high school and normal school principals. From these circulars only about 100 orders for the Catalog can be directly traced. It seems plain that it does not pay to advertise our publications among the high schools. Slips advertising the Catalog were sent to the librarians of all the leading colleges, requesting that these slips be distributed to members of the faculty interested in book selection. This resulted in getting orders from many college libraries addressed, but very few from the teaching staff. Experience would indicate that libraries and librarians are the only classes to which advertising can profitably be addressed. We have endeavored to keep the state library commissions regularly informed on all our publications and all of them which issue monthly or quarterly bulletins list our new publications therein, generally with appreciative annotations and descriptions. Exhibits of publications have been made at several state library meetings visited by the secretary. During the past year the principal libraries of England, Scotland and Ireland have been circularized with lists of our publications, and a very gratifying number of orders have been received as a result. When the revised edition of Subject headings appeared copies were sent to nearly all the library periodicals of the various countries of Europe with the result that they reviewed the book and quite a number of continental orders have been directly traceable to these reviews. Copies of Subject headings and the new A. L. A. Catalog have been ordered from almost every important country in the world. This report would be incomplete without hearty acknowledgment of the excellent work of the Secretary, Mr. George B. Utley. To his good business judgment and careful and judicious management is due in great measure the splendid financial showing recorded in the accompanying fiscal statement. The affairs of the Board have never been in better shape than now. The sales are increasing encouragingly, the inventory shows a salable stock with less "dead" material than at any time for years back, and the office organization is now well systematized and effective. HENRY E. LEGLER, Chairman. FINANCIAL REPORT =Cash Receipts June 1, 1911, to May 31, 1912.=