a gradual increase in the number of
subscribers and contributors until unfortunately the income from
these sources was greatly diminished by the war. A few
substantial friends, however, have helped us when seemingly at
our extremity. Among the more important contributions obtained
are: $75 from Dr. R. E. Park, $100 from the Phelps-Stokes Fund,
$100 from Mr. Jacob H. Schiff, $200 from Mr. Harold H. Swift,
$500 from Mr. Julius Rosenwald and $1,000 from Dr. C. G. Woodson.
We have, therefore, been able to come to the end of the first two
years of our history free from debt and with a considerable
balance on the right side of the ledger as is attested by the
following financial statement of the Secretary-Treasurer:

STATEMENT OF RECEIPTS AND EXPENDITURES OF THE ASSOCIATION FOR THE
STUDY OF NEGRO LIFE AND HISTORY, FROM OCTOBER 14, 1915, TO
SEPTEMBER 9, 1917, INCLUSIVE

_Receipts_

Bound Volumes and Subscriptions $1,216.39
Life and Active Memberships 512.75
Contributions and Advertising 1,800.05
News Agents 222.84
Loans 296.50
---------
Total Receipts $4,048.53

_Expenditures_

Printing and Stationery $2,993.32
Petty Cash 603.59
Stenographic Services 254.16
Rent and Light 81.00
Bond 10.00
---------
Total Expenses $3,942.07
Balance on hand 106.46
---------
$4,048.53

Respectfully submitted,
J. E. MOORLAND,
_Secretary-Treasurer._

When the time came for the election of officers, Professor Kelly
Miller, the chairman of the committee on nominations, reported a list
of names for the various positions. The name of Dr. G. C. Hall,
President of the Association, was, at his request, omitted. Thereupon,
Dr. C. G. Woodson and Dr. J. E. Moorland expressed regret that Dr.
Hall desired to retire and paid him high tributes as a