Board of
Directors.

Annual Report.

outlays for both the war and the Russian disorders continued throughout the entire year, each of the last four months showed an excess of receipts over expenses. This was accomplished by careful organization of the forces, which was naturally impossible in the earlier stages of the conflict.

Your Board felicitates the Association upon the steady improvement in the news service. An examination of the files of the general office discloses almost an entire absence of complaint or criticism and a very widespread and generous appreciation of the excellence of the reports by the members.

Respectfully submitted,

WHITELAW REID,
CLARK HOWELL,
W. L. MCLEAN,
ALBERT J. BARR,
GEORGE THOMPSON,
VICTOR F. LAWSON,

CHARLES W. KNAPP,
HARVEY W. SCOTT,

FRANK B. NOYES,
THOMAS G. RAPIER,
HERMAN RIDDER,

M. H. DE YOUNG,
CHARLES H. GRASTY,

ALBERT P. LANGTRY,

W. R. NELSON,

Directors of the Associated Press.

NEW YORK, September 20, 1905.

EXHIBIT A.

REPORT

OF THE

GENERAL MANAGER.

OFFICE OF THE ASSOCIATED PRESS,
NEW YORK, September 1st, 1905.

To the Board of Directors of The Associated Press: GENTLEMEN: I beg to present herewith a report of the operations of The Associated Press for the fiscal year ending June 30, 1905. The schedules have been prepared by the Auditor.

Respectfully submitted,

MELVILLE E. STONE.

General Manager.