The focus of the January 1975 meeting of the Association of Research Libraries (ARL) was the future of bibliographic records of library holdings. Speakers from the Library of Congress (LC) reported on historical problems associated with card catalogs and on plans for conversion to other forms. Speakers from large research libraries indicated a need for working with LC on its proposed changes in subject headings which would have serious consequences for most libraries. They described options being considered for dealing with LC's desuperimposition plans. A panel reacted to the presentations and discussed the experiences of the New York Public library and others in closing catalogs and converting to on-line systems. Reports followed from the National Commission on Libraries and Information Science on the dissemination of its national program report, from the CONSER Project on the current status of its efforts to build an on-line national serials data base, and from the various ARL task forces and commissions. Extensive appendixes to the minutes include written reports of ARL standing committees, committees on acquisition of foreign materials, and the national libraries of medicine and agriculture. (KB)