1 Payments not completed Dec. 31, and details by states, population, total number of subscribers, etc., not yet available. SCHEDULE 11.-Net sales of war savings stamps and thrift stamps during the year 1918. Schedule 12.-Federal Reserve agent's record of Federal Reserve notes during the year Values... $1,840,000 $116,480,000 $13,365,000 $131,685,000 $125,465,000 $6,220,000 $21,772,365|| SCHEDULE 13.-Volume of bills discounted and purchased (by rates) at Baltimore branch from March 1 to December 31, 1918. Month. 31 per cent. 4 per cent. 4 per cent. 4 percent. 41 per cent. 5 per cent. Total..... 2,931, 894 43, 491, 077 176,819, 661 3,141,652 23,047,561 14,354, 837 RECAPITULA- Discounted.. 19,596, 809 24,306, 342 20,754, 263 23, 115, 704 49,764,956 37,852, 317 27, 408, 052 1,455 263, 788, 137 2,931, 894 43, 491, 077 175, 508, 161 1,100,383 7,603,721 14,354,837 3,141,652 23,047,561 14,354, 837 1, 455 244,991, 528 18,796, 609 1,455 263,788, 137 Total..... 2,931, 894 43, 491, 077 176, 819,661 NOTE.-The Baltimore branch was opened the 1st day of March, 1918. SCHEDULE 14.-Volume of clearing operations handled by the Baltimore branch, from Mar. 1 to Dec. 31, 1918. SCHEDULE 15.-Salaries of officers and employees (including Baltimore branch, opened Mar. 1, 1918). NOTE.-A service charge of 14 cents per item, collected from members on items payable outside of Richmond, was discontinued June 15, 1918. Disbursements on account of the transit department amounted to $134,294, which does not include cost of handling Government checks. This represents cost of 1.17 cents per item, or 1.92 cents per $1,000 of volume in values handled. DISTRICT NO. 6-ATLANTA. M. B. WELLBORN, Chairman and Federal Reserve Agent. INTRODUCTION. The year 1918 has been the most momentous in the financial history of this district. Sudden demands occasioned by war conditions brought about rapid changes in financial and commercial activities. The financing of Government requirements and the war-savings campaigns brought the Federal Reserve Bank of Atlanta to the front in such a way that even that portion of the general public not actively engaged in business now fully realizes the worth of the Federal Reserve system. FINANCIAL RESULTS OF OPERATION. Schedule 1 shows comparative statements of the earnings and expenses for 1917 and 1918. The gross earnings in 1918 increased 323 per cent over the earnings for 1917, while the expenses of operation increased 159 per cent. This includes the expenses of the Birmingham and Jacksonville branches since their establishment on August 1, 1918. The total expenses, which, in addition to the cost of operation, include the cost of Federal Reserve notes, furniture and equipment, and depreciation of banking premises, increased 152 per cent, while the net earnings for 1918 were 474 per cent greater than in 1917. Dividends for 1918 were $182,472.68, as compared with $145,465.61 for 1917. The annual rate of net earnings on the paid-in capital stock was 11.08 per cent and 54.07 per cent for 1917 and 1918, respectively. COMPARATIVE BALANCE SHEETS FOR DECEMBER 31, 1917-18. Comparative statements of the condition of the Federal Reserve Bank of Atlanta, as of December 31, 1917-18, are shown in Schedule 2. The total resources have increased from $121,661,062.53 to $207,270,170.97. The earning assets have increased from $25,697,104.43 to $103,182,946.54, or an increase of 302 per cent. Member banks' reserve deposits showed an increase of approximately $10,000,000 on December 31, 1918, as compared with December 31, 1917. The Federal Reserve note circulation has increased for the |