SCHEDULE 19.-Summary of the activities of the district committee on capital issues to Dec. 31, 1918-Continued. Applications Num- Amount. 4. Acted on by Washington without recommendation from Chicago... 5. Acted on by Washington without reference to Chicago committee. 6. Considered by Chicago committee as to personnel only-properties located in other districts. 7. Not considered-applications cover amounts not considered at various times per rulings of Washington committee.. 8. Withdrawn or canceled 9. Not acted on by either Washington or Chicago committees. Total of all applications originating in Seventh Federal Reserve District.. NOTE. A great number of applications were modified or abandoned after conferences or correspondence with the officers of the district committee; therefore, the statement submitted does not completely reflect the work of the committee. No memorandum was kept of these consultations or the amounts involved, but much of the time of the chairman and the secretary was devoted to them. SCHEDULE 20.-Federal Reserve notes of the Federal Reserve Bank of Chicago received from other Federal Reserve Banks for redemption or credit, and notes of other Federal Reserve Banks returned by the Federal Reserve Bank of Chicago for redemption or credit. SCHEDULE 21.-Federal Reserve Bank notes, Dec. 31, 1918. 252,795 2,286, 500 3,418,000 192, 770 1,496, 500 2,776, 500 148, 680 40, 895 930,500 974,000 SCHEDULE 24. Operation of the Federal Reserve clearing system; daily average number of checks handled monthly and during the calendar year 1918. SCHEDULE 24.-Operation of the Federal Reserve clearing system; daily average number of checks handled monthly and during the calendar year 1918-Continued. DISTRICT NO. 8-ST LOUIS. WILLIAM MCC. MARTIN, Chairman and Federal Reserve Agent. FINANCIAL RESULTS OF OPERATION. The gross earnings of the Federal Reserve Bank of St.Louis for the year 1918 amounted to $2,676,828.35, and the current expenses were $726,021.11, including the charging off of all furniture and fixtures amounting to $102,030.55. This left net earnings of $1,950,807.24, which was an increase of $1,448,651.20 over the net earnings for 1917. Out of the net earnings the bank paid dividends for the years 1917 and 1918, amounting to $404,837.60; set aside a reserve of $172,997 for depreciation in United States securities, and also a reserve of $801,655.61 for the franchise tax. The balance of $571,317.03 was transferred to surplus, together with the balance of $230,338.58 of undivided profits at the close of 1917, making $801,655.61 in that account on December 31, 1918. The principal source of revenue during 1918 was bills discounted for member banks. Of the $2,676.828.35 of gross earnings, $2,197,795.40 was derived from this source. During 1917 the earnings from bills discounted amounted to only $347,871.10. The percentage of earnings derived from each source during 1917 and 1918 is as follows: Attached hereto as Schedule 1 is a comparative profit and loss statement, covering the years 1917 and 1918. The total resources of the Federal Reserve Bank of St. Louis increased from $159,619,896.96 on December 31, 1917, to $229,496,229.05 on December 31, 1918. Its earning assets increased from $45,066,896.64 to $85,717,141.81 within that time. The greatest |