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SCHEDULE 21.-Certificates of indebtedness anticipatory of third Liberty loan.

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SCHEDULE 22.-Certificates of indebtedness anticipatory of fourth Liberty loan.

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Subscriptions and allotments.

Number of subscribers.

States.

Third Liberty loan.

Fourth
Liberty
loan,

Third Liberty Fourth Liberty
loan.

loan.

Total,

Colorado.
Kansas
Missouri.
Nebraska.
New Mexico.
Oklahoma.
Wyoming

177, 937
317, 469
141, 352
2444, 584

12, 694 249, 208

47, 089 1, 190, 333

193, 965 331, 824 177, 528 271, 532

12,009
261, 123
63, 615

$31, 295, 750
47, 381, 200
29, 868, 100
50, 524, 400
2, 228, 750
36,057, 600

6,737, 000
204,092, 800

$42, 007, 550
73, 914, 550
46, 433, 750
75, 583, 200
2, 144, 200
45,685, 050
10, 183, 150

$73, 303, 300
121, 295, 750

76,301, 850 126, 107,600

4,372, 950 81, 742, 650 16, 920, 150 500,044, 250

Total..

1,311, 626

295, 951, 450

SCHEDULE No. 25.-Classification of subscriptions, Liberty loan bonds.

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SCHEDULE No. 26.Character of payments, third Liberty loan.

Date.

By cash.

By credit war By certificate of
loan account. indebtedness.

Total principal.

Accrued interest

5 per cent payment and cash

sales to May 9. Installinent, May 28. Installment, July 18. Installinent, Aug. 15

Total.....

$67, 797, 993. 64 $34, 533, 231.36 $39, 328,000.00 $141, 659, 225.00
5,095, 399.11

$28.55 6,491, 003. 39 2, 415, 000.00 14, 001, 402.50 13,611 20 17,578, 234. 01 11, 198, 390. 99

676,500.00 29, 453, 125.00 78, 404.75 9,929, 121.73 9,019, 813. 27

18,978, 935.00 345, 618 100, 400, 748. 49 61, 272, 439 01 42, 419,500.00 | 204,092, 687.50 | 437, 873. 22

SCHEDULE No. 27.Character of payments, fourth Liberty loan.

Date.

By cash.

By credit war By certificate of
loan account. indebtedness.

Total
principal.

Accrueda interest.

10 per cent payment and

cash sales to Oct, 19. Installment, Nov. 21. Installment, Dec. 19.

$53, 301, 608.81 $68, 393, 901. 19 $69,087,000.00 $190, 785, 510.00 $393.08 15, 081, 275.41 19, 417, 829.59 3, 841,500.00 38, 340, 605.00 62.099.57 11,587, 871.64 14, 281, 548. 36 574,000.00 26, 443, 420.00 72, 86.29 79, 973, 755.86 102,093, 279. 14 73,502,500.00 255, 569, 535.00 135, 349.54

Total..

DISTRICT NO. 11-DALLAS.

W. F. RAMSEY, Chairman and Federal Reserve Agent.

FINANCIAL RESULTS OF OPERATION.

EARNINGS, EXPENSES, DIVIDENDS, ETC. The Federal Reserve Bank of Dallas has made great headway in the matter of earnings in 1918, as is shown by Schedule 1. Total earnings for the year amounted to $2,089,526 and were 66 per cent of the bank's capital, as compared with 1917, when the total earnings were $568,592, or 20 per cent of its capital. Liberal deductions from earnings have been made for depreciation on certain asset items, as shown in the attached analysis of the profit-and-loss account.

The bank has paid dividends up to date, and it is expected that future dividend requirements will be promptly met. On June 30, 1918, a dividend of 6 per cent was paid member banks covering the operating period from July 1, 1917, to June 30, 1918. The amount distributed was $168,871.16. After paying this dividend, and allowing for liberal depreciations, $610,496.88 remained in the profitand-loss account. At its meeting on December 12 the board of directors declared a dividend at the rate of 6 per cent per annum for the operating period from July 1 to December 31, 1918, payable on the latter date. The dividend amounted to $92,328.75. After making the distribution, and providing for depreciation and all proper deductions, $1,184,408 remained in the profit-and-loss account, enabling the bank to set up a surplus fund of $592,204, and reserve an equal amount as a franchise tax payable to the Government on call.

The great expansion in the bank's operations has also necessitated an increase in the expense account. It has been necessary to make extensive additions to the equipment, pay out large amounts for furniture and fixtures, stationery, and supplies, and to make revisions in and additions to the pay roll.

Expenses amounted to $535,424 in 1918 and were 26 per cent of the earnings.

COMPARATIVE BALANCE SHEETS FOR DEC. 31, 1916, 1917, AND 1918.

Comparative balance sheets or statements of condition of the bank as of the above dates are attached as Schedule 2.

PROFIT-AND-LOSS STATEMENTS FOR 1916, 1917, AND 1918. An analysis of the profit-and-loss statements for the above dates is attached as Schedule 3.

GENERAL BUSINESS AND BANKING CONDITIONS.

VOLUME OF BUSINESS,

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In spite of disturbed conditions and the serious curtailment of many industries, on account of the war and the drought existing over a large area of the district, the volume of business transacted has been generally satisfactory. The high prices of all classes of merchandise more than offset the decreased number of orders in certain lines, and the financial returns from the year's operations are expected to be as good as in 1917. The prices obtaining for goods had the effect of restricting purchases mainly to essentials, and nonessential lines have suffered. The influenza epidemic seriously affected trade during the early fall months. Retail lines suffered, especially, and have not yet completely recovered. With the signing of the armistice, and the removal of various governmental restrictions, some improvement was noticeable, and a general restoration of activities is anticipated in the near future.

The year 1918 opened with depressed business in the western and southwestern portions of the district on account of the very serious drought, and while conditions improved somewhat in the early spring as the result of good rains, this relief was only temporary, and throughout the summer and early fall months trade in those sections was very unsatisfactory. During the fall and winter, however, the protracted drought was effectually broken.

Crops in the eleventh district in 1918 were disappointing. The yield of feed was light, and much below that of a normal year. The production of small grain in the district was approximately 8,500,000 bushels of wheat, 25,000,000 bushels of oats, and 80,000,000 bushels of corn. These yields were much below the production of 1917, which was approximately 15,000,000 bushels of wheat, 35,000,000 bushels of oats, and 85,000,000 bushels of corn, and were not sufficient for local consumption. The wheat crop was especially disappointing in the counties of west and northwest Texas, the principal grain producing section of the district. In many counties the grain did not in germinate on account of dry weather.

offset, however, to these poor agricultural returns, business rer cities has been good. Plenty of work was available and 3 been the highest on record. At cantonment cities and cent to military posts especially, local business has been ever experienced.

Manufacturing has been as active as fuel restrictions, labor conditions, and the supply of raw materials would permit. War contracts took procedence over ordinary operations.

The cattle and sheep industries, of great importance in this district, have been heavily damaged and demoralized on account of drought conditions. Poor ranges and high prices of feed have forced many stockmen to sacrifice their herds. Market receipts, reflecting this condition, have been very heavy, and consisted principally of stock cattle in an unfinished shape, sacrificed by stockmen on account of the high cost of feed.

Post-office receipts and bank clearings have increased at the principal cities of the district throughout the year. Postal receipts for the first 11 months of 1918 at the principal cities show an increase of 41.3 per cent over the same period the previous year. Clearings at the same cities, covering a similar period, show an increase of 16.7 per cent.

The number of business failures in the district during 1918 shows a reduction of 37.9 per cent, as compared with 1917, and is indicative of generally healthy conditions. Every month has shown a reduction, both in the number of suspensions and the amount of liabilities involved, the latter decreasing 12.8 per cent during the year.

The building industry has been inactive throughout 1918, and governmental regulations have caused operations to be subordinated entirely to war activities. The valuation of permits issued at the principal cities shows a decrease of 17.9 per cent over 1917. The year closes, however, with a very bright prospect for building, and with the removal of all regulations, authorities anticipate that the new year will be one of unprecedented activity.

The discovery of oil in the vicinity of Ranger has caused much activity in that section and made local business excellent. The field has been greatly extended, and the general belief seems justified that the Ranger district is destined to become one of the most important oil-producing sections in the United States.

LABOR.

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Labor conditions have been unsettled throughout the year. The wage scale has been very high, but there has been a dearth of workmen. The selective draft demoralized forces, causing a scarcity of men, skilled and unskilled, and the substitution of women in large numbers has resulted. In many instances this change has been very satisfactory and the efficiency of organizations in many lines has not materially suffered, and has, we learn, in some establishments been improved.

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