Thank you, Journey, for your inquiry, and Heathen, for that fine answer.
The quotation, drawn from IN SEARCH OF CHRISTIAN FREEDOM, by Ray Franz, was actually quoted in THE FOUR PRESIDENTS OF THE WATCH TOWER SOCIETY: (JEHOVAH'S WITNESSES), Edmond C. Gruss, Editor and former Jehovah's Witness. The "[1918]" that you asked about was the editor's inclusion, meant as a point of clarification.
As Heathen indicated, Babylon fell, insofar as its continued influence upon God's "people" was concerned; she has yet to be destroyed, i.e., in the literal sense.
Please find the quotation below - in its proper context [Ray Franz speaking]:
Still later in 1979, in fact on November 17, the day after I left
on a "zone" trip to West Africa, Fred Franz, now the Society's
president, conducted the morning Bible discussion for the head-
quarters family. He made these comments, which one member in
attendance wrote down as they were given and passed them on to
me upon my return as a matter of interest:
Some persons are now talking about reading the
Bible, that we should read "just the Bible." Well,
that's what Christendom's churches have been tel-
ling the people to do for centuries and look at the
mess that's resulted.
It's good to remember that we were the Watch
Tower Tract Society for a long time before we be-
came the The Watch Tower BIBLE [emphasis: FF]
and Tract Society. Only in comparatively recent times
have we actually published Bibles. The sole purpose
of our existence as a Society is to announce the Kingdom
established in 1914 and to sound the warning of the fall of
Babylon the Great. We have a special message to deliver.
--- ISOCF, by Ray Franz; RF notes that the Society's
original title was Zion's Watch Tower Tract Society
Will answer the question about the AWAKE! masthead and 1914 - SOON!
Thanks, all, again ...
CoCo