SERIES CORRELATED WITH GROSS EARNINGS 227

of gross earnings to earning assets and a number of other series,
variations in all cases being measured by directions and percentage
amounts according to three criteria (1) differences from district
levels, (2) year-to-year changes, and (3) differences from yearly
averages for the twelve Federal Reserve districts combined. Gross
earnings are treated as the independent and the related series as
the dependent variables. It will assist in summarizing the discussion
 to set out in tabular form, as in Table 137, the relations
found to exist.
TABLE 137

NATURE OF CORRELATION OF PERCENTAGE DIFFERENCES AND CHANGES
FROM YEAR TO YEAR IN RATIOS OF PAIRED
SERIES, 1919-1025

NATURE oF MEASUREMENT

Inde- |
>endent
Varia.
hla

Gross
Carnings
to
Earning
Assets

SERTES CORRELATED
(Expressed as Raiios)

Dependent Variables

er
“oans and Discounts to
Earning Assets

Demand Deposits to
Total Deposits

Demand Deposits to
Farning Assets

Total Expense to
‘arning Acsets

Net Earnings to
Earning Assets

Salaries and Wages to
Earning Assets

[nterest on Deposits to
Earning Assets

Interest and. ;:ounts on
Borrowed Money to
Earning Assets

Taxec to Farnine Acceate

“Other Expense” to
Earning Assets

Differences from
District Averages

Direction


Amount

Ynsitive

Positive

Negative |

(1)

Negative

"Positive

Dositive

Positive

Positive

Positive

Dacitive

Dagitive

Dhcitive

(1)

Positive

(1)

dacitive

dncitive

Positive Positive

Changes from Year
to Year

Direction


Amount

Dositive

Positive

{1}

(1)

Negative [Positive

Pacitive

Positive

Daeitive

Positive

Positive

Positive

(1)

(1)

Positive

Positive

‘nejtive

Dositive

Positive

Positive

Differences from
Country’s Yearly
Averages

Direc.
tion Amount.

Pocitive

Positive
smi m——

(1)

(x)

m | ow

Positive Positive

Nezative | (1)
(2)
2
(2)
™

-»

(2)

(x) Doubtful.
‘ay Not computed.