NORMS AND TRENDS IN EXPENSES 87
and wages, interest on deposits and on borrowed money, and so
forth, being to equalize them. A normal tends to obtain in each
district.
While these year-to-year changes are taking place in each
district—the direction varying inversely with the nature, and the
net amounts of change varying directly with the amounts of dis-
persion—they occur at different levels when the yearly averages
for the country as a whole are taken as a basis of comparison.
That is, specifically, each district has its own level relative to the
average for the twelve districts. How true this is, is apparent
in tabular form in Table 61, and is graphically illustrated in
Chart 18.
TABLE 61
PERCENTAGE DIFFERENCES OF DISTRICT AVERAGES OF RATIOS OF
Total EXPENSE To EARNING ASSETS FOR ALL MEMBER
BANKS, FEDERAL RESERVE SYSTEM, FROM AVERAGES
FOR THE COUNTRY AS A WHOLE
FEDERAL
RESERVE
DISTRICTS
Boston. .....
New York. ..
Philadelphia..
Cleveland. ...
Richmond...
Atlanta......
Chicago. ....
St. Louis. ...
‘Ainneapolis. .
Kansas City..
Dallas.......
San Francisco
Average
1010-25)
4
50
-2
~
4
+31.
+11.58
PrecENTAGE DIFFFRENCES FROM THE COUNTRV'E AVERANFTS
rQI0
T0020
3
04
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rn
15
or
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IO.
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enn
10928
= .70
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— 1.318
“-6
J
. 10.64
_
Taking as a basis of comparison the average ratios for all dis-
tricts combined for the period 1919 to 1925, Table 61 shows that
(1) Boston, New York, Philadelphia, and Richmond have lower
expenses, and all of the other districts higher expenses than the
country as a whole; and (2) the districts which are low, relative
to the level for the country as a whole for the seven years, tend
generally to be low, and those which are high tend generally to be
high, for each of the separate years. For Boston, New York, and
Philadelphia, which are low, and for Atlanta, St. Louis, Minne-
apolis, Kansas City, Dallas, and San Francisco, which are high,
there are no exceptions. Of course, it is apparent that some of
"4 Cleveland’s ratio agrees with that for the twelve districts combined
