SERIES CORRELATED WITH EXPENSES 251 
year level for the respective districts, but also in terms of the level 
found to characterize the entire bank membership in the Federal 
Reserve system over the period 1919-1925. 
Such are the relations between ratios of total expense and those 
of other banking series for all member banks, ratios in all cases 
being the yearly averages for the membership by districts. The 
relations are summarized in Table 148.