NORMS AND TRENDS IN EARNING ASSETS 17 
TABLE 4 
PERCENTAGE DIFFERENCE FROM DISTRICT AVERAGE, 1919-1925, OF 
RATIOS OF LOANS AND DISCOUNTS TO EARNING ASSETS FOR 
ALL MEMBER BANKS, BY YEARS AND FEDERAL 
RESERVE DISTRICTS 
FEDERAL RESERVI 
DISTRICTS 
~v Dyer a 
Orpeeervor vroM NITSTRICT AVERAGE, 1010-1025 
———— —————— 
-—~, 
1928 
Boston... .. 
New York. 
Philadelphy 
Cleveland. 
Richmond. 
Atlanta... 
Chicago. ... 
St. Louis. . .. 
Minneapolis 
Kansas City 
Dallas. .... 
San Francisco 
25 
6 
t 
0 
w 
- 
They may be distributed at random. In this case, consistent 
rather than random distribution is found, the degree of consist- 
ency being indicated, in summary, in Table 5. 
The ratios of loans and discounts to earning assets for all mem- 
ber banks in the different districts may be further studied. In 
a given year, all or part of the districts may have ratios which are 
relatively high or low—the base of comparison being their own 
seven-year level. From the level in a given year, the ratios may 
rise or fall in the following year, the changes in the different dis- 
tricts tending to be random or consistent. The nature and per- 
centage amounts of change found to obtain for the data in ques- 
tion are given in Table 6. 
From this table, it is seen that 
the district ratios were higher in 
1920 than in 1919, and higher 
in 1921 than in 1920. In 1922, 
as compared with 1921, and in 
1923, as compared with 1922, 
the ratios decreased. An upward 
trend occurred between 1923and 
1924, and a downward trend be- 
tween1924and 1925. Interest at 
this point is not so much in the 
average change in all of the dis- 
~