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 consistency
 being indicated, in summary, in Table 5.
The ratios of loans and discounts to earning assets for all member
 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 districts
 tending to be random or consistent. The nature and percentage
 amounts of change found to obtain for the data in question
 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 between1924and
 1925. Interest at
this point is not so much in the
average change in all of the dis-~