NORMS AND TRENDS IN DEPOSITS 37 
go% went higher and 10% went lower in the following year; con- 
trariwise, of the 42 which were low, 71% rose and 29% fell. The 
general tendency was for the percentages over the whole period, 
from year to year, to increase. 
With respect to the second question—are the year-to-year 
changes functions of the distances above or below the long-time 
levels?>—the evidence is conflicting. The direct relation between 
the percentage amounts of dispersion from the seven-year level 
and the net percentage amounts of change from year to year, so 
striking for ratios of loans and discounts and for investments to 
earning assets, does not hold for the ratios of total deposits to 
earning assets. 
While all member banks in each district, taken as a unit, have 
their own yearly and periodic ratios of deposits to earning assets 
—these ratios being high or low for all or a part of the districts 
each year during the years 1919 to 1925, and moving upward 
or downward from year to year—the levels of the ratios for the 
several districts differ widely each year from the average level 
for the twelve districts combined. It is of interest to consider the 
level for each district for each year in order to see whether dis- 
tricts are consistently or sporadically above or below the country 
level. A summary of the facts in this respect is contained in 
Table 23. 
This table shows that consistency of position, with respect to 
TABLE 23 
PERCENTAGE DIFFERENCES OF DISTRICT AVERAGES OF RATIOS OF 
Total Deposits 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. ... 
Minneapals. | 
Kansas City.. 
Dallas...... | 
San Francisco 
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