INTERPRETATION 
10% 
But 
District bank resources* tend to fluctuate with district bank debits; 
District bank debits tend to fluctuate with district business condi- 
tions; 
District banking resources tend to fluctuate with district business 
~onditions. 
In summary, then, it may be said that if bank debits tend to 
Auctuate with general business conditions, and if bank debits by 
districts tend to fluctuate together, then general business by dis- 
tricts tends to move together. But district banking resources 
tend also to move sympathetically with district bank debits. 
Hence, banking resources by districts tend to oscillate with busi- 
ness conditions, and these oscillations are much the same from 
year to year over the period covered, in all of the various districts. 
Evidences of tendencies toward uniformity in banking and 
business conditions in the various districts are the net results of 
these several approaches to the problem. But the member banks, 
the expenses of which, by districts, are compounded into total 
or average figures for the years in question, are located in cities 
in these districts. Do the bank debits of different cities tend 
to fluctuate concurrently with those for all cities? The facts 
showing this to be the case are given in Table 198. 
Moreover, are bank debits of different cities generally above 
or below their own seven-year average levels at the same time 
that the bank debits of the 141 cities combined are above or 
below their corresponding level? The facts which indicate this 
to be the case, are given in Table 199. 
But to continue the line of 
reasoning: 
City bank debits tend to fluc- 
tuate with total bank 
debits;® 
Total bank debits tend to 
fluctuate with general busi- 
ness conditions; 
City bank debits tend to fluc- 
tuate with city business 
= conditions.® 
4See Chart 52. This chart is drawn on a ratio basis. The debits for the respec- 
tive districts are the totals reported for the calendar years; the resources are the 
average total earning assets per member bank by districts for the months of June 
and of December. 
5CQae Tahle 108