INTERPRETATION 359 
well—regression characteristic not only of ratios for districts as 
a whole but also of those for groups of banks within districts. 
That shifts in the proportions of earning assets represented in 
loans and in investments tend 
to occur simultaneously in the TaBLE 200 
various districts has been shown Numser or Districts In WHICH THE 
in the tables and charts relating rorORTIONS OF Ty Sn 
to these subjects. Moreover, MEMBER BANKS, INCREASED OR DE- 
for different groups of banks in CREASED 
a given district, and for those 
located in different parts of the 
country, changes from one to 
other types of investments tend 
to be made at the same time. 
This is more particularly true 
with respect to investments in United States securities, but in 
general it obtains for other types of securities. In these respects, 
Tables 200 to 203, inclusive, are of interest. 
Moreover, changes in the relative amounts of United States 
securities held by National banks in different cities and in vari- 
ous parts of the country tend to occur simultaneously. This fact 
is apparent from the detail in Table 201. 
TABLE 201 
DIRECTION OF THE YEAR-TO-YEAR CHANGES (JUNE 30) IN THE 
PROPORTIONS OF UNITED STATES SECURITIES TO ToTAL 
BoNDs AND SECURITIES HELD BY NATIONAL BANKS* 
(+ —increase: — —decrease) 
CITIES AND STATES 
[919 
FO 
1020 
'920 | 1921 
0 0 
1021 1022 
22 
3a 
OER 
1924 
TO 
ne 
United States. ............. 
Central Reserve Cities. ......... 
Other Reserve Cities... .. 
Country Banks... 
New England.... 
East....... 
South...... 
Middle West. 
West... 
Pacific. . .. 
"Data comniled from Rerorte of tha Comptroller of the Currency.