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 DEfor
 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 various
 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.