NORMS AND TRENDS IN DEPOSITS 45 
TABLE 26 
PERCENTAGE DIFFERENCE FROM DISTRICT AVERAGE, 1919-1925, OF 
RATI0S OF DEMAND DEPOSITS TO EARNING ASSETS FOR ALL MeM- 
BER BANKS, BY YEARS AND FEDERAL RESERVE DistrICTS 
FEDERAL RESERVE 
DisTRICTS 
Boston. . .. 
New York. 
Philadelphi 
Cleveland. 
Richmond. 
Atlanta... 
Chicago. ... 
St. Louis. . . 
Minneapolis. 
Kansas City 
Dallas. ..... 
San Francisco. 
P¥CENTAGE Mrerrerrer yoay Distri— Aves AGE, 1010-1925 
vCcay ! 102¢ 
rv 
56 
4 
». 82 
04 
23 
+4 
0 
ad * 
ag 
trated in Table 19, in which a similar study is made of the 
deviations for ratios of total deposits to earning assets. It is 
apparent, therefore, that the years and districts in which ratios 
of total deposits to earning assets were high or low are not the 
same as those in which ratios of demand deposits to earning 
assets were high or low. It must, of course, be remembered that 
account is here taken only of the fact (as indicated by plus and 
minus signs) and not of the percentage amounts of variation from 
the seven-year level. The latter aspect of the problem is consid- 
ered later. 
From the positions which the district percentages hold yearly 
with respect to the levels fixed by the seven-year period, what 
are the characteristic directions of change from year to year? 
These are summarized in Table 28. Between 1919 and 1920, 
and 1920 and 1921, they fell. 
The ratios in all of the districts 
in 1921 as compared with 1919 
followed the average trend. By 
1922, the direction of change 
(except for three districts) was 
upward and continued so for 
nine districts through 1923, for 
seven during 1924, and for nine 
during 1925. The changes in the 
respective districts, summarized 
in Table 29, are not of the ran-