noted, also, that more unusual ratios appear in the years 1920 and 1921 
than in any other between 1915 and 1924. 
Table Ila gives the distribution of the 1417 cases which shows 
ratios below 1, and Chart 2a presents the table graphically. In out- 
line the chart shows considerable regularity in the distribution of cases 
among the ratio-groups, except that the second group is slightly larger. 
The five largest groups include the ratios between .08 and .48 and 
embrace nearly three-fourths (73%) of the total number of cases. Any 
single random case, therefore, would probably fall near some ratio not 
less than .08 or more than .48. The largest ratio group lies between .24 
and .32 and contains 19% of the 1417 cases. The modal average, .29, 
falls in this group. It is the most typical single figure—nearer to a 
larger number of cases than any other type of average would be. 
THE GEOGRAPHICAL DISTRIBUTION 
The most striking feature of the ratio distributions according to 
location is the radically different showing of the ratios in the West. 
Forsro wr Emr Fogirecn 
Univessirr or lisimoss -2b 
els veraGE WVERAGE ! “pags 
‘Maoc) "Moor) 7 
. i 
iad ny §ial 5 3 2 
wie aed HSE 8 ARIZA SX 
£2 MIDDLE WEST WEST SouTH 
ratios Lxpressed as Rercentages 
Cuart 2b—FreqQuency DisTRIBUTIONS OF THE REVENUE-TO-NET- 
Worta Ratios oF PusrLic Uriity ComPANIES BY 
GeocraruIcAL DisTrICTS 
Reference to Chart 2b and its accompanying table will show this clearly. 
The concentration of ratios for the West is in the two lowest ratio-groups, 
i ry 1 
RE