to Net Worth, which expresses the number of cents of revenue earned 
per dollar of ownership capital and thus gives a picture of the result 
of the type of financing. A third ratio is presented in the tables (ratio 
of gross revenue to fixed assets) but is not discussed in the text since it 
1s so nearly identical with the ratio of revenue to total assets. 
The data for each of these two ratios are broken down into sub- 
classes for more detailed analysis. In this way an effort is made to 
reflect in the tables something of the effect upon the ratio of, (1) geo- 
graphical location of the companies, (2) size of company, (3) different 
years in the business cycle, and (4) type of operating activity. 
Great care has been exercised throughout in standardizing the 
figures from the balance sheets used so that the resulting ratios would 
be as nearly comparable as possible. This has necessitated in some cases 
the elimination of outside investments from the Assets and from Net 
Worth. Wherever ratios for an individual company are to be compared 
with the averages herein presented, care should be taken to make the 
former comparable by likewise excluding outside investments. 
Acknowledgement is gratefully made of the helpful criticism and 
planning of A. C. Littleton, C.P.A., and of the active assistance of R. D. 
Haines, C.P.A. Acknowledgment should be made also to other members 
of the Bureau staff for their faithfulness and patience throughout the 
tedious process of analyzing these data and of making the many com- 
putations which were necessary. 
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