THE Sources oF PusLic UtiLity CAPITAL 
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urea of Business i socarcr 
Universiy »f Minos 
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Averaqe 
Moda) 
55 
Average 
(Made) 
442 
Average 
Mode} 
B54 
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S 15] 
LS 
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5 
J 
le 
Fs § vo 
C2 8 238 bs om 7 8 3 ¢ 4% 3 6 
5-9 Millions of Assets 10-49 Millions of Assets SO/Millions or over of Assets 
Fatios FE xoressed as Fercentaaes 
CHART 3¢—FREQUENCY DISTRIBUTIONS OF THE CAPITAL-STOCK-T0-ToTAL- EQUITIES 
Ratios oF PusLic UriLity COMPANIES BY Size oF COMPANY 
companies can finance with a thinner equity of stock. The companies 
with over 50 millions of equities use 35 per cent stock as contrasted to 
52 per cent for the companies with 5-9 millions of equities. 
But in regard to the concentration about the mode, the trend is 
opposite to that of the ratio. As the ratio decreases in the larger com- 
panies, the degree to which this ratio may be called typical increases, 
as shown by the increased percentage of cases grouped about the mode. 
It seems to be a safe conclusion that there is a greater uniformity of 
policies for large companies than for small companies, in regard to 
their financing with stocks. 
DISTRIBUTIONS BY KIND 
Tabulation of the data for the ratio of Capital Stock to Total 
Equities for Gas and Electric, Traction, and Holding Companies are 
given in Table IIId of the Appendix. The differences among these 
three groups may be shown in part as follows: 
Modal ratio. .......oviviviniiinnneninnn, 
—oncentration about the mode... Ce. 
Gas and 
Eleclric Traction Holding 
.405 .472 .452 
51% 53% 499,