THe Sources oF PusLic UriLity CAPITAL 
21 
Those companies in the western division of the United States 
secure more than half of their capital from stockholders. The ratio of 
Capital Stock to Total Equities in this section of the country is .519. 
The modal ratios for the other sections of the country are 413 for the 
East, 445 for the Middle West, and 452 for the South. However, in 
the South there is a large concentration (75 per cent of all the cases) 
about the typical ratio of 452, 
When analyzed according to the size of companies, it is found that 
companies with 5-9 millions of equities normally finance with approxi- 
mately .52 of their total equities as stock. Those with equities be- 
tween 10 and 49 millions of dollars have a typical ratio of .44 and 
those with 50 millions and over of equities have a typical ratio of .35. 
The percentages of concentration increase as the size of company in- 
creases. 
The typical ratios for Gas and Electric Companies, Holding, and 
Traction Companies are 41, 45, and .47 respectively. When analyzed 
by years, the modal ratios decline from .48 in 1917 to .43 in 1919. and 
then to .41 by 1924.