THE Sources oF PusLic UtiLity CAPITAL 
2 
Bureav or Business Research 
University of lffinois 
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Deficit (Neqative rotios) 
TT 3 Surplus (Positive ratios) 
3 
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35 
Q 
Averaqe 
(Mode) 
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Fates Expressed as Fercenrages 
CHART 4A—FREQUENCY DISTRIBUTION OF THE SURPLUS-AND-RESERVES-T0-TOTAL- 
Equities Ratios oF PusLic UriLity CoMraNIES, 1915-1924 
In the East the distribution is squat and symmetrical with a goodly 
number of the cases having deficits. The Middle West has a mod- 
erately high distribution, falling off gradually to the right and abruptly 
to the left. For this section of the country, there are practically no 
deficits. The West has a moderately peaked distribution, an irregular 
number of cases with deficits, and a very sharp decline of cases with 
positive ratios of over .15. For the South, the distribution gives a 
very high concentration in two bars out of the twenty-two accompanied 
by a sharp decline in the cases on either side of these two bars. 
The approximated modes for these four distributions are as fol- 
lows * 
Modal ratio. . ......oovvr ieee, 
Concentration about the mode 
Middle 
East West West ~~ South 
.070 .053 .052 .030 
1409, 599, 559, 7907,