Tan 
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en 
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3 
DISTRIBUTIONS BY KIND OF COMPANY XN 
A brief survey of Chart 4d shows the features of diieréhed o> 
tween Gas and Electric Companies, Traction Companies, and” Hotdifig 
Companies regarding their ratios of Surplus and Reserves, Outstand- 
ing among these are the few cases with deficits in the Gas and Electric 
Companies and the Holding Companies in contrast to the large number 
of bars showing deficits in the Traction Companies. 
The approximated modes for these three distributions and the 
percentages of cases grouped about these modes are as follows: 
Modal ratio. .......... 
Concentration about the mode. . 
Gas and 
Electric Traction Holding 
.052 077 .049 
479, 47% 68% 
The Holding Companies and Gas and Electric Companies have 
similar modes although there is a substantially greater concentration of 
cases about-the mode for the Holding Companies. The Traction Com- 
panies have 7.7 per cent of their total equities made up of surplus and 
reserves, and this figure is justly typical as indicated by a concentration 
of 47 per cent of the cases about this ratio. However, a judgment of 
the three types of companies based on the above figures alone would 
be misleading. An important contrast is brought out below. 
Gas and 
Total percentage of cases with deficits Electric Traction Holding 
(negative ratios 0—.209)... 297, 139, 497 
The great contrast here lies between the Traction Companies with 
deficits for 13 per cent of all the cases, and the Gas and Electric, and 
Holding Companies with deficits for 2 per cent and 4 per cent re- 
spectively. 
DISTRIBUTIONS BY TYPE YEARS 
To determine the effect upon the ratio of Surplus and Reserves to 
Total Equities of differing degrees of prosperity, the ratios for the 
years 1917, 1919, 1921, and 1924 have been selected for analysis. The 
details of the distribution for the ratio of surplus and reserves for 
these years are given in Table IVe. The modes calculated by the ap- 
proximation formula, and the percentage of cases grouped about these 
modes are as follows: 
Modal ratio. .....oouvn... 
Concentration about the mode. . 
1917 1919 1921 1024 
,047 .047 .051 L077 
599, 5207, 499, 489, 
The ratios for 1917 and 1919 are alike at .047, but 1921 and 1924 
show increased ratios of .051 and .077. While the ratio has thus been