y(]

BuLrerin No. 20

PREFERRED STOCK
TABLE Ve— TOTAL EQUITIES RATIO BY SAMPLE YEARS
Frequency distributions of the ratios for public utility
companies in selected typical vears

Ratio
Groups

War year with
high prosperity
1G1 7%

Fre- Perquencies
 | centages

Totals...

60

100

00-039
04-079
08-119
{2-150

3.33
13.33
13.33
18.34

16-199
20-239
24-279 .
28-319
32-359 -
16-300

18.34
13.33
6.67
3.33
5.00
5 00

Fairly normal year
with increasing
activity 1910%

Fre- | Perquencies
 | centages

R3

100

1

2.05
14.46
18.08
21.69
10.84
10.84
3.61
1.20
241

"
Ld
5

Year of depression
and declining
activity 1921%

Recent
year of prosperity
and normal activity
 1924%

Fre- Per- Fre- Perquencies
 | centages quencies centages
108 100.

2.49
16.04
14.16
15.00

5.56
12.04
10.18
19.43
21.30
16.67
7.41
2.78
2.78
1.85

15
16
17

1

16.04
15.09
6.60
5.66
.94
|.8Q

23
18
£
3

fr
6
1

3
1

Averages:
Approximated Mode ... % hdd
*Following the indications of the Harvard B Curve,

COMMON STOCK
TABLE Va. — TOTAL EQUITIES RATIO
Frequency distribution of the ratios of common stock to
total equities of 200 public utility companies, 1915-1924

Ratio | Ratio |
(Grouns Freauenciae

02-069
07-119
12-169
17-210

“3
61
-

22-269
27-319
32-369
37-410

130
12.8
118
66

42-469
17-519
57-560

{4

Average:
Approximated Mode

2M

Cumulative
Freauencies

28
96
187
14

454
582
700
766
812
254
ye

Percentage / Cumulative
Distribution Percentages

> ng
Sood
10.04
{8 12

3.09
10.60
20.64
35.76
50.11
64.24
77.26
84.54
89.62
94.26
LOO 00

14.35
14.13
13.02
7.28
5.08
4.64
KE 74