group is reduced to a percentage-of-total basis. This percentage is to 
be read in the charts from the figures on the left edge. 
THE PRODUCTIVENESS OF TOTAL INVESTMENT 
In preparing the ratios here studied the balance sheets of some 
two hundred public utility companies were examined for the period 
1915-1924. All of these financial statements, regardless of size of com- 
pany, location, year or any other factor, yielded 1603 cases for study. 
Of these 81 cases could not be reduced to ratios because the amount of 
gross revenue was not given in the published statements. There were 
43 cases in which the ratios were so high and so scattered above a ratio 
of .50 that they are not included in the frequency distribution proper. 
Merely to complete the record the following analysis is given of 
the 43 cases of unusually high ratios: 29 cases showed ratios between 
50 and .69, 9 cases between .70 and .89, and 5 cases of .90 or over. 
Practically all of the cases were in either the East or the Middle West 
Boreas or Bases RESEARCH 
Unepsiry or liiwors-1& 
i | 
AVERAGE 
Moor) 
J 
AL 
0 
v i 
4 3 Ba 
i & ) i E 
~ vl — 3 
$5300 EE PLGD 
SI YR YRN GIL 
ratios Lxpressed as Percentages 
Cuart la—FreqQuency DistriButioN oF 1479 Ratios or Gross 
Revenue To ToraL Assets From 200 Pusric Urinity 
Companies, 1915-1924 
[61]