VI. THE RATIO OF COMMON STOCK TO 
TOTAL EQUITIES 
The distributions of the ratio of Common Stock to Total Equities 
given in Chart 6a are based on 906 cases. Two ratios were omitted 
which were below .02, and 46 ratios were omitted which were above 
569. Four cases analyzed had no common stock and consequently no 
ratio, and the remaining cases out of a total of 1,581 analyzed had their 
preferred stock and common stock combined as capital stock, or else it 
was impossible to determine whether their capital stock included stocks 
other than common stock. 
For this distribution the typical ratio is .261; ie., 26 per cent of 
the total equities are common stock, and the degree in which this ratio 
may be considered as typical is shown by the concentration of cases 
about the ratio. In this distribution 44 per cent of all the cases are 
grouped about the ratio of .261. That is, 44 per cent of all the cases 
fall in three class intervals out of eleven. 
DISTRIBUTIONS BY GEOGRAPHICAL LOCATION 
The different types of financing existing in the various sections of 
the United States are brought out by the distributions given in Table 
VIb. A symmetrical flat-topped distribution is obtained for the East, a 
less regular but more peaked distribution for the Middle West, a very 
symmetrical distribution with concentration at one end for the West, 
and a narrow peaked distribution for the South. Although the Middle 
West and West show some tendency towards a bimodal distribution,® 
there is nevertheless a predominant center of concentration in each. 
The approximated modes and their respective percentage figures for 
these different sections are as follows - 
Modal ratio. ........................... 
Concentration about the mode............. . 
Middle 
East West West South 
.242 .260 .424 .302 
459, 529, 4107 509, 
Thus 24 per cent of the total equities in the East consist of com- 
mon stock, and 26 per cent in the Middle West. Contrasted against 
these, 30 per cent of the total equities in the South are common stocks, 
and 42 per cent in the West. Almost half of the total funds and 
properties of the typical utility company are owned by the common 
stockholders in the western sections of the United States, 
The figures on percentages of concentration are practically iden- 
tical for the South and Middle West, with 50 per cent and 52 per cent 
SA distribution with two peaks