The distributions indicate that cyclical fluctuations do not materi- 
ally influence the relationship of revenue to total assets. The modal 
averages for the four respective years show but little variation; being 
14, .15, .14 and .14. Such a showing indicates that more companies 
earned between $.12 and $.16 of revenue per $1 of assets than at any 
Buscas or Busivess Prscancu 
Universirr of humors 1d 
= AVERAGE <A5F 
- 4 XR 5 - v = 
Ir 1579 /v&/ 
Ratios Lxpressed as Percentages 
CuArT 1d—FRrEQUENCY DISTRIBUTIONS OF THE REVENUE-TO-ASSETS 
Ratios oF Public UtiLiTies By SAMPLE YEARS 
other rate, and that this fact was very little changed by a period of 
general business depression such as 1921, 
This is the typical condition, expressing the representative ratio of 
the year. Note the change in the proportion of cases which falls each 
year in the group which contains the modal average. 
1917 1919 1921 1924 
Percentage of cases in the modal group... 24% 22% 18% 21% 
Evidently in the depression year of 1921 there were fewer cases in the 
largest group than was the case in any of the other years. This can also 
be seen in the chart from the fact that the longest bar for 1921 is shorter 
than the longest bar for any of the other years. 
The way the cases are distributed throughout the other ratio-groups 
is similar to the showing just mentioned. Taking three ratio-groups 
beginning with .08, we find the following situation: 
r+<11 
t Yai,