Tue Sources oF PusLic UriLity CAPITAL 
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Averaqe ___.  Averaqe 
(Mode ) (Mode. 
484 469 
Average Averaqe 
(Made) (Mode) 
401 484 
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Lead Pr Exh BRO Y sYEBIEE BEE REE 
East ’ Middle West West South 
Ratios £vnressed as Percentages 
Crart 13B—FREQUENCY DISTRIBUTIONS OF THE LoNG-TERM-DERT-TO-TOTAL- 
Eouiries Ratios oF PusLic UtiLity COMPANIES BY 
GEOGRAPHICAL DISTRICTS 
The low ratio for the West and the high modal ratio for the East 
are less typical of their respective distributions than the ratios of the 
Middle West and South. This is shown by the percentages of con- 
centration for the four sections of the country. Although the South 
has just as high a ratio as the East, there is great dissimilarity in their 
percentages of concentration. 
It should be borne in mind here that not only are these ratios of 
long term debt indicative of the proportion of total equities obtained 
from long term obligations, but they are conversely a measure of the 
proportion of the total equities devoted to the net worth, since the 
current liabilities are uniformly small in the utility industry. Thus 
where the ratio of long term debt is small, the ratios constituting the 
net worth will be large, and vice versa. 
DISTRIBUTIONS BY SIZE OF COMPANIES 
The amount of the total equities of the companies were also used 
as a basis for the division of the data; the companies were classified 
into those having 5-9 million dollars of equities, 10-49 million dollars