Tue Sources or PueLic UriLity CaPITAL 
DISTRIBUTIONS BY KIND OF COMPANY 
Distributions of the data according to type of operative activity 
are given in Table Id, Appendix (no chart is given).® Three broad 
types were chosen: Gas and Electric, Traction, and Holding Com- 
panies. The modes calculated for these three distributions, and the 
degree in which they are typical of their respective cases, are as fol- 
lows : 
Gas ond 
Electric Traction Holding 
.508 .420 .473 
43% 429, 49% 
The Traction Companies have the lowest ratio, followed by the 
Holding Companies, and Gas and Electric Companies. The ratio for 
the Gas and Electric Companies is .088 higher than the Traction Com- 
panies, indicating that the former borrow more of their funds through 
bonds than the latter. 
DISTRIBUTIONS BY TYPE YEARS 
The last analysis which was made of the ratio of long term debt 
is for selected years covered by the study. Distributions and the modes 
for four of these years are given in Table Ie. The years chosen are: 
1917, a war year with high prosperity; 1919, a fairly normal year with 
increasing business activity; 1921, a year of depression and declining 
activity ; and 1924, a recent year of prosperity and normal activity.’ 
For these selected vears. the modes and percentages are as follows: 
Modal ratio. .................... 
Concentration about the mode... ... 
1917 
.429 
4507 
1919 1921 1924 
.478 .495 .480 
4097, 4767, 4997 
In these sample years there has been a movement of cases from 
the lower ratios to the higher ratios. This can be shown by following 
the trend of cases in one or more class intervals. 
Percentage of casesin the ratio group: 1077 
30-870 cup pemirapnrrswnsivne S100 
50-.559.......... SE A Qo 
TT 
WA) 
1921 1924 
139, 129, 
179, 169, 
The class interval, .32-.379, which is below the modal ratios 
shows that the cases are decreasing in these ratios, while the second 
group having ratios of .50-.559 shows an increasing number of cases. 
This might indicate that more companies are burdening themselves with 
larger bonded indebtedness with the passing of time, although the 
*In those instances where no charts are given, reference is made to the 
tables of frequency distributions in the Appendix. 
"Following the indications of the Harvard B Curve.