BuiLeriy No. 20 
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Ratios Lxoressed as Fercentages 
CHART 33—FREQUENCY DISTRIBUTIONS OF THE CarrraL-Stock-To-TorAL-EQUITIES 
Ratios oF Pusric UtiLity COMPANIES BY GEOGRAPHICAL DISTRICTS 
panies with 5-9 millions of equities, 10-49 millions of equities, and 
those with 50 millions of equities and over. 
Chart 3c shows that the small companies have a flat type of dis- 
tribution, that the companies with 10-49 millions of equities have a 
slightly peaked distribution, and that the companies with over 50 
millions of equities have a tall distribution with narrower spread. The 
mode for each of these distributions is located in a different ‘class 
interval. 
Companies with Companies with Compantes with 
Total Equities Total Equities Total Equities 
of 5-9 of 10-49 of 50 millions 
mallions millions and over 
Class interval... ... Lo. .48-.559 .40-.479 .32-.399 
Modal ratio. ................ .515 .442 .354 
Concentration about the mode 489, 57% 649, 
From these figures, it is plain that the smaller companies use a 
substantially greater proportion of stock than the larger size companies. 
For the companies with 5-9 millions of equities the typical ratio is .515, 
slightly more than half of the total equities being composed of stocks. 
In the larger companies the ratio decreases. indicating that the larger