y(] 
BuLrerin No. 20 
PREFERRED STOCK 
TABLE Ve— TOTAL EQUITIES RATIO BY SAMPLE YEARS 
Frequency distributions of the ratios for public utility 
companies in selected typical vears 
Ratio 
Groups 
War year with 
high prosperity 
1G1 7% 
Fre- Per- 
quencies | centages 
Totals... 
60 
100 
00-039 
04-079 
08-119 
{2-150 
3.33 
13.33 
13.33 
18.34 
16-199 
20-239 
24-279 . 
28-319 
32-359 - 
16-300 
18.34 
13.33 
6.67 
3.33 
5.00 
5 00 
Fairly normal year 
with increasing 
activity 1910% 
Fre- | Per- 
quencies | centages 
R3 
100 
1 
2.05 
14.46 
18.08 
21.69 
10.84 
10.84 
3.61 
1.20 
241 
" 
Ld 
5 
Year of depression 
and declining 
activity 1921% 
Recent 
year of prosperity 
and normal activ- 
ity 1924% 
Fre- Per- Fre- Per- 
quencies | centages quencies centages 
108 100. 
2.49 
16.04 
14.16 
15.00 
5.56 
12.04 
10.18 
19.43 
21.30 
16.67 
7.41 
2.78 
2.78 
1.85 
15 
16 
17 
1 
16.04 
15.09 
6.60 
5.66 
.94 
|.8Q 
23 
18 
£ 
3 
fr 
6 
1 
3 
1 
Averages: 
Approximated Mode ... % hdd 
*Following the indications of the Harvard B Curve, 
COMMON STOCK 
TABLE Va. — TOTAL EQUITIES RATIO 
Frequency distribution of the ratios of common stock to 
total equities of 200 public utility companies, 1915-1924 
Ratio | Ratio | 
(Grouns Freauenciae 
02-069 
07-119 
12-169 
17-210 
“3 
61 
- 
22-269 
27-319 
32-369 
37-410 
130 
12.8 
118 
66 
42-469 
17-519 
57-560 
{4 
Average: 
Approximated Mode 
2M 
Cumulative 
Freauencies 
28 
96 
187 
14 
454 
582 
700 
766 
812 
254 
ye 
Percentage / Cumulative 
Distribution Percentages 
> ng 
Sood 
10.04 
{8 12 
3.09 
10.60 
20.64 
35.76 
50.11 
64.24 
77.26 
84.54 
89.62 
94.26 
LOO 00 
14.35 
14.13 
13.02 
7.28 
5.08 
4.64 
KE 74