lower and upper limits for the Middle West are lower by one ratio- 
group of 4 per cent than the corresponding limit in the East. The data 
for the West and South on the other hand, show for both districts that 
a range of only 8 per cent is necessary to include approximately 50 per 
cent of their cases. So it may be said that a slightly greater degree of 
concentration of ratios exists in the West and South than in the East 
and Middle West. 
It will be observed that the upper limit (.12) of this 50 per cent 
group for the West is the same as the lower limit of the 50 per cent 
group for the East while the lower limit extends down to .04. The con- 
centrated 50 per cent of the cases in the West is therefore considerably 
lower in the scale than in the East; the Middle West is a little lower 
than the East and South, but above the West. There is thus some 
tendency for the Middle West and West to reach further into the lower 
ratios than the East or South. 
The ratio-group with the highest number of cases in each district 
is as follows: 
East Middle West West South 
{ 04-07 
Model group......... 16-19 12-15 108-11 12-15 
Percentage included 
therein. ........» 11.8% 24.8% 26.9% 29.1% 
The high degree of concentration in three of the four districts is further 
evidenced by the above figures. Approximately one-fourth of the cases 
in three instances fall in one ratio-group of 4 per cent spread, but the 
fact will have been already observed from the chart that each of two 
ratio-groups in the West includes approximately one-fourth of the total. 
The modal average for each district is given below. It indicates 
the point where the greatest number of cases occur and expresses the 
typical case for the respective localities. 
East Middle West West South 
Modal Average...... .i8 14 .09 .14 
According to these averages three of the districts are not far apart in 
number of cents of revenue per dollar of assets. But the difference is so 
great between the Western district and the others that it might lead 
one to wonder if plant expansion has not out-distanced demand for 
service. In this series of bulletins, however, the presentation of the facts 
claims all of the available space and “reasons why” must be left for 
other investigators. 
THE RATIOS BY SIZE OF COMPANY 
The size of the company as measured by total assets according to 
‘Table Ic and Chart 1c does not materially affect the distribution of the 
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