Percentage of cases in the three ratio 1917 1919 1921 1924 
groups between .08 and 20........ 58% 52% 47% 44% 
There apparently is less concentration in a small number of groups as 
time goes on. To include one more group lower down the scale (i. e., .04- 
.08) would not change the showing materially. Since in some years the 
ratio-groups immediately above 16-20 contain a considerable number 
of cases, the “bulk” grouping may be experimentally expanded to in- 
clude the six ratio-groups between .04 and .28 as follows: 
Percentage of cases in the six ratio- 1917 1919 1921 1924 
groups between .04 and .28........ 90% 85% 87% 88% 
Thus it appears that a very large proportion of the cases (85-90 per 
cent) regardless of the year falls within an area of 24 cents, i.e., .04 to 
.28. When the grouping is extended from .08 to .20, as above, there is a 
tendency apparent, as the years go on, for the cases to show more ratios 
on the outside of these limits, that is, below .08 and above .20. But a 
six-class grouping is large enough so that the effect of the different con- 
ditions in different years is no longer apparent. 
One other tabulation may be of interest in further characterizing 
the ratio distributions by years. This will show the proportion of the 
cases in the respective years which lies above a certain ratio as follows: 
Percentage of cases with: 1917 1919 1921 1924 
(1) iratio. of 1.32. or above. fit. ith 2 9% 8% 9% 7% 
(2) ratiofel 24 orliabove 11% 18% 24% 16% 
(3) ratio of 20 or above......- IO, 28% 37% 34% 
The outstanding point in this presentation is the fact that throughout 
the tabulation a larger proportion of the cases tend toward the higher 
ratios in the year of depression, 1921, than in any of the other years 
shown. With a ratio of .32 as a dividing line, 1921 shows 9 per cent of 
the cases above that point in contrast with 5 to 8 per cent for the other 
years; with a ratio of .24 as the dividing line, 1921 shows nearly one- 
fourth of the cases above that point and the other years considerably 
less. 
THE RATIO ACCORDING TO TYPE OF COMPANY 
The ratios are here classified (Table Ie and Chart le) as to Gas 
and Electric companies, Traction companies, and Holding companies. 
The outlines of the bar charts show a marked similarity between the 
distribution of cases in ratio-groups for gas and electric companies on the 
one hand, and traction companies, on the other, and a marked difference 
between the distribution of the holding company cases and the other 
types. 
i121