suggests that the years influence the distribution of the ratios but little. 
There is some tendency for later years to show less irregularity among 
the higher ratios than the earlier years; if the tops of the bars for later 
years were connected by a continuous line, it would, on the whole, pro- 
duce a smoother curve. 
The relative number of cases above a given ratio, however, indicates 
a slight tendency for more cases to fall among the higher ratios as time 
goes on. 
Percentage of cases: 1917 919 1921 1924 
{1Y" above ai ratin lef ®32 LIL Nas 52% 52% 51% 
{2): above abraticiofi 40..oit is i Fa, 30% 36% 33% 
The year 1919 makes a better showing in revenue per dollar of owner- 
ship capital than does 1917; and 1921 is better than 1919, especially 
above a ratio of .40. In 1924, however, there is some reversal of trend 
which brings the ratios back to approximately the 1919 condition. 
The averages (modes) are quite uniform for three of the four 
selected years; the 1919 average was .35 as compared with .28 or .29 for 
the other years. In this year the average shifted into the next higher 
ratio-group, since the greatest concentration in one group then appeared 
in the 32-40 group. By 1921 the largest group was back again at 24-32. 
THE RATIO GROUP ACCORDING TO TYPE OF COMPANY 
In some respects the most striking contrast associated with this 
ratio is found here (Chart 2e and Table Ile) where the ratios are 
classified according to whether the companies are Gas and Electric, 
Traction, or Holding Companies. 
The distribution of ratios for holding companies is very different 
from the others, principally through the marked concentration in the 
lower ratio-groups and the small proportion of cases in the higher 
groups. Some of this contrast is shown in the following summary: 
Gas and 
Percentage of cases: Electric Traction Holding 
(1% aboviela ratiohof 40.0. VL A340 36% 13% 
(2) below a ratio of 40........ 66% 64% 87% 
The largest single ratio-groups for the three types of companies and 
the modal averages are as follows: 
Gas and 
Electric Traction Holding 
Largest single STOUD. chile <i lere2A—32 24-32 00-08 
Percentage of cases in that group..... 19% 21% 29% 
Modalliavenagelit oh. ls. stasis stn ielate 29 28 —_ 
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