BuLrerin No. 20 
Tne OF ysiness Nesearce 
wh gig of Hlineis 
on 
1" 
Averaqe 
(Mode) 
ADT 
Averaqe 
Mode? 
415 
Average 
(Moda) 
530 
~ 
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N 
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A 
y £ . ; ox woe. on 8 aE 
sor R28 FF BF Liaw $F Erdmoegoyox 
5-9 Millions of Assets 10-49 Milliens of Assets 50 Millions or over of Asset 
Ratios Expressed as Fercentages 
CHART 1c—FREQUENCY DISTRIBUTIONS OF THE LonG-TeRM-DEBT-10-TOTAL- 
Equities Ratios oF PusLic UriLity COMPANIES BY S17E oF COMPANY 
of equities, and 50 million dollars of equities and over. The distribu- 
tion for these divisions are shown in Chart lc. The large companies 
have a greater proportion of their capital provided by bonds than the 
smaller companies, but they are in a position to risk trading on a 
smaller equity, The approximated modes for these sizes and the per- 
centages of cases concentrated about these modes are as follows : 
Companies with ~~ Companies with Companies with 
Total Equities Total Equities Total Equities 
of 5-9 of 10-49 of 50 mallions 
millions millions and over 
Modal ratio. ................ .407 .475 .530 
Concentration about the mode. 449, 519%, 449, 
While these figures show that the larger companies assume greater 
bonded indebtedness than smaller companies, they also show that there 
is a greater degree of uniformity of policy in the moderate size com- 
panies than the others, as shown by the percentages of cases which 
approximate the modal ratio. Stated differently, the modal ratios in 
the small and large companies are less typical than the ratio for the 
companies with 10-49 millions of equities.