THe Sources oF PusLic UriLity CAPITAL

21

Those companies in the western division of the United States
secure more than half of their capital from stockholders. The ratio of
Capital Stock to Total Equities in this section of the country is .519.
The modal ratios for the other sections of the country are 413 for the
East, 445 for the Middle West, and 452 for the South. However, in
the South there is a large concentration (75 per cent of all the cases)
about the typical ratio of 452,
When analyzed according to the size of companies, it is found that
companies with 5-9 millions of equities normally finance with approximately
 .52 of their total equities as stock. Those with equities between
 10 and 49 millions of dollars have a typical ratio of .44 and
those with 50 millions and over of equities have a typical ratio of .35.
The percentages of concentration increase as the size of company increases.

The typical ratios for Gas and Electric Companies, Holding, and
Traction Companies are 41, 45, and .47 respectively. When analyzed
by years, the modal ratios decline from .48 in 1917 to .43 in 1919. and
then to .41 by 1924.