THE Sources oF PusLic UtiLity CAPITAL

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Bureav or Business Research
University of lffinois
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Deficit (Neqative rotios)
TT 3 Surplus (Positive ratios)

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Fates Expressed as Fercenrages

CHART 4A—FREQUENCY DISTRIBUTION OF THE SURPLUS-AND-RESERVES-T0-TOTAL-Equities
 Ratios oF PusLic UriLity CoMraNIES, 1915-1924

In the East the distribution is squat and symmetrical with a goodly
number of the cases having deficits. The Middle West has a moderately
 high distribution, falling off gradually to the right and abruptly
to the left. For this section of the country, there are practically no
deficits. The West has a moderately peaked distribution, an irregular
number of cases with deficits, and a very sharp decline of cases with
positive ratios of over .15. For the South, the distribution gives a
very high concentration in two bars out of the twenty-two accompanied
by a sharp decline in the cases on either side of these two bars.
The approximated modes for these four distributions are as follows
 *

Modal ratio. . ......oovvr ieee,
Concentration about the mode

Middle
East West West ~~ South
.070 .053 .052 .030
1409, 599, 559, 7907,