4 
BurLerin No. 20 
equities have a symmetrical distribution, but the distribution for com- 
panies with 50 millions of equities or over is irregular. 
The class intervals with the greatest number of cases for each 
group, and the concentration of cases about the interval are as follows 
Dominant Class ~~ Concentration 
Interval about Interval 
Companies with 50 and more millions of equities. .17-.219 319, 
Companies with 10-49 millions of equities. ...... .22-.269 509, 
Companies with 5-9 millions of equities. ........ .27-.319 379, 
Starting with the largest group of companies, and progressing tc 
the smallest group, the class interval of greatest prominence increases, 
each one being one class interval higher. That is, the larger companies 
appear to finance with less common stock than is the case with the 
smaller companies, 
The percentage figures of concentration are very low for the larg- 
est and smallest size companies, showing that ‘the ratios of the com- 
ponent.companies are not greatly concentrated about any single figure 
or average. The 50 per cent concentration for the companies of 10-49 
millions of assets is large compared to the others. 
DISTRIBUTIONS BY KIND OF COMPANY 
Classifications of the ratio of common stock were made according 
to Gas and Electric, Traction, and Holding Companies, and the result- 
ing frequency distributions are given in Table VId of the Appendix. 
In each of these distributions, the class interval with the greatest num- 
ber of cases and the concentration of cases about the interval are as 
follows * 
Type of Company 
Gas and Electric. . |... 
Holding ....... 
Traction _ 
Concentration 
Class Interval of Cases 
.17-.219 419, 
.22-.269 . 479%, 
132.360 4867 
From these figures, it appears that the Gas and Electric Companies 
use less common stock in their financing than either the Holding or 
Traction Companies. The Traction Companies use the most common 
stock; a larger number of companies have a ratio from 32 per cent to 
37 per cent than any other figure. More gas and electric companies 
had a Common Stock to Total Equities ratio of between .17 and .219 
than for any other ratio group. 
DISTRIBUTIONS BY TYPE YEARS 
That changes are taking place in the ratios of Common Stock to 
Total Equities is shown by the trend over a period of years, As in