TrE Sources oF Pusric UtiLity CAPITAL
CAPITAL STOCK
TABLE Hle— TOTAL EQUITIES RATIO BY SAMPLE YEARS
Frequency distributions of the ratios for public utility companies
in selected typical vears

War year with
high prosperity
101 7%

Fairly normal year
with increasing
activity 1919%

Ratio
Groups

Fre- | Perquencies
 | centages

Freguencies


Percentages


Totals ==120



100

168

100.

00-079
08-159
16-239
24-310

%
9
14

3.08
6.92
10.77
4.62
‘8.46
16.92
“NR

L9
3.17
7.14
10.71

22
1R

32-399
40-479
48-559
56-639

19
24
22
4

35
5
7

20.83
14.88
16.08
1? 50

64-719 8
72-799 | 8 6.1%
80-879 2 1.24 |
88-950 3 2 x1

12 7.14
4 2.38
2 1.19
1 70

Averages:
Approximated Mode .482 .427
*Following the indications of the Harvard B Curve.

Year of depression
and declining
activity 1921%

Fre- | Perquencies
 | centages

1R2

100

0
75
5.49
17.57
22.52
14.84
14.29
13.74

10
32

Al

26
oh

5
3

|

2.75
2.78
1.65
Be

421

Recent
year of prosperity
and normal activitv
 1924%

Fre- Perquencies
 | centages
100.

1.12
3.35
3.91
18 44

43
°8
21
“4

24.02
15.64
11.73
13.41

7 |
3

2.23
3.91
1.68
86

+10

SURPLUS AND RESERVES
TABLE Va.—=""15TAL EQUITIES RATIO
Frequency distribution of the ratios of surplus and reserves to total
equities of 200 public utility companies. 1915-1924

Ratio
Groups
(~209)-(-18)
(=179)-(-15)

(~149)-(-12)
(—119)~(-00)
(~089)—(~06)
(-059)~(-03)
(-0201—( 00)

00-029
03-059
06-089
09-119
12-140

15-179
18-209
21-239
24-269
27-200

30-329
33-359
36-389
30-419
12-440

. 1
Ratio
Freauencies

>
14
-

238
309
231
182
Ice

ry

11

21
17
1°

Cumulative
Freanenciee

J
IR

27
21
40
54
76

314
623
854
1036
14R"Y

1280
1342
1395
1432
146%

1486
1503
1521
1530
co

Percentage
Tietribntion

8
rg

.58
.26
.58
01
1 49

15.44
20.05
14.99
11.80
aq 70

6.03
4.02
3.44
2.40
2 14

1.36
1.10
1.17
.58
ay.

Cumulative
Percentages

.58
{ 16

1.74
2.00
2.58
3.49
1 01

20.35
40.40
55.39
67.19
76 0%

83.01
87.03
90.47
92.87
Q5 01

96.37
97.47
98.64
99.22
100 00

Average:
Aporoximated Mode