Tue Sources oF PusLic UriLity CAPITAL

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Averaqe ___.  Averaqe
(Mode ) (Mode.
484 469

Average Averaqe
(Made) (Mode)
401 484

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Lead Pr Exh BRO Y sYEBIEE BEE REE
East ’ Middle West West South
Ratios £vnressed as Percentages

Crart 13B—FREQUENCY DISTRIBUTIONS OF THE LoNG-TERM-DERT-TO-TOTAL-Eouiries
 Ratios oF PusLic UtiLity COMPANIES BY
GEOGRAPHICAL DISTRICTS

The low ratio for the West and the high modal ratio for the East
are less typical of their respective distributions than the ratios of the
Middle West and South. This is shown by the percentages of concentration
 for the four sections of the country. Although the South
has just as high a ratio as the East, there is great dissimilarity in their
percentages of concentration.
It should be borne in mind here that not only are these ratios of
long term debt indicative of the proportion of total equities obtained
from long term obligations, but they are conversely a measure of the
proportion of the total equities devoted to the net worth, since the
current liabilities are uniformly small in the utility industry. Thus
where the ratio of long term debt is small, the ratios constituting the
net worth will be large, and vice versa.

DISTRIBUTIONS BY SIZE OF COMPANIES
The amount of the total equities of the companies were also used
as a basis for the division of the data; the companies were classified
into those having 5-9 million dollars of equities, 10-49 million dollars