to be thought of as “typical”’—as expressive of the central tendencies 
found in the two hundred companies studied. Those companies, it may 
be noted, include more than half of the total investments in the gas. 
electric, and traction industry. 
This study (the sixth of the series) takes up the Sources of 
Capital of Public Utilities, completing the picture of the typical balance 
sheet set-up as given in Bulletin No. 18, wherein the Property Invest- 
ments were analyzed. 
The six ratios to which this study is devoted are: 
Long Term Debt to Total Equities? 
Current Liabilities to Total Equities 
Capital Stock to Total Equities 
Preferred Stock to Total Equities 
Common Stock to Total Equities 
Surplus and Reserves to Total Equities 
The ratios of Preferred Stock and Common Stock are subdivisions of 
the ratio of Capital Stock to Total Equities. These two ratios (Pre- 
ferred Stock and Common Stock) are not considered in the same detail 
as the other ratios, although complete tables will be found in the Ap- 
pendix, 
Following the outlines of the preceding bulletins of this series, 
the data have been broken down into sub-classes by: (1) geographical 
location of the company, (2) size of company, (3) different years in 
the business cycle, and (4) type of operative activity of the company. 
In this manner, the ratios are analyzed under varying conditions, and 
the effects thereon, if any, are brought out. In accordance with the 
policy followed throughout this series of bulletins, no effort is made 
to explain the underlying economic causes which might account for 
any differences brought out by the analyses of the data. 
Acknowledgment is made of the indebtedness to A. H. Winakor, 
C.P.A., for the preparation of the manuscript of this number of the 
series planned by A. C. Littleton, C.P.A., Assistant Director, and to 
the Bureau staff generally for their efficient help. 
*Total Equities” is used in this bulletin in place of the term “Total 
Assets” which was used in previous bulletins of this series, in order to avoid 
possible confusion which may arise from accounting terminology.