THE Sources oF PusLic UtiLity CAPITAL

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(Made)
442

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C2 8 238 bs om 7 8 3 ¢ 4% 3 6
5-9 Millions of Assets 10-49 Millions of Assets SO/Millions or over of Assets
Fatios FE xoressed as Fercentaaes

CHART 3¢—FREQUENCY DISTRIBUTIONS OF THE CAPITAL-STOCK-T0-ToTAL- EQUITIES
Ratios oF PusLic UriLity COMPANIES BY Size oF COMPANY

companies can finance with a thinner equity of stock. The companies
with over 50 millions of equities use 35 per cent stock as contrasted to
52 per cent for the companies with 5-9 millions of equities.
But in regard to the concentration about the mode, the trend is
opposite to that of the ratio. As the ratio decreases in the larger companies,
 the degree to which this ratio may be called typical increases,
as shown by the increased percentage of cases grouped about the mode.
It seems to be a safe conclusion that there is a greater uniformity of
policies for large companies than for small companies, in regard to
their financing with stocks.

DISTRIBUTIONS BY KIND
Tabulation of the data for the ratio of Capital Stock to Total
Equities for Gas and Electric, Traction, and Holding Companies are
given in Table IIId of the Appendix. The differences among these
three groups may be shown in part as follows:

Modal ratio. .......oviviviniiinnneninnn,
—oncentration about the mode... Ce.

Gas and
Eleclric Traction Holding
.405 .472 .452
51% 53% 499,