Wherever the operating ratio, however, leaves a margin of profit on sales that is either much higher or much lower Than the expected rate on invested capital, this relation of equality between gross earnings and capitalization will not exist, but will be supplanted by some other fairly stable ratio. Companies which do a large business on a small margin commission houses, retail stores, manufacturers of staples, and the like will customarily have a capitalization much smaller than gross sales. Companies like railroads, interurban lines, and public utilities, which have a low operating ratio, will customarily have a capitalization of several times their gross earnings. Electric street railway companies normally have a capitalization of four to six times gross earnings. Following are the ratios of total capitalization to gross earnings, and also of bonded indebtedness to gross earnings, of some of the principal railroads in the United States, as computed by the Wall Street Jonrtial, issue of August 15, 1915: A little figuring based on the normal operating ratio and the normal relations of gross earnings to capitalization in any given line of industry, will often prove an exceedingly helpful method of testing in a rough way the capitalization that will be proper for a given enterprise. A Comparative Study An interesting comparative study of efficiency in financial management may be made of the five greatest electric manufacturing companies in the world; three are in the United States and two in Germany. Taking the latest figures available up to June, 1914, we have the following relation between gross sales and capitalization, including with capitalization, in this case, the surplus of each company....

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