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Stability margin of the cable-in-conduit conductor is greatly influenced by current transfer performance among strands. When we estimate the stability margin analytically, we must assume the electrical circuit model among strands, but it is difficult to know it for real-scale cables, because the cable has many parallel circuits with a lot of strands and twisted stages. The measurement of the frequency characteristics of impedance among strands shows that the circuit can be regarded as two-wire model. By this measurement we can judge whether the circuit behaves like a distributed constant circuit or a lumped element circuit within the intended frequency band. When the circuit is a lumped element circuit, we can also get the interval distance between each contact point and its resistance. This paper also shows that stable conductors are often represented with a lumped element circuit that has well-contacted points with a short interval.