STOCK DIVIDENDS
completed subsequent to the beginning of the first tabulation.
These two lists show (1) the name and (2) the address of each cor-
poration, (3) the stock capitalization reported which was nearest to
January 1, 1913, (4) the stock capitalization reported which was
nearest to January 1, 1920, (5) the stock capitalization reported
which was nearest to December 31, 1926, (6) the total amount of
stock dividends reported issued in the 7-year period 1913-1919 and
(7) the total amount of stock dividends reported issued in the seven
years, 1920-1926. }
The third list of corporations, also alphabetical, is for companies
whose reports showed that their capitalization consisted in whole or
in part of no-par value shares. For these corporations a somewhat
different form of tabulating capitalization was employed than for the
par-value share companies, it being deemed desirable under the terms
of the Senate resolution to report the stock capitalization of no-par
share corporations to the extent that it was represented by par-value
shares or by a nominal valuation other than net worth, or by both
combined. For the stock capitalization for each of the dates specified
above, therefore, two columns are employed, one for the par-stock
capitalization, if any, and one for the no-par stock, if a no-par valua-
tion separate from net worth was reported. In cases where no value
was reported for the no-par stock separate from net worth the space
for stock capitalization has been left blank. The capitalization
foros for no-par shares were not apparently reported on any uniform
asis.
In some cases a corporation having no par value shares may have
reported its capitalization in such form that the return did not show
that a part or all of its capitalization was in no-par form, in which
case the corporation may have been entered in either the first or the
supplementary tabulation. In some cases corporations reported as
stock dividends distributions of Treasury stock. In such cases there
was obviously no increase in the issued capital stock reported by the
corporation and all such dividends, therefore, were classed as other
dividends and are not reported as stock dividends.
DIVIDENDS OF ALL CORPORATIONS REPORTING STOCK DIVIDENDS
FOR 1920-1926
The total amount of stock dividends paid by this group of 10,245
corporations, listed in Appendix 4, aggregated $6,253,818,026 in the
seven years 1920-1926. In the preceding seven years they amounted
to only $628,002,448. For reasons subsequently stated, however,
thesé figures are not comparable without qualification. All these
10,245 corporations also reported cash and other dividends, except
20 corporations, which for various reasons failed to furnish this in-
formation. The following table shows the relative importance of the
stock, cash, and other dividends for the two periods for 10,225 cor-
porations reporting all kinds of dividends:
