STOCK DIVIDENDS
0
Tare 5.—Cash, stock, and other dividends paid in the seven-year periods, 1913-1919
and 1920-1926, by specified groups of corporations paying stock dividends
in either or both periods
10,528 CORPORATIONS REPORTING ON DIVIDENDS IN ANY OR ALL YEARS
First 7 years
Second 7 years
Increase (+) or decrease
(—) in second period
Kind of dividend
Amount
Per cent
of total
Amount
Per cent
of total
Amount
Per cent
Dash oh an iiiion
Btoak.. doa
Other. 2... ....-otto.
5,189 CORPORATIONS REPORTING ON DIVIDENDS FOR 14 YEARS
$4, 070, 485, 708
908, 565, 317
157. 592. 357
79.24 $7, 899, 605, 995
17.69 6, 238, 401, 366
3.07 01, 589. 587
+94. 07
+586. 62
—41. 88
+177. 02
Cash... ---cai-iama)
BOLE ec
OLHOL ox si 25
Pobtal dood
$3, 500, 830, 220 |
771, 517, 251
89, 805, 952
4, 362, 153, 423
80. 25
17. 69
2.06
$6, 127, 096, 019 !
4,777, 373, 300
75, 301, 784
10,979, 771, 103
55. 80
43.51
. 69
100. 00
+$2, 626, 265, 799
+4, 005, 856, 049
14, 504, 168
75.02
4-510. 22
16,15
+6, 617, 617, 680, | 151.71
100. 00
2,071 CORPORATIONS REPORTING ON Py iDyNDs AND CAPITALIZATION FOR 14
CE
Btoek. cio.
Bthor. ol. 0 il
Total...
$1,674, 414, 882
408, 049, 789
66, 947, 676
2, 149, 411, 847
77.90
18. 98
219
100. 00
$2, 896, 285, 432
2, 850, 246, 652
19. 508. 295
5, 266, 040, 379
$1,221, 871,050 | 472.97
+1,042,196,863 +475. 97
—47.439.381 —70.86
100.00 | 3,116, 628, 532 | +145. 00
While the precentage increase in stock dividends in the second period
is appreciably reduced by the inclusion of these companies reporting
distribution of stock dividends in the period 1913-1919 and not in
1920-1926, the differences in the proportion of stock and cash dividends
paid in each period are slight as compared with the groups
excluding these companies. (Tables 1, 2, and 4.)
IMPORTANCE OF STOCK DIVIDENDS AS REPORTED BY COMPANIES
IN FINANCIAL MANUALS
Because of the bias resulting from the fact that the overwhelming
number of corporations used in the preceding tabulations were
selected for the reason that they distributed a stock dividend in the
seven years 1920-1926, the commission compiled a summary of all
the 14-year reports of corporations which appeared from the financial
manuals to have distributed a stock dividend in any year from 1913
to 1926, inclusive. The corporations thus selected were (1) all of
those which reported a stock dividend in any year from 1913 to 1926
irrespective of when the dividend was paid, avoiding the bias involved
in selecting only those which paid a stock dividend in the last seven
years and (2) only those companies which furnished dividend reports
for the entire 14 years. Such a summary probably contains some
degree of bias also, because the number of corporations reporting
stock dividends in the period 1920-1926 was likely to be much
R80601—S. Doc. 26. 7T0-1———9
