CONTENTS 
——————— 1. ———— 
Letter of submittal __________ 
The nature of the inquiry____.__. _________ i 
Methods of listing stock dividends, 1920-1926_____________________ Ei 
Dividends of all corporations reporting stock dividends for 1920-1926. a 
Fourteen years dividends of corporations issuing stock dividends, 1920~ 
LD, ee EI Ea er 
Capitalization and dividends for 14 years for corporations reporting stock 
dividends, 1920-1926. _________ ~~~" ret PE 
Comparative dividends of corporations issuing stock dividends in any year 
ee mr Ll CS 
[mportance of stock dividends as reported by companies in financial 
Anal. rr 
Relation of dividends to surplus____ 
Conclusions___ . .. 
Page 
VI 
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3 
p* 
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LIST OF TABLES 
Tape 1. Cash, stock, and other dividends paid in the seven-year 
periods 1913-1919 and 1920-1926 by 10,225 corporations 
paying stock dividends in the latter period ____C0 0 
Tas 2. Cash, stock, and other dividends paid in the seven-year 
periods, 1913-1919 and 1920-1926, by 4,967 corporations 
paying stock dividends in the latter period, and reporting on 
dividends for the 14 years, 1913-1926_______________ 
TaBLe 3. Stock capitalization of 2,846 corporations for the seven-year 
periods beginning and ending as of the closing date nearest 
to January 1,1920 ~~ i mw etm 
Tasre 4. Cash, stock, and other dividends paid in the seven-year periods 
1913-1919 and 1920-1926, by 2,846 corporations paying 
stock dividends in the latter period and reporting on divi- 
dends for 14 years, 1913-1926_________ i Rai 
TasLe 5. Cash, stock, and other dividends paid in the seven-year periods, 
1913-1919 and 1920-1926, by specified groups of corpora- 
tions paying stock dividends in either or both periods... ___ 
TaBLe 6. Cash, stock, and other dividends paid for the seven-years 
1913-1919 and the seven years 1920-1926 by 1,000 cor- 
porations which paid one or more stock dividends in the 
14-year period 1913-1926. ____._____ ~~ ~~ 
TasLe 7. Disposition of approximate total distributable surplus for 
2,971 corporations paying stock dividends.________.______ 
TasLe 8. Disposition of approximate total surplus attributable to the 
periods seven years prior and subsequent to date of closing 
nearest January 1, 1920, for 2,971 corporations paying stock 
dividends. . mina 58 i i 4 ep et 
Tare 9. Disposition of approximate total distributable surplus for 566 
corporations paying stock dividends. ____________________ 
Tasre 10. Disposition of approximate total surplus attributable to the 
periods seven years prior and subsequent to the date of 
closing nearest January 1, 1920, for 566 corporations paying 
stoek dividends_ 
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12 
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APPENDIXES 
1. Decision of Supreme Court of the United States in Eisner o. Macomber 
(252 U. 8. IBY) cc ci rm wm aie Spr A ie ef Sirs a ee 
2. Form of the Stock Dividend Schedule used in obtaining returns______ 
3. Decision of Supreme Court of the United States in Towne v. Eisner 
{245 U. &. 418)... Sy ~ os AE i rime 
$. Names and capitalization of corporations reporting issuance of stock 
dividends since January 1, 1920, with amounts of reported stock 
dividends from January 1, 1913, to January 1, 1920, and from Jan- 
uary 1, 1920, to January 1, 1927__ IC Sn 
First A ON mri ee 
Supplementary tabulation mt ern et 2 rien ee ree me 
No par stock tabulation Joo = 
20 
40 
42 
46 
46 
258 
268 
Ir